Algiers LA 70131 | 2009 Real Estate Year in Review

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

West Bank Market Statistics

 

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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

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

West Bank Market Statistics

 

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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

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:

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

Algiers LA homes for sale
New Orleans West Bank Homes for Sale

Home buying tips
Home selling tips

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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.

Algiers LA 70131 | November 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Algiers LA 70131:

197 homes are for sale in the 70131 zip code (excluding English Turn)

• High list price $895,000
• Low list price $35,000
• Average list price $178,774
• Median list price $152,000

32 homes are under contract or pending sale, priced from $27,500 to $429,000

Based on the number of homes sold in November (12), there is a 16.4 month supply of homes for sale

Algiers LA 70131 | Number of Homes Sold | November 2009

Sales in Algiers took a dip in November, bringing the year to date number of homes sold to 194, an average of 17.6 homes per month.  If that average holds, we will end the year just slightly below the 2008 total.

The average days on market as of 11/30/2009 was 124, but don’t count on selling in that amount of time….the longest a home was on the market before selling this year was a whopping 935 days (over 2.5 years).

FHA loans continue to be the most popular financing option for buyers, making up 39% of the sales in Algiers this year, with conventional loans coming in second at 26%.  The surprise in the numbers below is the small amount of VA loans given the proximity of Algiers to NAS JRB New Orleans.  As the Federal City moves closer to completion, I would anticipate seeing an increase in the number of military buyers in the area.

 

Algiers LA 70131 | Average Home Sale Price | November 2009

The average home sale price in November was $184,070, up substantially from last month.  But, year to date, the average price of $155,362 is still down almost 5% from 2008.

Your particular neighborhood may be performing differently, so get this week’s free market snapshot for an up to date report on listings and sales in your area.

 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

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The West Bank Living Team provides professional real estate services to home buyers and sellers on the West Bank of New Orleans.  It would be our pleasure to assist you with any of your real estate needs.

Algiers LA 70131 | October 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Algiers LA 70131 (excluding English Turn)

193 homes are for sale

• High list price $895,000
• Low list price $35,000
• Average list price $179,482
• Median list price $152,000

30 homes are under contract or pending sale, priced from $27,500 to $279,000

Based on the number of homes sold in October (22), there is a 8.8 month supply of homes for sale in the area

Algiers LA 70131 | Number of Homes Sold | October 2009

With few exceptions, the 70131 zip code of Algiers has averaged about 15 homes sold per month.  Year to date there have been 182 homes sold, compared to 187 at this same time last year.  

Although it’s not as many sales as home sellers would wish for, it is at least an indicator that this portion of the Algiers market may be beginning to stabilize.

Algiers LA 70131 | Average Home Sale Price | October 2009

While the number of sales may be stabilizing, the average home prices are continuing to drop, ending October at $153,246 (a decrease of just over 6% from the 2008 average).

Some of this can be attributed to the 13% of sales that were homes in Fair or Poor condition, which will always go for a lower price.  Also, homes that have not been updated are having a tough time competing with those that feature all of the bells and whistles that today’s buyers are looking for.  Spending a little money on needed upgrades to your home can result in a higher sales price.

With a median list price of $152,000 (meaning half of the home prices are higher and half are lower), it appears that sellers in Algiers are becoming more realistic about the real estate market they are facing.

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

Related Information:

Algiers LA homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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If you are considering buying or selling a New Orleans West Bank home, please contact the West Bank Living Team.  With dedicated buyer and seller agents, we would be pleased to assist you with any of your real estate needs.

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