153 single family homes are for sale

• High list price $499,000
• Low list price $15,000
• Average list price $149,547
• Median list price $139,000

47 homes are under contract/pending sale

• High list price $299,000
• Low list price $29,000

Based on 1st quarter 2012 sales, there is a 12 month supply of homes for sale in Algiers.

Homes sold in Algiers LA 70131

As of the end of the 1st quarter, there were a total of 39 single family homes sold in Algiers (70131), down from 62 at the same time last year.  It appears that the rally in sales we experienced in 2011 was mostly due to low end sales of homes to investors and do-it-yourselfers who were snapping up the bottom price ranges.

Home prices in Algiers LA 70131

While the number of sales has dropped significantly, average prices, while down, have not taken a huge plunge.  That’s the good news.  The bad news is that the 5 year trend for sales in the 70131 zip code continues to show a year over year decline in prices.  Much of this is due to the condition of properties being purchased (more than half were in Average or less condition) and the number of foreclosures and short sale being sold (46% of sales in 2012).

Remember, these are averages prices for the entire community and your neighborhood may or may not be experiencing the same market.

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

More about Algiers home sales

• Days on market is holding steady at an average of 108
• Foreclosures and short sale made up 46.15% of homes sold in 2012, up 2.7% from last year
• 21% of sellers provided a home warranty, down from 31% in 2011
• 38% of sellers provided closing cost assistance to buyers, down from 39%  in 2011

Questions about buying or selling in Algiers?  Feel free to contact us.  We’ll be happy to share our market knowledge with you.

94 single family homes for sale

• High list price $860,000
• Low list price $15,200
• Average list price $112,644
• Median list price $78,750

23 homes under contract/pending sale

• High list price $280,000
• Low list price $22,500

Based on first quarter sales, there is an 18 month supply of homes for sale in the 70114 zip code.

Homes sold in Algiers 70114

As of the end of the first quarter of 2012, home sales increased by 87% over the first quarter of 2011, ending at 15 successful sales.  While this is a huge increase on a percentage basis, the majority of sales are of properties in lesser condition that appear to be attracting the interest of investors in the area.  This makes sense, because they more than likely banking on the future expansion of Federal City driving real estate prices in this part of Algiers.  It remains to be seen whether they remodel and sell or if they are choosing to hold as rentals while watching for a change in the market.

Home prices in Algiers 70114

Because so many of the sales this year have been either foreclosures or homes in need of a great deal of repair, the average prices have dropped substantially.  The highest priced home sold in the first quarter was for $205,000, while the lowest priced home sold for $25,500.  Obviously, homes at such a low price point have the effect of dragging down the averages.  It’s important for home owners who are considering selling to get a market analysis on their particular property instead of relying on the average for the entire community.

More about Algiers LA 2012 home sales

• Average days on market is 79
• 60% of buyers are paying cash
• 53% of properties sold were foreclosures
• 7% of sellers provided a home warranty
• 13% of sellers provided closing cost assistance to the buyers

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

231 single family homes are for sale in in Marrero

• High price $1,975,000
• Low price $19,000
• Average price $160,016
• Median price $134,000

74 homes are under contract/pending sale

• High price $425,000
• Low price $32,900

Based on sales in the first quarter of 2012, there is an 8.25 month supply of homes for sale in Marrero

Homes Sold in Marrero LA

The 1st quarter of 2012 saw an 18% increase in the number of homes sold when compared to 1Q2011.  As of the end of March, there have been 85 successful sales of single family homes in Marrero.  The most interesting item of note in these sales is that the condition of homes selling has declined.  In 2011, 62% of homes sold were in New, Excellent or Very Good condition.  So far in 2012, that percentage has dropped to 48% as the number of foreclosure sales has increased.

Home Prices in Marrero LA

As the number of foreclosure sales in Marrero has increased, there has been a corresponding decrease in average sale prices.  This continues the a 5 year trend of declines in prices.  The important note for home sellers to keep in mind is that the averages span the entire zip code and your neighborhood may not be experiencing this downward pressure on prices.  If foreclosures are the norm in an area, all of the surrounding properties will be negatively impacted.

• Average Foreclosure Sale Price $83,347
• Average Equity Sale Price $152,091

More about Marrero LA real estate sales

• Almost 58% of homes sold in 2012 have been foreclosures or short sales
• 26% of sellers have provided a home warranty, down from 30% in 2011
• 32% of sellers have provided closing cost assistance to the buyer, down from 34% in 2011

Start your Marrero home search here

Have questions?  Feel free to contact us for help with any of your real estate needs.

182 single family homes for sale in Harvey

• High price $850,000
• Low price $29,900
• Average price $174,575
• Median price $139,900

66 homes are under contract/pending sale

• High price $430,000
• Low price $10,000

Based on first quarter sales, there is an 11 month supply of homes for sale in Harvey – a buyer’s market.

Homes Sold in Harvey LA 1Q2012

The good news for the Harvey real estate market is that home sales in the 1st quarter of 2012 were up by almost 18% from the same time last year.  Unfortunately, that’s about the extent of the good news.  Foreclosures are making up a huge percentage of the successful sales across a large portion of the West Bank and Harvey is not immune.  As of the end of March, there were 60 homes sold in Harvey.  Of those, 45 (75%) were either foreclosures or short sales.  These distressed property sales result in lower home prices across the area when they become the norm.

Home Prices in Harvey LA 1Q2012

We’ve been watching prices decline for the last few years as demand for homes on the West Bank has dropped.  That’snot changing due to the number of foreclosure sales that are now happening.  Trends across the country seem to be that foreclosures sell off before the market begins a rebound, so I’m hopeful that this is stage 1 of our recovery.

