259 single family homes are for sale

• High list price $2,300,000
• Low list price $24,500
• Average list price $163,682
• Median list price $139,900

64 homes are pending sale or under contract, priced from $16,900 to $349,000

Based on February sales (14), there is a 18.5 month supply of homes for sale in the area

Marrero LA 70072 | Number of Homes Sold | February 2010

As of February 2010, Marrero has seen 24 successful single family home sales, compared to 59 at the
same time last year.  This is a decrease of 59% in the number of home sales when comparing year to year.  However, with 64 homes under contract at this time, I would expect that gap to narrow over the next couple of months as first
time buyers race the clock against the expiration of the tax credit.

Get a free, up to date report of listings and home sales in your New Orleans West Bank neighborhood

Average days on market for homes sold in February was 97, while the average days on market for active listings is 118.

Marrero LA 70072 | Average Single Family Home Sale Prices | February 2010

The average February sale was $112,910, down from January and bringing the year to date average to $123,971.  It appears that there may be an input error resulting in the under reporting of at least one
sale, so this average will more than likely go up when the appropriate corrections are made.

More details about February homes sales in Marrero:

• FHA remains the most popular financing choice of buyers
• 29% of the sales were of bank owned or foreclosed properties
• 21% of sellers paid for a home warranty for the buyers
• 21% of sellers provided some type of closing cost assistance to the purchasers

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152 single family homes are currently for sale

• High list price $539,000
• Low list price $500 (HUD property with pre-existing liens on it)
• Average list price $180,946
• Median list price $148,000

52 homes are under contract or pending sale, priced from $50,301 to $339,000

Based on the number of homes sold in February (13), there is a 11.7 month supply of homes for sale in the area

Harvey LA 70058 | Number of Homes Sold | February 2010

Year to date, there have been 28 single family homes sold in Harvey, compared to 20 at the same time last year (an increase of 40%).

Average days on market for homes sold in February was 38, bringing the year to date average to 64 days.  Compare this to the average days on market for active listings of 115 and I expect that we will see this number rise over the coming months as homes that have been on the market longer begin to sell.

Harvey LA 70058 | Average Single Family Home Prices | February 2010

The average Harvey home price took a jump in February, bringing the year to date average to $142,100.  Part of the drop in prices when compared to 2009 can be attributed to the fact that 25% of the sales so far this year were of properties in Fair or Poor condition.  Homes in excellent condition are continuing to command higher prices.

Get up to date information on listings and sales in your West Bank neighborhood

Some more details about February 2010 home sales in Harvey:

• 6 homes were in Excellent condition, 3 homes in Average condition, 2 homes in Fair condition, 1 home in Very Good condition and 1 home in Poor condition
• 46% of the homes sold were bank owned or foreclosure properties
• 31% of sellers paid for a home warranty for the buyers
• 38% of sellers provided some type of closing cost assistance to the purchasers

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

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172 homes are for sale

• High list price $1,200,000
• Low list price $24,900
• Average list price $215,009
• Median list price $169,000

36 homes are under contract or pending sale, priced from $70,312 to $449,900

Based on the number of Terrytown/Gretna homes sold in February (13), there is a 13.2 month supply of homes for sale in the community

Terrytown and Gretna LA 70056 | Number of Homes Sold | February 2010

Although the number of home sold dropped from January to February, year to date there have been 33 single family home sales, up from 28 at the end of February 2009.  With 36 pending sales, it looks like the area is off to a good start in 2010.  It remains to be seen if the volume will be sustainable after the first time home buyer tax credit ends on April 30th, so we will continue to track activity in the community.

Average days on market for homes sold in 2010 is now at 80.  As older inventory is cleared out, I expect this number to go up since the average days on market for active listings is currently 143 days.

Terrytown and Gretna LA 70056 | Average Single Family Home Sale Prices | February 2010

Prices took a jump in February, bringing the year to date average to $161,852. This is a slight increase over the 2009 average.  Again, we will have to track ongoing activity to determine if this is a true increase in sale prices.

Some more facts about Terrytown and Gretna home sales in February:

• Condition of homes was varied, with 5 homes sold in Excellent condition, 3 homes in Average condition, 3 homes in Fair condition and 2 homes in Very Good condition
• 39% of the homes sold were bank owned or foreclosure properties
• 31% of sellers paid for a home warranty for the buyers
• 23% of sellers provided some type of closing cost assistance to the purchasers
• FHA remains the most popular choice in home purchase financing

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West Bank Real Estate Market Statistics

61 single family homes are for sale

• High list price $409,000
• Low list price $45,000
• Average list price $158,928
• Median list price $145,000

10 homes are under contract or pending sale, priced from $37,500 to $165,000

Based on February sales (3), there is a 20 month supply of homes for sale in Gretna

Gretna LA 70053 | Number of Homes Sold | February 2010

The 3 Gretna home sales that were recorded in February were all properties in need of major repairs, pretty much the type of listings that only attract investors with cash because the condition of the homes are so poor.  Otherwise, the city is on target with 6 sales year to date, compared to 7 at the same time last year.

