Marrero LA 70072 | 2009 Real Estate Year in Review

Current real estate activity in Marrero LA:

There are 240 homes for sale in Marrero

• High list price $1,600,000
• Low list price $24,500
• Average list price $169,351
• Median list price $144,900

29 homes are under contract or pending sale, priced from $16,900 to $269,500

Based on the number of December sales (28), there is a 8.6 month supply of homes for sale

Marrero LA 70072 | Number of Homes Sold | December 2009

As hard as we tried, Marrero fell just short of maintaining the number of homes sold in 2008, dropping to 359 in 2009 and missing the mark by only 11 sales.  This is actually pretty good news, because it shows some stabilization in the demand for homes in the area while some other areas of the West Bank are continuing to decline.

How long is it taking homes to sell in Marrero?

The average amount of time a Marrero home stays on the market has been climbing year over year, but dropped just a wee bit in 2009, ending the year at 84 days.  Remember, this is just an average.

• The home on the market the longest time in 2009 was 587 days
• The home on the market the shortest time in 2009 was 1 day

Marrero LA 70072 | Average Home Sale Price | December 2009

Marrero is one the few neighborhoods that has remained fairly consistent month to month in home sale prices.  2009 ended with an average of $139,586, down 10.4% from 2008 and almost back to pre-Katrina values.

• The most expensive home sold in the 70072 zip code in 2009 was a plantation style home on 6 acres in Crown Point that sold for $700,000
• The least expensive home sold in the 70072 zip code in 2009 was a 3 bedroom, 2 bath townhome in poor condition in Lincolnshire that sold for $20,000
• FHA remains the most popular financing choice in West Bank real estate, with 54% of Marrero home buyers opting to purchase their home this way, with conventional loans trailing way behind.
• 40% of Marrero home sellers provided some type of closing cost assistance to the purchasers of their homes.  This type of information is crucial for home sellers to know because it directly effects the amount a buyer is willing to pay for your home.  Ask your agent for details about seller assistance or find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

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

Related Articles:

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West Bank Market Statistics

 

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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!

Marrero LA 70072 | November 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Marrero LA

240 homes are for sale in Marrero

• High list price $2,500,000
• Low list price $24,500
• Average list price $179,274
• Median list price $144,950

33 homes are under contract or pending sale, priced from $16,900 to $310,500

Based on the number of sales in November (32), there is a 7.5 month supply of homes for sale in Marrero

Marrero LA | Number of Homes Sold | November 2009

The 32 homes sold in November brings the year to date number of sales in Marrero to 331, down 4.9% from the same time last year.

FHA remains the king of financing in Marrero real estate, with more than half of home buyers using this loan program that allows for lower down payments and credit scores. 

Sellers should be aware that there are some recommended changes to the FHA program for 2010 that may make it harder for buyers to qualify, reducing the number of potential buyers for their properties.  Now is the time to make sure that you are priced right to compete with the other homes for sale in your neighborhood.

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

Marrero LA | Average Home Sale Prices | November 2009

Home prices in Marrero have been drifting slightly downward for the last few months, ending November with a year to date average of $138,562, down 11.04% from the 2008 average.  The extension of the first time home buyers tax credit into 2010 may help to keep sales steady, but will probably do little to impact prices with over 200 homes to choose from in the area.

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

Marrero LA Homes for Sale
New Orleans West Bank Homes for Sale

Home buying tips
Home selling tips

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Buying or selling a home in Marrero LA?  Contact the West Bank Living Team.  We have dedicated buyer and seller agents that would be pleased to assist you with any of your New Orleans West Bank real estate needs.

Marrero LA 70072 | October 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Marrero LA:

251 homes for sale in Marrero

• High list price $2,500,000
• Low list price $29,900
• Average list price $185,954
• Median list price $149,000

46 homes are under contract or pending sale, priced from $16,900 to $306,750

Based on the number of homes sold in October (34), there is a 7.38 month supply of homes for sale in the area

Marrero LA 70072 | Number of Homes Sold | October 2009

The number of homes sold in Marrero in October was 34, with a total 300 sold year to date.  This is a decrease of 7.4% from the number of sales recorded at this same time last year.

