• 45 homes are for sale in Belle Chasse, priced from $149,000 to $1,000,000
• 7 homes are under contract, priced from $44,900 to $430,000
• The average home for sale has 4 bedrooms, 3 baths, 2730 square feet and is listed for $373,238
• The average active listing has been on the market for 138 days

Homes sold in Belle Chasse

After a couple of years of declining numbers, home sales in Belle Chasse increased to 72 in 2011, up from 59 the year before.  This is a trend that is being repeated across the West Bank, as the number of sales improves.

See all homes for sale in Belle Chasse LA

Home prices in Belle Chasse

The most active price ranges in 2011 were from $200,000-$400,000, with the $300,000-$400,000 range coming in the winner with the most sales for the year.  Prices in Belle Chasse were off 7% from last year, despite the increase in sales, ending the year at an average sale price of $236,754.  Most of this drop can be attributed to the increase in foreclosure sales, since they are typically priced below market by the banks that own them.   At the same time, we are seeing an increase in seller concessions to make a sale work, whether it is providing a home warranty or assisting the buyer with some of their closing costs.

Overall, the Belle Chasse market is stable and, barring another round of foreclosures, I would anticipate values holding steady this year.

More about real estate in Belle Chasse

• Unlike any other area of the West Bank, Belle Chasse homes were primarily purchased with conventional loans
• 22% of homes sold were foreclosure or short sales, up from 15% in 2010
• 26% of sellers provided a home warranty, up from 22% in 2010
• 21% of sellers provided closing cost assistance to the buyers, up from 19% in 2010.

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

• 14 single family homes are for sale, priced from $165,000 to $860,000
• 5 homes are under contract, priced from $139,000 to $329,000
• The average home has 3 bedrooms, 2 baths, 3298 square feet and is listed for $322,136
• The average active listing has been on the market for 210 days

Homes sold in Algiers Point

Sales remained flat from 2010 to 2011 in Algiers Point, ending the year with a total of 22 single family homes sold.

Multi-family homes in the Point:  A total of 13 multi-family properties sold in 2011, at an average price of $151,301 or $66.65 per square foot.

We have recently seen a resurgence of interest in the Point, but are in need of some new blood to hit the market, since the existing homes have not fit what buyers are looking for.  Sellers willing to part with their homes for at or under $200,000 should consider going on the market as quickly as they can.

Home prices in Algiers Point

After a rally in 2010, average prices dropped again in 2011, ending the year down to $180,823.  There is interest in the neighborhood, but so many of the homes have deferred maintenance or partially complete renovations that buyers are choosing to wait it out.  Spending a few dollars to prepare your home for sale would be well advised in any market, but particularly in the Point right now.

More about real estate in Algiers Point

• Foreclosures and short sales made up 18% of homes sold in 2011, up from 15% in 2010, but still one of the lowest rates on the West Bank
• 50% of sellers provided a home warranty in 2011, up from 20% in 2010
• 23% of sellers provided closing cost assistance to the buyers, down from 25% in 2010

See all homes for sale in Algiers

• 163 single family homes are for sale, priced from $24,900 to $825,000
• 32 homes are under contract, priced from $17,100 to $412,000
• The average home for sale has 4 bedrooms, 2 baths, 2052 square feet and is listed for $158,858
• The average active listing has been on the market for 154 days

Homes sold in Algiers LA 70131

Algiers saw a big rebound in the number of homes sold in 2011, ending the year up almost 39% in sales volume.  Unfortunately, 43% of those sales were foreclosures or short sales, which typically are priced below the average market value in a neighborhood.

See all homes for sale in Algiers LA

Home prices in Algiers LA 70131

While we saw a drastic increase in the number of sales, average home prices continued to drop, ending the year down 9.5% from 2010.  The majority of this decline can be attributed to the large percentage of foreclosure sales, which fall below the natural averages in the area.

2011 foreclosure sale average:   $78,553
2011 non-foreclosure sale average:   $159,935

The neighborhoods most affected by foreclosures were Tall Timbers and the streets in and around Huntlee Village, two areas that saw soaring prices after Katrina.  If we continue to see a large volume of foreclosures listed for sale, I don’t expect prices to rally this year.

