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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164 homes are for sale in Terrytown and Gretna LA

• High list price $1,200,000
• Low list price $24,900
• Average list price $215,419
• Median list price $164,950

38 homes are under contract or pending sale, priced from $44,100 to $850,000

Based on the number of homes sold in January (20), there is an 8.2 month supply of homes for sale

Terrytown and Gretna 70056 | Number of Single Family Homes Sold | January 2010

There were 20 homes sold in the 70056 zip code in January 2010, compared to 11 in January 2009.  Terrytown was one of the only West Bank communities to see an increase in sales last year, and it looks like that trend is continuing into the new year.

Average days on market for homes sold in January was 87, compared to the 2009 average of 96.  The average days on market for active listings is 153 – an indicator that price or condition may be keeping some of these homes on the market longer.

Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

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

The average single family home in Terrytown and Gretna sold in January for $144,900.  While that is down from the 2009 average, it’s up about $10k from December of 2009.  It will take a couple of more months of sales to be able to see a real trend for this year.

FHA is still the financing option of most buyers on the West Bank, making up 55% of the sales.

A Few More Details About January Sales

• 45% of the January sales were bank owned or foreclosure properties
• 35% of sellers provided a home warranty to the buyers
• 30% of sellers provided closing cost assistance to the buyers

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

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Terrytown and Gretna homes for sale

West Bank Real Estate Market Statistics

165 homes are for sale in the 70056 zip code

• High list price $899,000
• Low list price $24,900
• Average list price $206,892
• Median list price $169,900

37 homes are under contract or pending sale, priced from $53,000 to $425,000

Based on December sales (14), there is a 8.5 month supply of homes for sale in Terrytown and Gretna

Terrytown and Gretna LA 70056 | Number of Homes Sold | December 2009

Good news for Terrytown and Gretna!  The number of homes sold in the city increased from 2008 to 2009.  Granted, it’s a small increase, but it’s a step towards stemming the tide of dropping sales in the area.

In 2009, sales in Gretna and Terrytown made up 15.7% of the West Bank real estate market, with 224 of the 1,429 homes sold in the area. 

How Does Terrytown compare to the rest of the West Bank?

The average days on market for homes sold in rose again in 2009, ending the year at 96. Remember, this is just an average.  The Terrytown/Gretna home on the market the longest in 2009 sold in 491 days – that’s over one year on the market – while the fastest sale was in only 1 day.

Terrytown and Gretna LA 70056 | Average Home Sale Prices | December 2009

The increase in the number of sales is offset by the drop in prices with another year of falling prices in Terrytown.  The bright side (hey, there’s always a bright side) is that prices are on par with pre-Katrina values in the area.

Home sale prices in Terrytown continue to be just above the West Bank average, but my concern is the average listing prices and how sellers are deciding on a number.  Your homes value depends on how your particular neighborhood is performing and should be priced accordingly.  Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

Other items of note:

• FHA continues to be the most popular financing choice in Terrytown/Gretna, with conventional financing coming in 2nd
• 44% of sellers provided some type of closing cost assistance to the buyers, so not only are prices down, but there are a significant number of sellers offering concessions to get their homes sold.  Be sure that your agent has provided you with the details of home sales in your neighborhood to know the whole story.



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

Related Reading:

• Terrytown and Gretna homes for sale
• New Orleans West Bank homes for sale
• Home buying tips
• Home selling tips

For more information about home buying or selling in Terrytown and Gretna or a relocation 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!

161 homes are for sale

• High list price $899,000
• Low list price $24,900
• Average list price $210,333
• Median list price $169,900

39 homes are under contract or pending sales, priced from $53,000 to $425,000

Based on November sales (30), there is a 18.6 month supply of homes for sale in the area

Terrytown and Gretna | Number of Homes Sold | November 2009

The last couple of months have seen a substantial increase in the number of homes sold in Terrytown and Gretna, bringing the year to date number of sales to 210.  Looking at the average number of homes sold each month in 2009, I would project that this year will surpass 2008 – one of the only areas on the West Bank that will record an increase in sales.

Most buyers (45.7%) are using FHA financing to purchase Terrytown homes, which means they are not purchasing homes that require substantial repairs.  This is important for sellers to know when deciding what they are willing to do to prepare their homes for sale.

Terrytown and Gretna | Average Home Sale Prices | November 2009

Although the number of sales in the 70056 zip code is increasing, the average sale prices are about 5% below those of 2008.  The good news is that prices are above those in 2005, our last really “normal” market on the West Bank.  As is the case in every area, some communities are performing better/worse than others.

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, not guaranteed

Terrytown and Gretna Homes for Sale
New Orleans West Bank Homes for Sale

Home buying tips
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For more information about buying or selling a West Bank home, please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs, and have a little fun while doing it!

