182 homes are currently listed for sale in Terrytown and Gretna

• High list price $773,900
• Low list price $45,000
• Average list price $203,559
• Median list price $169,950

38 homes are under contract/pending sale, priced from $35,500 to $329,000

Based on the number of July sales (20), there is a 9.1 month supply of homes for sale in Terrytown and Gretna

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

Year to date, there have been 141 homes sold in the 70056 zip code, compared to 122 at the same time in 2009 – an increase of 15.6% in the number of homes being sold in the community.  While no where near the high of 2006, it does appear that there is a steady demand for housing in the area.

Terrytown and Gretna LA 70056 | Average Home Prices | July 2010

The average home in Terrytown and Gretna is selling for $158,109, almost even with the 2009 average.  Judging by the numbers below, the roller coaster prices of 2006-2008 have evened out and we are now settling back to around the same home values we saw in 2005.  This is good news for anyone who has been in their home for at least 5 years, not so good for those who bought a home during the peak.

Get your free report of home listings and sales in Terrytown

It remains to be seen how the recent announcement of the closure of Avondale will impact the West Bank real estate market, but the loss of almost 5,000 jobs is sure to bring some changes if those folks are forced to relocate for to find employment.

More about July 2010 home sales in Terrytown and Gretna:

• 30% of homes sold were bank owned/foreclosures
• 40% of sellers provided a home warranty for the buyers
• 50% of sellers paid a portion of the purchaser closing costs
• 5% of homes sold were short sales

176 homes are for sale in Terrytown and Gretna

• High list price $773,900
• Low list price $50,000
• Average list price $203,716
• Median list price $169,950

38 homes are under contract or pending sale, priced from $67,900 to $599,000

Based on the number of sales in June (18), there is a 9.8 month supply of homes for sale in Terrytown and Gretna

It’s time for the mid-year review of home sales on the West Bank of New Orleans, so let’s take a look at the Terrytown and Gretna real estate market by price ranges.

DOM = Days on Market

Terrytown and Gretna have experienced a 14% increase in the number of single family homes sold in the first half of 2010 compared to the first half of 2009.  Overall, that’s good news.  But, home sellers in the over $160,000 price range should be cautious about their pricing, since sales have fallen off in almost every bracket above that range.  With 21 homes priced over $300,000 and only 4 sales in that range this year, some higher end home sellers are going to be in for an extended marketing time.

More about June 2010 home sales in Terrytown and Gretna LA

• 17% of homes sold in June were bank owned/foreclosure properties
• 33% of sellers provided a home warranty for the buyers
• 39% of sellers paid some type of closing cost assistance for the purchasers
• FHA continues to get the lion’s share of mortgages, making up 51% of the market in 2010

For more information about buying or selling a home in Terrytown or Gretna, please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

161 homes are currently for sale

• High list price $775,900
• Low list price $50,000
• Average list price $208,245
• Median list price $173,000

43 homes are under contract or pending sale, priced from $79,900 to $329,000

Based on the number of May sales, there is a 6.2 month supply of homes for sale in Terrytown and Gretna

Terrytown and Gretna LA | Number of Single Family Homes Sold | May 2010

The number of homes sold in Terrytown rose again in May, bringing the year to date number of homes sold to 102, compared to 87 at the same time last year.  This 17% increase in the number of homes sold may be attributable to the first time home buyer tax credit which required purchasers to be under contract by April 30th and closed by June 30th.  It will be July before we see if that is what is causing the increase in sales or if it is truly a change in the West Bank real estate market performance.

Run your own report of home values in your Terrytown neighborhood

Days on market has dropped to an average of 71 as of May 2010.  Interestingly, the average active listing has already been on the market for 140 days, an indicator that the listings are either priced too high for their condition or are in the higher end price ranges that are selling more slowly.

Terrytown and Gretna LA | Average Single Family Home Prices | May 2010

While the number of sales has climbed month over month in 2010, the average price of a single family home in Terrytown and Gretna has continued to drop, ending May at $151,565.  Part of this drop can be attributed to the sale of foreclosure properties.