More about real estate sales in Algiers LA

• 43% of homes sold in 2011 were foreclosures/short sales, up from 33% in 2010
• 31% of sellers provided a home warranty, down from 34% in 2010
• 39% of sellers provided closing cost assistance to buyers, up from 30% in 2010
• FHA loans still remain the most popular way to purchase an Algiers home, so normal resale properties need to be in tip top condition

Selling prices vs listing prices

The following chart shows the percentage of the listing price that sellers received, broken down by the number of days a house was on the market.  Obviously, the highest prices were commanded during the first 30 days on the market, underlining the need for home owners to price their homes correctly from the moment they are listed.

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

These reports can be customized for your neighborhood, so drop us a line or give a call if you need more information on the real estate market in your particular area.

• 91 single family homes are for sale, priced from $19,000 to $860,000
• The average home for sale has 3 bedrooms, 2 baths, 1657 square feet and is listed for $118,208
• 16 homes are under contract, priced from $19,900 to $329,000
• Active listings have been on the market for an average of 257 days
• Based on 2011 sales, there is almost 12 months of inventory in the 70114 zip code

Homes sold in Algiers LA 70114

The number of homes sold in Algiers, 70114, increased yet again in 2011, ending the year at 94 single family home sales.  There doesn’t seem to be any one driving factor behind the increase in sales, but I suspect that there are investors out there scooping up lower end properties in the hopes that as Federal City continues to expand, those same homes will increase in value, whether as a rental or a resale.

There were 35 multi-family properties sold in the area during 2011,from a low of $10,500 to a high of $272,500.  The average multi-family sale price was $89,582 or $39.73 per square foot.

Home prices in Algiers LA 70114

On the opposite end of the spectrum from the number of sales, there are average sale prices.  Down yet again, they ended the year at $87,985, a decrease of almost 15% from 2010.  Between the investors buying very low end properties in need of repair and the foreclosures that made up more than half of homes sold last year, I’m not surprised to see the prices continuing to be depressed.  As long as distressed properties are making up the majority of sales, I don’t see the average prices increasing.

2011 average foreclosure sale: $52,612
2011 average non-foreclosure sale: $128,178

See all homes for sale in Algiers LA

More about Algiers real estate

• Foreclosures and short sales made up 54% of 2011 home sales, up from 41% in 2010
• 13% of sellers provided a home warranty, down from 23% in 2010
• 16% of sellers provided closing cost assistance, down from 31% in 2010
• After the first 30 days on the market, selling prices fall below 90% of asking prices, an indicator that sellers need to be priced right from the moment they hit the market

]]> http://westbankliving.com/market-updates/algiers-la-home-sales-real-estate-year-review/feed/ 0 http://westbankliving.com/market-updates/westwego-avondale-bridge-city-la-home-sales-real-estate-market-review/ http://westbankliving.com/market-updates/westwego-avondale-bridge-city-la-home-sales-real-estate-market-review/#comments Tue, 31 Jan 2012 01:27:25 +0000 Lisa http://westbankliving.com/?p=19662 Current real estate activity in Westwego and surrounding areas

• 125 homes are for sale, priced from $29,900 to $480,000
• The average home for sale has 3 bedrooms, 2 baths, 1499 square feet and is listed for $124,693
• 27 homes are under contract, priced from $14,400 to $149,900
• The average active listing has been on the market for 156 days

Homes sold in Westwego, Avondale, Bridge City and Waggaman

After 4 years of straight declines, the 70094 zip code finally saw an improvement in the number of homes sold in 2011.  The area ended the year with 164 houses sold – an increase of almost 14%.

What sold?  The majority of homes sold in Westwego, Avondale, Bridge City, Waggaman and Nine Mile Point were foreclosures and short sales.  This distressed market made up a whopping 56% of sales in 2011.  It’s hard for normal resales to compete with the low prices offered by banks on most of these homes, but the good news is that many of them were in less than desirable condition and were not direct competition for most home sellers.  With 37% of the sales in Fair or Poor condition, we can probably expect to see these same houses back on the market at some point, either as a renovation or as a rental.