Days on market dropped to 72, but again, remember that these investor properties sold faster than the typical home in the area.  It may take a couple of months for the averages to balance out and give a truer picture of the market, especially given that the average days on market for active listings is currently at 143.

Gretna LA 70053 | Average Single Family Home Sale Price | February 2010

The average sale price took a big hit in February due to the condition of the properties sold.  This should not be considered a real average for the area.  Average sale prices will balance out over the year as more owner occupant homes are sold.  If you are interested in receiving information on current listings and sales in your neighborhood, we provide free online reports of real estate activity in your West Bank neighborhood.

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West Bank Real Estate Market Statistics

I thought it would be fun to take a quick look back at the most expensive home sales on the West Bank for 2009. These prices may not seem so high to people relocating from either coast and they represent the good value that real estate in New Orleans offers when compared to other metropolitan areas.

13864 Highway 24 in Belle Chasse, LA
List price: $1,700,000
Sold price: $1,168,000
Luxury living in a rural area, this home featured 5 bedrooms, 4 baths and over 8,000 square feet of living area on over 3 acres of land in Plaquemines Parish.  The list goes on and on, with a 1,500 square foot guest house, a 12 car garage, barn, orange orchards and more.

113 Victoria Drive in Belle Chasse, LA
List price:  $1,400,000
Sold price:  $975,000
Closer to the city, Victoria Drive has 6 bedrooms, 6 1/2 baths and over 7,600 square feet of living area.  An inground pool, cabana with kitchen and bath and over 2 acres of land rounded out this gorgeous home less than 10 miles from downtown New Orleans.

Search Belle Chasse LA homes for sale

61 English Turn Drive in New Orleans (Algiers), LA
List price: $1,275,000
Sold price: $950,000
So what did $950k buy?  How about 6 bedrooms, 6 1/2 baths and over 8,000 square feet of living area on a 3/4 acre golf course lot in a gated community.  Throw in an inground pool and you’ve got a fantastic deal on a beautiful piece of West Bank real estate within the city limits of New Orleans.

Search homes for sale in Algiers LA

All sales information was obtained from GSREIN and is deemed reliable, but not guaranteed.  The West Bank Living team did not represent any buyer/seller in these transactions.

30 single family homes for sale

• High list price $1,799,000
• Low list price $399,000
• Average list price $704,067
• Median list price $549,000

2 homes are under contract or pending sale, priced from $469,000 to $499,000

Based on January sales (2), there is a 15 month supply of homes for sale in Belle Chasse

English Turn | Number of Home Sales | January 2010

English Turn started the year with 2 homes sold in January, surpassing January sales in both 2009 and 2008.

The few bank owned properties in English Turn have sold, so now the rest of the inventory is starting to be cleared. As a result, I anticipate days on market will rise (see the sharp uptick in January) as homes that have been on the market for an extended period of time are sold.

English Turn | Average Home Sale Prices | January 2010

The January average sale price in English Turn was $508,500, up from the 2009 average of $492,938.  As we move further into the year, we will have a better handle on whether this is a blip or a trend in the market.

Because of the price range of these luxury homes, conventional financing was used for both purchases.  Sellers did not provide any closing cost assistance to the buyers, but 1 seller did provide a home warranty for the purchaser.

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43 single family homes for sale

• High list price $1,700,000
• Low list price $85,000
• Average list price $362,440
• Median list price $283,500

7 homes are under contract or pending sale, priced from $183,000 to $450,000

Based on January sales (1), there is a 43 month supply of homes for sale in Belle Chasse

Belle Chasse LA | Number of Home Sales | January 2010

January saw 1 single family home sale in Belle Chasse, the slowest January since we started tracking sales in 2004.

With only 1 sale, the average days on market has little meaning.  I can tell you that of the currently active listings, the average days on market is 170, so Belle Chasse seems to be slowing down.  We won’t know that for sure until we see another couple of months of data for comparisons.

Belle Chasse LA | Average Home Sale Prices | January 2010

The January average sale price was $263,300, but, again, it’s important to remember that this is only one sale.  No seller concessions were made and no home warranty was provided for the buyer.

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

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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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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

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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

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