• 2010 average sale price of non-foreclosure sales: $172,411
• 2010 average sale price of bank owned or foreclosure homes: $99,450

More about May 2010 home sales in Terrytown:

• 4% (1) of sales were short sales
• 23% (6) of sales were foreclosures
• 46% (12) of sellers paid for a home warranty for the buyers
• 58% (15) of sellers provided some type of closing cost assistance to the purchasers
• The majority of home buyers in the area are choosing FHA as their financing option

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

157 homes are currently listed for sale

• High list price $850,000
• Low list price $24,900
• Average list price $211,790
• Median list price $173,500

61 homes are pending sale or under contract, priced from $32,400 to $329,000

Based on the number April sales (23), there is a 6.8 month supply of homes for sale in Terrytown and Gretna

Terrytown/Gretna LA | Number of Single Family Home Sales | April 2010

Home sales in Terrytown and Gretna continue to climb each month, ending April with a total of 74 homes sold year to date.  At the same time in 2009, there were 63 home sales, so this is an increase of 17% in the number of homes sold in the 70056 zip code.  With 61 homes under contract, I expect that number to continue to climb in May as the first buyers taking advantage of the tax credit get to the closing table.

Days on market has dropped fairly significantly from 2009 to 2010, ending April at an average of 74 days. However, the average active listing has already been on the market for 135 days, so look for an increase in this number as the year goes on.

Terrytown/Gretna LA | Average Single Family Home Prices | April 2010

While the number of sales has been increasing, the average prices that buyers are paying dropped again in April. It’s not all bad news for home sellers though, because year to date prices are just a smidge above the 2009 average and holding steady above the 2005 averages.  Considering the losses that owners are taking in some other areas of the country, this is a pretty stable market.

More about April home sales in Terrytown and Gretna

• 17% of April sales were of bank owned or foreclosure properties
• 22% of home sellers provided closing cost assistance to the purchasers
• 39% of home sellers provided a home warranty to the buyers
• FHA continues to be the loan of choice for the majority of home buyers, with cash running second.  The majority of the cash sales were of bank owned properties or those that were in poor condition, making them appealing to investors

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

Related Articles:

• Home buying tips
• Home selling tips
• Terrytown and Gretna Homes for Sale
• West Bank Real Estate Market Statistics

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

168 single family homes are for sale

• High list price $895,000
• Low list price $24,900
• Average list price $211,184
• Median list price $164,950

51 homes are under contract or pending sale, priced from $55,000 to $385,000

Based on the number of sales in March (18), there is a 9.3 month supply of homes for sale in Terrytown and Gretna

Gretna and Terrytown LA 70056 | Number of Home Sales | March 2010

Year to date, there have been 51 single family home sales in the 70056 zip code, compared to 49 at the same time last year.  Inventory (the number of homes listed) is remaining stable, while pending sales have taken a jump.  If I had to guess, I would say that the increase in activity is due to (1) the normal increase in sales in the spring and (2) the pending expiration of the first time home buyer’s tax credit.  We’ll know this for sure over the next couple of months as we continue to track the sales in the Gretna and Terrytown communities.

Days on market has dropped to 81 for homes sold in 2010.  What is interesting is that the average active listing has been on the market for 147 days, while the average home under contract has been on the market for 69 days.  This should be an indicator to some sellers that a price adjustment may be in order to capture the buyers that are searching for a new home.  The potential for increases in interest rates can have the effect of depressing prices further since it reduces the amount that purchasers are qualified to borrow.  Because we’ve seen rates begin to creep up ever so slightly recently, being priced well is critical.

Get this week’s free Terrytown LA home value report

Gretna and Terrytown LA 70056 | Average Home Sale Prices | March 2010

Home prices in Terrytown and Gretna are averaging $162,983 so far this year, a 2.6% increase over the 2009 average. A quick glance at the pending sales tells me that we should expect that average to remain pretty stable when April sales are added.

More about March 2010 home sales in Gretna and Terrytown:

• 22% (4) of the sales were bank owned or foreclosure properties
• 39% (7) of sellers paid some type of closing cost assistance to the buyers
• 56% (10) of sellers paid for a home warranty for the purchasers
• FHA remains the most popular loan choice of buyers, so sellers should be sure that their home will meet the criteria for this loan type

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

Related Articles:

• Home buying tips
• Home selling tips
• Terrytown and Gretna Homes for Sale
• West Bank Real Estate Market Statistics

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!

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

Related Articles:

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Homes for sale in Terrytown and Gretna LA
West Bank Real Estate Market Statistics

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

Related Articles:

Home buying tips
Home selling tips

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
Home selling tips

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

You might also be interested in:
Terrytown and Gretna homes for sale
New Orleans West Bank Homes for Sale

Home Buying Tips
Home Selling Tips

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.