170 homes for sale

• High list price $999,000
• Low list price $24,900
• Average list price $217,709
• Median list price $169,700

48 homes are under contract or pending sale, priced from $35,900 to $400,000

Based on the number of homes sold in October (26), there is a 6.5 month supply of homes for sale in the area (a fairly balanced real estate market)

Terrytown and Gretna LA 70056 | Number of Homes Sold | October 2009

October marked the most active month of the year in Terrytown and Gretna home sales.  I’m sure that much of this increase was due to the uncertainty about whether or not the first time home buyer’s tax credit would be extended (which it has).  First Time Home Buyer Tax Credit Extended and Expanded

Year to date, there have been 180 homes sold in the 70056 zip code, compared to 190 at the same time last year.  It seems that while the number of sales has been dropping for the last couple of years, we are finally beginning to see some stabilization in the market.

Terrytown and Gretna LA 70056 | Average Home Sale Price | October 2009

The 2009 average home sale price at the end of October was $158,775, a decrease of 6% from the 2008 average, but slightly above the 2005 average.  Since 2005 was the last market that was not impacted by either Katrina or the economy, it’s a good barometer for “normal” and normal has been hard to find lately.

Unless you purchased your home in the last couple of years, it’s a good bet that you have not lost any of the equity in your home.  Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

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

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Terrytown and Gretna homes for sale
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The West Bank Living Team would be more than happy to assist you with any of your real estate needs.  Feel free to call us or drop us a line with any of your questions or concerns.

167 homes are for sale

• High list price $1,390,000
• Low list price $16,900
• Average list price $209,418
• Median list price $165,000

67 homes are under contract or pending sale, with an average list price of $172,469

Based on the number of homes sold in September (15), there is an 11.13 month supply of homes for sale

Terrytown and Gretna LA | Number of Homes Sold | September 2009

Although they are down about 9% from this time last year, the number of home sales in Terrytown and Gretna is holding fairly steady from month to month.

While the media focus has been on the first time home buyer tax credit and FHA loans, amazingly enough there were no FHA loans that closed in Terrytown in September.

Terrytown and Gretna LA | Average Home Sale Price | September 2009

The bad news is that average home sale prices are down 5% from last year – and that’s really not so bad when compared to some of the other West Bank neighborhoods that have been hit hard. 

The good news is that unless you purchased your home in 2006-2008, you more than likely have built equity in it, just not at the same rate we saw in the early 2000s.

Homes that are priced right and in excellent condition continue to attract the most attention and sell faster than homes that need a little TLC.

Home Selling Tips

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

Terrytown and Gretna LA homes for sale

Home Buying Tips

Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

Questions?  Contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

177 homes for sale

• High list price $1,390,000
• Low list price $35,000
• Average list price $219,646
• Median list price $169,000

53 homes are under contract/pending sale, listed from $16,900 to $549,000

Based on the number of homes sold in August (16), there is a 11 month supply of homes for sale

Terrytown and Gretna LA | Number of Homes Sold | August 2009

Home sales in Terrytown and Gretna continue to remain steady, with 16 homes sold in August and 137 homes sold so far this year.  Good news…sales for May through August 2008 surpassed the number of homes sold in the same months last year!  The 70056 zip code is one of the rare communities experiencing this increase, so buyers would be well advised to make a decision before prices start doing the same thing.

Terrytown and Gretna LA | Average Home Sale Price | August 2009

Year to date, the average home sale price in Terrytown and Gretna is $157,692, down 6.6% from 2008 prices and almost on par with 2005 prices (our last “normal” real estate market on the West Bank).

More qualified buyers seem to be purchasing in the area, with 9 of the sales (56%) using either cash or conventional financing. 

44% of sellers are still providing help with closing costs to the buyers, with an average of $4,694 in assistance being given to purchasers who are a little short of cash to make a deal work.

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

Are you considering buying or selling a home in Terrytown or Gretna?  You might be interested in this information as well:

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Contact the West Bank Living Team for more information about New Orleans West Bank real estate.

183 homes for sale

• High list price $1,390,000
• Low list price $74,900
• Average list price $226,182
• Median list price $175,000

42 pending sales, priced from $16,900 to $549,000

Based on the number of homes sold in July (17), there is a 10.8 month supply of homes for sale in the area

Terrytown and Gretna LA 70056 | Number of Homes Sold | July 2009

Terrytown ended July with 17 homes sold, compared to 15 sold in July 2008.  Actually, the May, June and July sales were higher than the same months in 2008, which is good news for home sellers in the area.  While the numbers are down significantly from 2006 and 2007, based on the average number of sales each month this year (17.8) Terrytown can anticipate the market holding pretty steady in 2009.

