26 single family homes are for sale

• High list price $390,000
• Low list price $126,000
• Average list price $268,231
• Median list price $277,000

7 homes are under contract or pending sale, priced from $123,500 to $425,000

Based on the number of homes sold in January (3), there is a 8.7 month supply of homes for sale in Algiers Point

Algiers Point | Number of Single Family Home Sales | January 2010

The Point started out the year with 3 successful single family homes sales – a vast improvement over last January when there were no sales at all and the most January sales we’ve seen in the neighborhood since 2007.

Days on market took a jump to an average of 136, but since it is just for one month, we’ll have to track it over time to get a true picture of how long it is taking homes that are priced right to sell.

Algiers Point | Average Single Family Home Prices | January 2010

Finally, we are starting to see some of the move in ready and upper end homes in the Point begin to move.  January ended with an average sale price of $302,750.  Granted, with only 3 sales it’s easy to skew the numbers, but all of the homes sold were over $260k, which is well above the 2009 average.

Conventional financing was used for all of the homes sold in January.

Some more details about January sales in the Point

• All of the homes were in Very Good or Excellent condition
• None of the sales were of bank owned or foreclosure properties
• 1 (33%) seller provided closing cost assistance to the buyer
• 1 (33%) seller paid for a home warranty for the purchaser

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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29 homes are for sale in the Point

• High list price $425,000
• Low list price $140,000
• Average list price $275,293
• Median list price $275,000

3 homes are under contract or pending sale, priced from $123,500 to $399,000

Based on the number of December sales (1), there is a 29 month supply of homes for sale in the area

Algiers Point | Number of Home Sales | December 2009

The number of homes sold in Algiers Point dropped from 35 in 2008 to 20 in 2009.  This is less than half of the number of homes being sold in the neighborhood prior to Katrina, and represents one of the hardest areas on the West Bank to sell a home in.  It’s important to note that these are single family homes only – doubles and other multi-family homes will be addressed in a separate report of sale in the area.

Interestingly enough, as sales have declined so have the average days on market.  Given that we have also seen a decrease in selling prices, it appears that the bargains are moving off of the market quickly while the majority of the inventory is just languishing.

• The home on the market the longest in 2009 sold in 231 days, while the home on the market the shortest period of time sold in just 1 day.

Algiers Point | Average Home Sale Prices | December 2009

Average home sale prices in Algiers Point declined by 6.7% from 2008 to 2009, ending the year at $205,105.

• The most expensive home sold in the Point was a 5 bedroom, 5.5 bathroom Victorian that sold for $450,000 in September, 2009.
• The least expensive home sold in the Point was a 2 bedroom, 1 bath shotgun in need of renovations that sold for $70,000 in February, 2009.

FHA loans led the pack in financing options in 2009 with 35% of buyers opting to finance their home purchase that way.  Conventional loans came in second at 30%, followed by cash at 25%.

25% of home sellers in the Point provided some type of closing cost assistance to the purchasers in 2009, so sellers should be sure to get all of the details of comparable properties when pricing your home.

Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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West Bank Market Statistics

115 homes are for sale

• High list price $425,000
• Low list price $13,000
• Average list price $146,748
• Median list price $119,900

8 homes are pending sale or under contract, priced from $30,000 to $399,000

Based on the number of homes sold in November (6), there is a 19.2 month supply of homes for sale in the 70114 zip code

Algiers LA 70114 | Number of Homes Sold | November 2009

It’s pretty obvious that home sales in the 70114 zip code of Algiers are suffering.  Year to date, there have been 67 successful single family home sales, compared to 108 at the same time last year.

There are, in my opinion, a couple of reasons for this:

1. Sales in Algiers Point have dropped to a very low level
2. The condition of many of the properties being sold makes them attractive only to investors.  Given the difficulty in obtaining financing (higher down payments, shorter time for repayment) for investment properties, the majority of the buyers of these homes are dealing with cash.  Typically, a cash investor is looking at the lower end of the inventory, so the homes that sit in the middle are languishing on the market.

Algiers LA 70114 | Average Home Sale Prices | November 2009

There was a spike in November of the home sale prices, mostly due to a couple of higher end homes selling We aren’t seeing too much of that, so it has a greater impact on the averages.   Year to date, the average home sale price is at $117,680, down 10.5% from 2008.  The combined drops in both the number of sales and the average sale prices present an opportunity for buyers in the area.

