Algiers LA 70131 | January 2010 Home Sales and Real Estate Market Statistics
February 25, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers LA 70131 (excluding English Turn):
182 single family homes are for sale
- High list price $895,000
- Low list price $29,900
- Average list price $181,517
- Median list price $155,000
29 homes are under contract or pending sale, priced from $50,000 to $325,000
Based on the number of January sales (9), there is a 20 month supply of homes for sale in Algiers
Algiers LA 70131 | Number of Single Family Home Sales | January 2010
The 70131 zip code of Algiers started off the year with 9 homes sold, up from 7 in January 2009. The days on market dropped substantially, but that is mostly due to the sale of several bank owned homes that were aggressively priced and moved very quickly.
Competition from foreclosures should be a factor when pricing your West Bank home to sell, so be sure that you have information on all of your competition before putting your house on the market. Get your free report of recent listings and sales in your New Orleans West Bank neighborhood
Algiers LA 70131 | Average Single Family Home Price | January 2010
The average single family home in Algiers sold for $147,758 in January, up over $20k from December, but still below the 2009 average shown above. Conventional loans and cash were the most popular forms of payment, since many of the homes sold in January were in less than excellent condition, keeping them from being financed with VA or FHA loans.
Some more details about January home sales in Algiers
- 33% of the sales were of bank owned or foreclosed properties (33% is the average across the West Bank)
- 11% of sellers provided some type of closing cost assistance to the buyer
- 11% of sellers paid for a home warranty for the purchaser
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Related Articles:
West Bank Real Estate Market Statistics
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Algiers LA 70114 | January 2010 Home Sales and Real Estate Market Statistics
February 19, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers 70114:
112 single family homes are for sale
- High list price $390,000
- Low list price $10,000
- Average list price $144,144
- Median list price $118,750
19 homes are under contract or pending sale, priced from $13,000 to $425,000
Based on the number of homes sold in January (7), there is a 16 month supply of homes for sale in the 70114 zip code
Algiers LA 70114 | Number of Single Family Homes Sold | January 2010
The 70114 zip code of Algiers started out the year with 7 single family homes sold, up from only 2 in January 2009, so it’s a nice start to 2010 after disappointing sales last year. 3 of the sales were in Algiers Point, while the other 4 were in various neighborhoods in the area.
The average days on market for homes sold in January was 80, while the average days on market for active listings is at 155. This is a good indicator that some of the homes that have been on the market for awhile may be overpriced or in not so great condition. If you are selling your home, you need to know your competition. Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot
Algiers LA 70114 | Average Sale Price of Single Family Homes Sold | January 2010
The average sale price jumped up to $154,707 in January, mostly due to the number of homes sold in the Point, which always commands a higher price.
The split between conventional and cash sales tells me that there are very few entry level homes being sold in the area, which would more than likely be financed with FHA loans. Instead, it appears that either investors or stronger buyers are the ones more interested in these properties.
A few more facts about January home sales:
- 29% of the sales were of bank owned or foreclosure properties (compared to 33% across the West Bank)
- 29% of sellers provided some type of closing cost assistance to the buyers
- 14% of sellers paid for a home warranty for the purchasers
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Related Articles:
Home buying tips
Home selling tips
Algiers homes for sale
West Bank Real Estate Market Statistics
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Algiers LA 70131 | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers LA 70131 (excluding English Turn):
173 homes are for sale in Algiers 70131
- High list price $895,000
- Low list price $37,900
- Average list price $183,380
- Median list price $155,000
28 homes are under contract or pending sale, priced from $40,000 to $429,000
Based on the number of December sales (13), there is a 13.3 month supply of homes for sale in the area
Algiers LA 70131 | Number of Homes Sold | December 2009
2009 home sales in Algiers fell just short of those in 2008, ending the year with 208 successful sales. This is the second year of severely reduced home sales in the area and it’s reflected in the average days on market (see chart below).