See all Westwego, Avondale, Bridge City and Waggaman homes for sale

Home prices in Westwego, Avondale, Bridge City and Waggaman

While the number of sales took a nice jump, the average sold price nose-dived by over 28% from 2010 to 2011.  Much of this can be attributed to the huge number of foreclosures that sold at below market values.

The average foreclosure in the area sold for $45,772, while the non-foreclosure sales average was $104,927.  The average days on market for non-foreclosures was 125, while bank owned homes sold in an average of 58 days.

What do we expect for 2012?  If the investors that are snapping up the lower end of the market plan to flip, then we should see a nice inventory of updated housing available by this summer, which could help push that average sale price up.  If their plan is to hold and lease until they see a recovery in the market, at minimum we will see some quality rental properties around the same time and prices may remain flat.  I don’t see much room for lower prices in the area, unless we experience another wave of foreclosures due to the closing of the shipyard.

More about home sales in the 70094 zip code

• 32% of sellers provided closing cost assistance to the buyers, down from 33% in 2010
• 17% of sellers provided a home warranty, down from 26% in 2010
•  56% of homes sold were foreclosures or short sales, up from 37% last year

Listing prices vs selling prices

As is the case in every other West Bank community, a seller’s best chance at the highest price is during the first 30 days on the market.  Even then, the 70094 zip code has one of the widest gaps between list price and selling price during this initial marketing time.  (Most other areas are over 95%)  

Pricing a property correctly from the first day it hits the market provides the highest return for a seller and should be carefully considered before you spend months chasing the market down.

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

• 236 single family homes are for sale, priced from $19,900 to $2,150,000
• The average home for sale has 3 bedrooms, 2 baths, 1708 square feet and is listed for $161,703
• 66 homes are under contract, priced from $22,500 to $425,000
• The average time on market for active listings is 149 days

Homes sold in Marrero LA

After 3 years of steady declines in the number of homes being sold, Marrero ended 2011 with 357 sales – up 12% from 2010.  Spring was slower than 2010, but sales began to pick up in late summer and continue strong through the end of the year.

What did people buy?  43% of the homes sold were distressed properties – either foreclosures or short sales.  This is a common theme across the West Bank, with investors and buyers grabbing what they perceive as the best deals to be had.

See all homes for sale in Marrero LA

Home prices in Marrero LA

While the number of sales increased, which is good news, the average sale prices continued to drop, ending 2011 down by 5% from 2010.  The bulk of home sales were under $140,000, with the $120,000-$140,000 price range the most active.

Much of the drop in average sales prices can be attributed to the large number of foreclosure sales, since they typically sell for less than market value because banks don’t want to keep them on their books and be responsible for the maintenance and taxes.  Condition also is a factor.  When foreclosures are in need of repairs or updates, banks will discount them significantly to sell them quickly.  This puts downward pressure on average prices in a community.

In 2011, the average foreclosure sold for $81,222.  The average owner occupied resale sold for $149,898.  With a gap like that, it’s easy to see how a large number of foreclosures in a particular neighborhood could bring down all of the prices in the area.

What’s your Marrero home worth?

More about Marrero real estate

• The average days on market for homes sold in 2011 was 87, down from 94 in 2010
• 30% of sellers provided a home warranty, down from 38% in 2010
• 34% of sellers provided assistance with buyer closing costs, down from 44% in 2010
• FHA loans continue to be the most popular form of financing (38% of sales), followed by Cash (33%), Conventional loans (21%), VA loans (5%) and other mortgages (4%)

Listing prices vs Selling prices

Obviously, the best chance a seller has of getting the highest possible price is during the first 30 days on the market.  After that initial marketing time, the sales price (as a percentage of the list price) drops off.  While the percentages fluctuate, they are never as high as when a home is priced right and sold quickly.

All of these reports can be customized for your neighborhood.  If you would like us to prepare one for you, just drop us a line or call 504-327-5303.