Even within the zip code, there are pockets of areas that are performing both better and/or worse than the averages.  Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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30 homes are currently for sale in the Point

• High list price $425,000
• Low list price $123,500
• Average list price $264,562
• Median list price $262,000

4 homes are under contract or pending sale, priced from $250,000 to $399,000

Based on the number of homes sold in November (4), there is a 7.5 month supply of homes for sale in the area

Algiers Point | Number of Homes Sold | November 2009

There was a spike in home sales in Algiers Point in November, bringing the year to date total to 18 successful single family sales, down from 32 at this same time last year.

What sold in November?

** Bank owned property

Obviously, the biggest challenge that the Point is facing is the record low number of buyers who are choosing to call it home.  While prices have slipped (see below), the problem for sellers has become attracting interest in the historic neighborhood.

Algiers Point | Average Home Sale Price | November 2009

With so few homes selling (an average of 2 per month), the monthly average prices have jumped all over the chart.  Year to date, the average single family home is selling for $207,617, down about 5.5% from 2008.  We will address multi-family sales in another report at the end of the year.  If you need this information sooner, please contact Lisa for a personalized market analysis.

The good news is that all of the currently pending sales are for homes priced above this year’s average sale.  Odds are good that they won’t all make it to a successful closing, but at least it indicates some interest in the higher end properties that have been so difficult to sell this year.

All data provided by GSREIN and is deemed reliable, but not guaranteed

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27 homes are for sale in Algiers Point (single family only)

• High list price $550,000
• Low list price $123,500
• Average list price $270,870
• Median list price $251,900

5 single family homes are under contract or pending sale, priced from $129,900 to $399,000

Based on the number of homes sold in October (1), there is a 27 month supply of homes for sale in the area

Algiers Point | Number of Homes Sold | October 2009

Home sales in Algiers Point continue to lag behind the rest of the West Bank, with only 14 single family homes sold in the community this year, compared to 29 at the same time last year (a decrease of almost 52%). 

What is impacting home sales in the area?  I think it is a variety of factors, but a large one is the difficulty in obtaining conventional financing for many people.  Between the price range of many of the homes in the Point (higher than FHA limits) and the fact that many require updating and renovation to bring them into compliance with current codes, the most popular financing is a conventional loan.  However, the lending guidelines for conventional loans have been tightened substantially in the last couple of years, making it harder for even very good credit risks to get these loans. 

Algiers Point | Average Home Sale Price | October 2009

The average sale price has predictably jumped around from month to month given the small number of sales.  However, the year to date average sale price of $215,757 is less than $4,000 lower than the average price in 2008. 

While prices seem to be stabilizing, it’s still fairly difficult to sell a home in the Point with so few buyers in the market. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

All data provided by GSREIN and is deemed reliable, but not guaranteed.

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30 homes are for sale in Algiers Point

• High list price $550,000
• Low list price $123,500
• Average list price $276,403
• Median list price $278,500

3 homes are under contract or pending sale, with an average listing price of $229,300

Based on the number of homes sold in September (2), there is a 15 month supply of homes for sale in the area

Algiers Point | Number of Single Family Home Sales | September 2009

Algiers Point has had only 13 successful single family home sales this year, compared to 28 at the same time last year – a decrease of 54% in the number of closed sales.  This marks the largest decrease of any of the West Bank communities that we track.

What about financing?

The buzz this year has been all about the first time home buyer’s tax credit.  Most of these first time buyers are using FHA financing to purchase their homes.  Given the percentage of conventional and cash deals in the Point, there appear to be very few first time buyers moving into the area.

Algiers Point | Average Single Family Home Prices | September 2009

While there was a jump in the September average (due to one high end home selling), the year to date average home sale in Algiers Point is $225,431, up slightly from the 2008 average.

While the prices may be holding their own, the number of sales (see above) is down dramatically and apparently sellers are not getting the message.  The majority of homes on the market in the Point are priced above $250,000 – the homes selling are generally not.  As we move towards the end of the year, it may be time to review your pricing strategy to see if it still makes sense in today’s market.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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29 homes are for sale in the area

• High list price $550,000
• Low list price $130,000
• Average list price $268,363
• Median list price $257,250

5 homes are under contract or pending sale, priced from $99,000 to $399,000

Based on the number of homes sold in August (1), there is a 29 month supply of homes for sale in Algiers Point

Algiers Point | Number of Home Sales | August 2009

After a brief jump in sales in July, Algiers Point ended August with only 1 successful home sale.  This brings the year to date total to 11, down from 27 at the same time last year (a decrease of over 40%).  As I stated in the report on Algiers 70114 home sales, Algiers has one of the lowest rates of home sales on the West Bank, with the Point being the hardest hit.