Of course, this may vary from subdivision to subdivision, so it’s important to keep up with what’s selling in your own neighborhood.

Terrytown and Gretna LA 70056 | Average Home Sale Price | July 2009

Prices have jumped all over this year, bringing the year to date average home sale in zip code 70056 to $159,788, down about 5% from the 2008 average.

Some facts about July 2009 home sales in Gretna and Terrytown 70056:

• 11 of the 17 sales were financed using FHA or VA loans
• 11 of the 17 sellers provided closing cost assistance to the buyers (an average of $6,247)
• Homes sold for an average of 97% of the asking price
• Average days on market was 86
• Average price per square foot was $86.77

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

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Questions about the Gretna or Terrytown LA real estate market?  Contact the West Bank Living Team for answers.  As residents of the West Bank, it would be our pleasure to assist you with your real estate needs.

Relocating to or from the West Bank of New Orleans?  In addition to general relocation services, we specialize in assisting incoming military personnel with finding their new neighborhood or referring them to a real estate professional in their destination city.  FREE home warranties for all active duty military, whether buying or selling!

167 homes for sale

• High list price $1,590,000
• Low list price $75,900
• Average list price $247,023
• Median list price $179,900

42 pending sales, priced from $59,900 to $385,000

Based on the number of homes sold in June (18), there is a 9.3 month supply of homes for sale in the area

Terrytown and Gretna LA 70056 – Number of Homes Sold – June 2009

At the half way mark for 2009, there have been a total of 104 homes sold in Terrytown and Gretna (70056) compared to 125 at the same point last year.  This 16% decline in the number of sales continues the downward trend we have been tracking in the community for the last couple of years. 

Tightened mortgage lending guidelines, stricter appraisal rules and increased down payment requirements have all combined to make it much harder for a first time home buyer to qualify for a mortgage.  Those first time buyers have historically been the most common buyer type in the area, so this hit has definitely had an impact.

In June, almost 60% of the sales in Gretna and Terrytown were financed with FHA loans, with 67% of home sellers paying an average of more than $6,000 in closing costs for FHA buyers.

Terrytown and Gretna LA 70056 – Average Home Sale Price – June 2009

Ignoring the peaks and valleys, you’ll see that home prices in Gretna and Terrytown have remained fairly steady in 2009, ending the first half of the year at an average sales price of $156,625, down a little over 7% from the 2008 average, but down only slightly from the 2005 average (the last year that we had a pretty normal real estate market). 

Unless you are attempting to sell a home that you bought in 2006-2008, you more than likely will see a profit from your efforts.  Increase your odds of selling for the best price by paying attention to What Buyers Are Saying About Your Home.

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

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Do you have questions about the Gretna real estate market? Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to home buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

157 homes for sale

• High list price $1,590,000
• Low list price $59,900
• Average list price $249,316
• Median list price $184,999

51 pending sales, priced from $68,310 to $440,000

Average days on market for homes sold in May:  91

Based on the number of homes sold in May (23), there is a 6.8 month supply of homes for sale in the area

Terrytown and Gretna – Number of Homes Sold – May 2009

Year to date, there have been 85 homes sold in Terrytown and Gretna, down from 108 sales at the same time last year.  While the demand for homes in the area has dropped over the last couple of years, the supply of homes for sale has also diminished, resulting in an almost balanced real estate market for the 70056 zip code.

What’s Selling in Terrytown and Gretna?

• 3 and 4 bedroom homes with an average of 1,923 square feet
• Very few fixer uppers are selling – only 3 homes in Poor, Fair or Average condition were sold in May
• Approximately 1/2 of the sales are financed with FHA or VA loans
• 57% of sellers paid for a home warranty for the purchasers
• 48% of sellers paid an average of $6,407 in closing cost assistance for the purchaser

Terrytown and Gretna – Average Home Sale Price – May 2009

Year to date, the average home sale price in Terrytown and Gretna is $156,158, considerably lower than the average asking (list) price of almost $250k, while the median sales price in May (1/2 of the sales were for more, 1/2 for less) was $160,000.

The chart below shows the obvious drop off in values across the community over the last 2 years, bringing the current numbers slightly below those of 2005.  It’s important to remember though, that these results are for the entire zip code.  Your neighborhood may be performing better or worse than the average.  Get this week’s market snapshot for your neighborhood.

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

Related Reading:

Terrytown and Gretna homes for sale

Terrytown/Gretna market reports

Do you have questions about the local real estate market?  Are you considering buying or selling a home? The West Bank Living Team provides local, professional real estate services to buyers and sellers on the West Bank of New Orleans and military personnel relocating to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.