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

• 166 single family homes are for sale, priced from $33,500 to $750,000
• The average home has 3 bedrooms, 2 baths, 1978 square feet and is listed for $160,884
• 55 homes are under contract, priced from $32,900 to $369,999
• The average home for sale has been on the market for 149 days

Homes sold in Harvey LA

The total number of single family homes sold in Harvey in 2011 crept up to 235, an increase of 7% from 2010 sales.  The driving factor behind the increase in sales were foreclosures and short sales, which offered some fantastic bargains to investors and do-it-yourselfers with the cash to put into renovations and improvements.  A full 50% of homes sold in 2011 were under $100,000 and generally in need of repairs.

This is not to say that move-in ready homes are not in demand…they are, but we saw a steep drop off in the number of sales once houses were priced over $180,000.

See all Harvey LA homes for sale

Home prices in Harvey LA

Prices took a tumble in 2011.  Again, this is directly related to the amount of foreclosure and short sales in the area.  The neighborhood with the most distressed property activity was Woodmere, which made up 27% of the total foreclosure sales in 2011.

Anytime foreclosures make up half of the market, there is going to be downward pressure on average prices.  The good news is that 13% of sales were over $200,00, but it took the majority of those homes more than 6 months to sell.

More about Harvey LA real estate

• 48% of homes sold were foreclosure or short sales
• 28% of sellers provided a home warranty, down from 35% in 2010
• 40% of sellers provided closing cost assistance to the buyers, down from 48% in 2010
• Cash purchases were more common than any form of financing, accounting for 36% of sales

List prices vs selling prices

The chart below shows the gap between asking and selling prices and clearly indicates that homes offering the best value are purchased quickly for the highest prices.  After 30 days on the market, selling prices dropped from an average of 98% of list price to less than 94%.  It’s a stark reminder to home sellers to price it right from the day you go on the market, or spend your time chasing the price down.

All of these reports can be customized to your own neighborhood.  Just drop us a line and we will be happy to provide them to you.

• 180 single family are for sale in Terrytown and Gretna, priced from $44,900 to $1,500,000
• The average home for sale has 4 bedrooms, 2 baths, 2186 square feet and is listed for $215,744
• 43 homes are under contract, priced from $30,000 to $350,000
• The average active listing has been on the market for 145 days

Homes sold in Terrytown and Gretna

In 2011, real estate sales declined slightly from last year, ending with a total of 203 successful single family sales.  Overall, home sales in the communities have been fairly flat for the last 4 years.  While this may seem discouraging, it’s not.  There are some areas of the West Bank that have taken big hits in the number of sales, so a holding pattern is not necessarily bad news.

What’s selling?  Homes priced between $100,000-$180,000 made up well over half of the 2011 sales.  The luxury market is hurting, with only 6 sales over $300,000 in all of last year.  Since most of the homes in Terrytown were built in the 1960s and 1970s, finding an updated home has been top of the list for most buyers in the area.  When they say they want move-in ready, they really want move-in ready.  Spending a few dollars getting rid of paneling and wallpaper might be one of the best things home sellers in the area could do this year.

See all homes for sale in Terrytown and Gretna

Home prices in Terrytown and Gretna

In 2011, prices continued to drop, ending the year at an average sale price of $145,017, down 2.46% from 2010.  Foreclosures and short sales were up slightly, making up 31% of homes sold last year.  15% of the homes sold were in Poor or Fair condition, so these low priced properties certainly helped to pull down the average.  Taking into account that 28% of sales were cash transactions, it’s evident that investors are picking up some of these houses in the hopes of renovating and either renting or selling them when complete.

The demand for rental property has increased.  There are a couple of reasons for this.  Folks who have been foreclosed on still need a place to live, and a rental is often their only option.  Incoming military transfers to NAS JRB, who used to purchase a home, are now looking for long term rentals since they often have a home that is not selling in whatever state they are coming from.  Most military posts are only for 2-3 years, so there is too much volatility in the market to make buying a smart move for them right now.

What’s your Terrytown home worth?