Algiers Point | Average Home Sale Prices | August 2009

The average home sale price in the Point is now at $203,327, continuing the decline we have been watching for the last several years.  This is not good news for sellers who are trying to move on from the larger, more expensive homes that make up a good portion of the local market.  Patience remains key for these sellers, because there just are not as many buyers looking in the higher end of the community, evidenced by the high sale price of $372,00 for the entire year to date.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

Are you considering buying or selling a home in Algiers Point?  Put our years of experience in West Bank real estate to work for you by contacting the West Bank Living team today.  It would be our pleasure to assist you with all of your real estate needs.

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29 homes for sale

• High list price $625,000
• Low list price $132,900
• Average list price $268,318
• Median list price $257,250

4 pending sales, priced from $129,900 to $460,000

Based on the number of homes sold in July (4), there is a 7.25 month supply of homes for sale in the area

Algiers Point | Number of Homes Sold | July 2009

Algiers Point took a jump in sales in July, bringing the year to date number of homes sold to 10.  With an average of 1.7 homes being sold per month in the neighborhood, we can estimate that 7 more homes will be sold by the end of the year.

What’s selling in your West Bank neighborhood? 

Algiers Point | Average Home Sale Prices | July 2009

Some facts about July 2009 homes sold in Algiers Point:

• High sale price $229,600
• Low sale price $150,000
• Homes sold for an average of 91% of the asking price
• Average days on market was 93
• Average price per square foot was $126.29

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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27 homes for sale

• High list price $625,000
• Low list price $140,000
• Average list price $289,596
• Median list price $279,000

4 pending sales (under contract), priced from $129,900 to $229,000

Based on the number of homes sold in June (1) there is over a 2 year supply of homes for sale in the Point

Algiers Point – Number of Homes Sold – June 2009

Steady as she goes….slowly.  Algiers Point ended the month of June with a single sale, bringing the year to date total number of single family homes sold to 6 (compared to 17 at this time last year).

What’s selling in Algiers Point?

Here is a breakdown of the half dozen sales completed in 2009:

Algiers Point – Average Home Sale Price – June 2009

Prices have jumped around this year, but the year to date average of $216,750 is down just a bit over 1% from 2008.  Prices are holding fairly steady, it’s the number of sales that is keeping the market in the Point from rebounding. 

With so many community activities, parks, historic architecture and a fabulous location, I don’t understand why more people are not choosing to call Algiers Point home.

All information is provided by GSREIN and is deemed reliable, but not guaranteed

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Do you have questions about the Algiers Point real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

22 homes for sale

• High list price $699,000
• Low list price $149,000
• Average list price $299,531
• Median list price $277,500

7 pending sales, priced from $129,000 to $475,000

Based on the number of homes sold in May (1), there is a 22 month supply of homes for sale in Algiers Point

Algiers Point – Number of Homes Sold – May 2009

Home sales in Algiers Point are as slow as molasses, with only 5 homes sold in the community between January and May 2009.  Compared to the 11 sold at the same time last year, sales are down over 50% in this historic New Orleans neighborhood.

What sold? 537 Verret St sold for $192,000, with owner paying for a home warranty and $5,000 in closing costs for the purchasers.

The bright spot on the horizon is the fact that 7 homes are pending sale right now (waiting on inspections, loan approval, appraisals, etc) and I’m hoping to see an increase of closed sales in June.

Algiers Point – Average Home Sale Price – May 2009

Obviously, the individual monthly averages are fairly useless with so few homes selling, but Algiers Point has a 2009 year to date average home sale price of $209,600…down 4.6% from the 2008 average.  Most neighborhoods on the West Bank are at least back to 2005 prices, but the Point is not there, continuing to record substantial year to year decreases in value.

Just this past week, I received an email from a resident of the Point asking “Why are homes not selling in the Point?”.  I wish I knew.  It’s a beautiful neighborhood, it’ has some great events happening (that probably need a little more advertising to folks who don’t already live in the Point) and the architecture is some of the best that the city has to offer.  The only feedback I could give is that when people have decided to make a move to the West Bank, they are choosing Jefferson and Plaquemines Parishes over Orleans by a large number.

Hopefully the Wednesdays on the Point concert series will bring in some people who will discover this little jewel and decide to call it home.

All data is provided by GSREIN and is deemed reliable, but not guaranteed

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Do you have questions about the Algiers real estate market?  Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.