The good news is that sales from month to month are holding steady at an average of 30 homes per month, so while the number of sales is down from years past, there does not seem to be a great deal of volatility in the market.  Each neighborhood is performing differently, so find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

Marrero LA 70072 | Average Home Sale Price | October 2009

Home prices in Marrero have been up and down this year, with an average of $139,935, a decrease of over 10% from the 2008 average. 

The bad news is that prices have continued to drop. 

The good news is that unless you purchased your home in 2006-2008, you more than likely are at least at a break even point.  More and more, we are hearing from sellers who purchased at the peak that want to sell their homes.  Unfortunately, many of them owe more than they can get in today’s market.  If this is your situation, our advice is to stay put.  Real estate is cyclical and while we may be on a downswing right now, there is sure to be an upswing in the future.

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

You may also be interested in:

Marrero LA Homes for Sale
New Orleans West Bank Homes for Sale

Home Buying Tips
Home Selling Tips

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

Marrero LA 70072 | September 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Marrero LA 70072:

254 homes are for sale in Marrero

• High list price $2,500,000
• Low list price $24,900
• Average list price $186,682
• Median list price $149,900

56 homes are under contract or pending sale, with an average list price of $136,680

Based on the number of homes sold in September (24), there is a 10.6 month supply of homes for sale

Marrero LA 70072 | Number of Homes Sold | September 2009

Year to date, there have been 266 homes sold in Marrero, compared to 286 at the same time in 2008.  This 7% decrease in the number of home sales is typical of the current West Bank real estate market, which has seen sales slide across the area since the high point of 2006.

FHA remains the financing option chosen by the majority of home buyers in Marrero.  Why is this important?  Because 62% of the FHA buyers in September also required an average of $5,557 in assistance from the seller with their closing costs and prepaids (insurance, lender fees, etc.).  When selling your home, you need to know what concessions other sellers are making in order to successfully sell their properties.

 

Marrero LA 70072 | Average Home Sale Price | September 2009

Average sale prices in Marrero are down 9.5% from the 2008 average, but are running just a hair above the 2005 average.  Unless you purchased your home post-Katrina, you more than likely have built at least a little equity in it.  Of course, this varies from neighborhood to neighborhood, with some performing better than others.  Find out what’s going on in your neighborhood with this week’s free market snapshot

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

Related Reading:

Search Marrero LA homes for sale
More Marrero Real Estate Market Updates

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Home Buying Tips

Do you have questions about the Marrero real estate market?  Contact the West Bank Living Team today for professional real estate services and advice.  It would be our pleasure to assist you.

Marrero LA 70072 | August 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Marrero LA:

254 homes for sale

• High list price $1,600,000
• Low list price $24,990
• Average list price $173,078
• Median list price $149,250

61 homes are under contract/pending sale, priced from $16,900 to $500,000

Based on the number of homes sold in August (32), there is a 7.9 month supply of homes for sale in Marrero

Marrero LA 70072 | Number of Homes Sold | August 2009

The number of homes sold in Marrero has been creeping up for the last couple of months, ending August with 32 sales and bringing the year to date total to 237 houses successfully sold (a decrease of approximately 7.8% from the same time period in 2008). 

The popularity of the first time home buyers tax credit coupled with bond money available in Jefferson Parish has helped push some buyers to make a decision before both of these sources run out.  As of Friday, 9/25/09, all bond money funds have been allocated and we will have to wait for the state or parish to fund another issue.  Whenever bond money runs out, we begin to see an increase in the number of home buyers asking the seller for assistance with closing costs and prepaid items such as title insurance, hazard insurance, discount points and origination fees – especially those using FHA or VA as their financing.

 

Marrero LA 70072 | Average Home Sale Price | August 2009

As of August 2009, the year to date average home sale price in Marrero was $139,532 (down 10.4% from the 2008 average price).  Nearly 60% of buyers utilized either FHA or VA financing and 40% of those buyers received an average of $5,598 in closing costs assistance from the seller.  Read Keep Your Eye on the Bottom Line for more information about providing seller assistance to buyers.

 

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

Are you interested in buying or selling a home in Marrero LA? Here is some more useful information for you:

Marrero LA homes for sale
More Marrero Real Estate Market Updates

Home Buying Tips
Home Selling Tips

For assistance with any of your real estate needs, please contact the West Bank Living Team.  We live, work and play on the West Bank of New Orleans and would be happy to help!

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