I wish I had a crystal ball for why Algiers is performing so poorly, but I don’t. What I am hearing from home buyers is a combination of schools, taxes, insurance and the poor perception of the City of New Orleans are pushing them to nearby areas in Plaquemines Parish or Jefferson Parish.
Days on market (the length of time it takes a home to sell) has been on the increase in Algiers for the last several years, ending 2009 at 137 days. Remember, this is just an average.
- The home on the market the longest sold in 935 days.
- The home on the market the shortest period of time sold in 1 day.
Algiers LA 70131 | Average Home Sale Prices | December 2009
Home prices in Algiers remained fairly steady through most of 2009, ending the year with an average sale price of $155,362. This is a 4.9% decline from the 2008 average, putting home values below those of a pre-Katrina market. While we were hopeful at the beginning of the year that we would begin to see a recovery in the Algiers market, it’s not happening yet.
- The most expensive home sold in Algiers in 2009 was a 7 bedroom, 4.5 bath home in Lakewood Estates that sold for $519,000 in November, 2009.
- The least expensive home sold in Algiers in 2009 was a 3 bedroom, 1 bath home that sold for $8,000 in February, 2009. (This particular property was purchased by the seller at a tax sale)
FHA is the most popular financing choice of Algiers home buyers, with 39% opting to use that type of loan for their home purchase. Of note is that 41% of home sellers in Algiers provided some type of closing cost assistance to buyers when selling their home. It’s important to be sure that you know all of the details about comparable sales in your area when pricing your home to sell.
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
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Algiers LA 70114 | 2009 Real Estate Year in Review
January 16, 2010 by Lisa Heindel
Filed under Algiers, Market Updates
Current real estate activity in Algiers LA 70114:
121 homes are for sale in Algiers 70114
- High list price $599,000
- Low list price $13,000
- Average list price $147,446
- Median list price $119,900
16 homes are under contract or pending sale, priced from $28,000 to $399,000
Based on December 2009 sales (6), there is a 20 month supply of homes for sale in the area
Algiers LA 70114 | Number of Homes Sold | December 2009
After a brief uptick in 2008, the number of home sales in the 70114 zip code of Algiers dropped almost 37% in 2009, ending the year with 73 homes sold. Much of this can be attributed to declining sales in Algiers Point, which has been hard hit by the changes in the West Bank real estate market.
Interestingly, the days on market for homes sold in the area has remained flat for the last 3 years. When priced right for the neighborhood and condition, homes are selling in an average of 102 days.
- The home on the market the longest in 2009 sold in 463 days.
- The home on the market the shortest period of time in 2009 sold in 1 day.
Algiers LA 70114 | Average Home Sale Prices | December 2009
Prices in the 70114 zip code of Algiers continue to decline, dropping over 10% from 2008 to 2009. Besides the impact of fewer high end sales in the Point, there are a good number of homes in need of restoration or renovation that are being purchased for cash by investors or buyers who have the time and money to put into a fixer-upper.
This section of Algiers is the only area on the West Bank that is seeing cash as the primary purchasing tool. FHA is right behind with 34% of the market. Of note is that 30% of home sellers provided some type of closing cost assistance to the purchasers in 2009, so be sure that your agent is providing you with all of the details on comparable sales in your neighborhood.
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
Related Articles:
Home buying tips
Home selling tips
For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!
Algiers LA 70114 | November 2009 Home Sales and Real Estate Market Reports
December 18, 2009 by Lisa Heindel
Filed under Algiers, Algiers Point, Market Updates
Current real estate activity in Algiers LA 70114 (including Algiers Point):
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:
- Sales in Algiers Point have dropped to a very low level
- 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
Algiers LA homes for sale
New Orleans West Bank Homes for Sale
Home buying tips
Home selling tips
Need more information about buying or selling a home on the West Bank of New Orleans? For professional buyer and seller representation, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.