More about real estate in Terrytown and Gretna

• 36.45% of sellers provided warranties, up from 35% in 2010
• 40% of sellers provided closing cost assistance to buyers, up from 39% in 2010
• Financing methods were: FHA loans (37%), Cash (28%), Conventional loans (21%), VA loans (5%) and other financing (8%)

List price vs Sales Price

• 59 homes are currently for sale in Gretna, priced from $39,900 to $322,900
• The average home for sale has 3 bedrooms, 2 baths, 1548 square feet and is listed for $161,422
• 15 homes are under contract, priced from $41,000 to $275,000
• The average active listing has been on the market for 164 days

Homes sold in Gretna LA

2011 was a year of increased sales in the city of Gretna LA.  After wobbling for the last 3 years, the number of homes sold rose to just below the 2007 rate.  Much of this increase was in the foreclosure and short sale market, which attracted a high number of bargain shoppers and investors.  In 2010, these distressed sales made up 19% of the market.  In 2011, that increased to 27% of homes sold.

Normal resales remain a little more difficult to sell unless they present an opportunity for buyers to make a deal, which means pricing a home for what the market will bear, not for what a seller thinks it is worth…a difficult pill to swallow for those that purchased a home in the post-Katrina boom.

Search Gretna LA homes for sale

Average Home Prices in Gretna LA

While the number of sales increased, average sold prices continued to decline, ending 2011 at $120,907, a 3.48% decrease from 2010.  Again, just as foreclosures and short sales had an impact on the number of sales, they have had a negative impact on prices.

This is not to say that some areas are not performing well, only that when distressed property sales are thrown into the mix, it results in lower average sales.  To bring this point home:

2011 non distressed average sale price: $139,920
2011 distressed average sale price:  $53,330

What’s your Gretna LA home worth?

More about 2011 home sales in Gretna

While sales were up and prices were down, there were a few other details we’d like to share about the Gretna market:

• Average days on market dropped from 105 in 2010 to 99 in 2011.  Low end foreclosures sold the fastest, causing much of this drop in marketing time.
• Sellers providing a home warranty dropped from 30% in 2010 to 28% in 2011.  Condition plays a large part in this decrease.  Almost 22% of homes sold in 2011 were in Poor or Fair condition and did not qualify for a home warranty.  Additionally, investors rarely ask for warranties since their intention is usually to go in and make improvements to the property before either renting it or putting it back on the market.
• Sellers providing closing cost assistance to buyers dropped from 37% in 2010 to 22% in 2011 (mostly due to the number of foreclosures and their condition).  Investors typically do not need assistance from sellers to purchase distressed properties and many banks do not provide buyer assistance on their foreclosure sales.

Listing to sales price ratios in Gretna LA

The following chart shows the difference between listing (asking) prices and actual sold prices in 2011, based on how long a property was on the market.  Obviously, the first 30 days that a home is on the market are the most critical, garnering the highest prices.  This is exactly why we advise our sellers to price their homes correctly, since as time goes by, the actual sale price trends downward.

• There are 42 homes for sale in Belle Chasse, priced from $124,000 to $1,000,000
• The average home for sale has 4 bedrooms, 3 baths, 2844 square feet and is listed for $384,160 or $136.32 per square foot
• 6 homes are under contract, priced from $140,000 to $400,000
• 5 homes sold in October, with a low selling price of $138,900 and a high selling price of $345,000
• The average October sale was a 3 bedroom, 2 bath, 2095 square foot home for $223,180

Homes sold in Belle Chasse LA

Year to date, there have been 59 homes sold in Belle Chasse, compared to 48 at the same time last year.  In such a small community, this is a significant increase in the number of sales.  We have already reached the total number of homes sold in all of 2010, so the year should end on an up note.

Belle Chasse homes for sale

Home prices in Belle Chasse LA

The decline in home prices in Belle Chasse continues, but has slowed down.  The current average sale price is $244,169, down from $254,725 last year.  However, current prices are just above pre-Katrina values in the community, so if you have been in your home longer than 6 years, you should have a positive equity position.

What’s my Belle Chasse home worth?

More about Belle Chasse home sales

• Foreclosures and short sales have made up 20% of 2011 sales, compared to 15% last year
• 24% of sellers provided a home warranty, compared to 22% last year
• 22% of sellers provided closing cost assistance, compared to 19% last year

Sell my Belle Chasse home