The gap between prices on foreclosures and non-distressed (equity) sales is pretty wide:

• Average foreclosure sale price: $93,894
• Average equity sale price: $150,256

More about Harvey home sales

• 18% of sellers have provided a home warranty, down from 28% in 2011
• 25% of sellers have provided closing cost assistance to buyers, down from 40% in 2011
• Cash is the most common form of purchase this year, being used in almost 50% of the sales.  This is not surprising, since many of the lower end properties are being snapped up by investors who have sat out of the market for the last couple of years while it was harder for them to get financing.  That pent up demand seems to be loosening on their end, although financing is still an issue for some.

Start your Harvey home search here

Have questions about buying or selling in Harvey?  Contact us.  It would be our pleasure to help.

157 single family homes for sale

• High price $1,500,000
• Low price $49,980
• Average price $213,196
• Median price $154,000

73 homes under contract/pending sale

• High price $875,000
• Low price $36,000

Based on sales in the 1st quarter of 2012, there are 12 months of inventory in the 70056 zip code.  This is a buyers market.

Homes sold in Terrytown and Gretna 1Q2012

As of the end of March 2012, there have been 58 single family homes sold in the 70056 zip code.  This is a substantial increase from the 34 sold at the same time last year – an increase of 70% in the number of sales.   The most notable change in the number of sales is the increase in foreclosures and short sales.  Just over 46% of homes sold this year were bank owned or short sales, compared to 31% in 2011.

• Foreclosures/short sales YTD:  27
• Equity sales YTD: 31

Home prices in Terrytown and Gretna 1Q2012

As a result of the increase in foreclosures and short sales, average sale prices have dropped by 21% to $114,707.  This is a concern if you are in a neighborhood that has a large number of foreclosures.  If there are just a handful of distress sales, the impact on values is negligible.  If, however, foreclosures make up the majority of home sales in your neighborhood, it will pull down the prices for all homes in the community.

• Average foreclosure sale price: $78,202
• Average equity sale price:  $142,694

More about home sales in Terrytown and Gretna

• 22.4% of sellers have provided a home warranty, down from 36% in 2011
• 26% of sellers have provided closing cost assistance to the buyers, down from 40% in 2011
• Average days on market is 92, down from 107 in 2011

Start your Terrytown and Gretna home search here

For more information about buying or selling your West Bank home, please contact us.  We would be happy to share what’s happening in your neighborhood.

74 homes are currently for sale in the 70053 zip code

• High price $385,000
• Low price $28,130
• Average price $155,212
• Median price $149,950

10 homes are under contract/pending sale

• High price $245,000
• Low price $44,900

Homes Sold in 1st Quarter 2012

As of the end of March, there have been 18 single family homes sold in Gretna, up from 14 at the same time last year.  This 28% increase in the number of sales can be directly tracked back to investor activity in the community, since most of the sales are of homes in need of renovation or repairs.  Only 6 of the homes sold so far this year were in Excellent or Very Good condition, so it makes for a tough market for home sellers of properties that are move in ready.

Home Prices in 1st Quarter 2012

As a result of investor activity and foreclosure sales, prices have continued to fall, ending March at an average sale price of $86,551.  Of the 18 homes sold this year, 50% have been foreclosures, pulling down the average prices for the area.

• Average foreclosure sale price:  $34,346
• Average equity sale price: $137,756

The Overall Market

As long as the number of foreclosures remain high in the area, average prices will continue to be depressed.  If investors are buying these properties to renovate and put back on the market, average prices will slowly increase.  If they are buying them to hold as rental properties, we should see a slight decrease in rents as the inventory grows.

Have questions about your own home?  Contact us.  We’d be happy to help.

Start your GRETNA home search here

Gretna Foreclosures for sale

I fully expected to see a steady increase in monthly rents and I was surprised to find that was not the case.

• 1 and 2 bedroom rental rates are basically flat
• 3 bedroom rental rates have actually gone down
• 4 and more bedroom rates are up slightly, but these numbers were easily skewed when a few luxury homes (think English Turn) were thrown into the mix

I have the information for each zip code on the West Bank, so if you are considering renting your property instead of selling, feel free to contact me.  I’ll be happy to share with you the data with you!  Don’t forget, Crescent City Living provides rental services in addition to home sales.

We are taking a quick glance at home sales so far this year in each of the West Bank zip codes and the news is a mixed bag.

When comparing January and February sales from 2011 to 2012, the number of homes being transferred each month dropped in Algiers, Gretna and Marrero.  Unincorporated Gretna (including Terrytown) and Harvey both had healthy increases in activity.

Foreclosure sales have decreased in Algiers and Belle Chasse, while increasing in the rest of the West Bank communities.  This doesn’t mean that the number of actual foreclosures are up or down, rather it’s the number of foreclosures that buyers are choosing to purchase in these areas.  Anytime a neighborhood sees an increase in the number of foreclosures being sold, it has a negative impact on average home prices.

Home Prices on the West Bank of New Orleans

Despite substantial increases in sales prices in Belle Chasse and the 70131 portion of Algiers, the remainder of the West Bank saw a decline in average prices.  Remember what I said above about foreclosures and average prices.

When we compare the prices of foreclosure sales vs non-foreclosure sales, it becomes apparent why average home prices have dropped in most areas.  As long as we see a steady stream of bank owned properties selling, average prices will continue to be depressed.

I believe this is an artificial depression of values unless the majority of the homes in a neighborhood are foreclosures, so getting up to date sales of real comparable properties is more important than ever for home sellers on the West Bank.  If you’ve been on the market for more than 90 days, it’s time to get a neighborhood update from your REALTOR® to ensure your pricing is still accurate.

For detailed information on sales in your West Bank neighborhood, get your free market snapshot here.

If you would prefer a custom analysis of your home, please call Lisa at 504-616-6262.

• 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