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

Related Articles:

Home buying tips
Home selling tips
Find Marrero LA homes for sale
West Bank Real Estate Market Statistics

257 single family homes are for sale

• High list price $2,450,000
• Low list price $24,500
• Average list price $167,294
• Median list price $140,000

48 homes are under contract or pending sale, priced from $16,900 to $273,000

Based on the number of homes sold in January (10), there is a 25.7 month supply of homes for sale in Marrero (over 2 years)

Marrero LA 70072 | Number of Single Family Home Sales | January 2010

What the heck happened?  Marrero started out the year with 10 homes sold in January, compared to 31 in January 2009, resulting in the lowest number of monthly home sales in the 70072 zip code in over 5 years.  With 48 pending sales, I can only assume that the holidays have stretched out some closing times.  We will continue to keep a close eye on this trend over the next couple of months to see if it balances out or if it’s a sign of a significant change in the Marrero real estate market.

Days on market for sold homes dropped to 51, and days on market for active listings is now at 115.

Marrero LA 70072 | Average Single Family Home Prices | January 2010

While the number of sales may be down substantially, the average sale price is holding steady at just over $139,000.  The first time home buyer tax credit has definitely resulted in increased sales in lower price ranges that are most affordable for first time buyers, keeping the average prices down.

More details about January homes sales in Marrero

• 40% of the sales were bank owned or foreclosure properties
• 50% of sellers provided some type of closing cost assistance to the buyers
• 20% of sellers paid for a home warranty for the buyers

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

Related Articles:

Home buying tips
Home selling tips

Find Marrero LA homes for sale

West Bank Real Estate Market Statistics

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:

Home buying tips
Home selling tips

West Bank Market Statistics

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

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.

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

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.

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

Home Selling Tips
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.

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!

254 homes for sale

• High list price $1,600,000
• Low list price $24,990
• Average list price $169,643
• Median list price $134,000

56 pending sales, priced from $16,900 to $500,000

Based on the number of homes sold in July (27) there is a 9.4 month supply of homes for sale in Marrero

Marrero LA 70072 | Number of Homes Sold | July 2009

27 homes were sold in Marrero LA in July 2009, compared to 36 in July 2008.  Year to date there have been 205 homes sold – an average of 29.3 homes per month.  If this average continues, we can expect to see about 351 sales by the end of the year.

Marrero LA 70072 | Average Home Sale Price | July 2009

The July average home sale price in Marrero was $153,690, bringing the year to date average home sale price to $139,203 (down 10.6% from 2008) and almost on par with the 2005 average price.

Some facts about Marrero home sales in July 2009:

• 17 of the 26 homes sold were financed with FHA or VA loans
• 50% of home sellers provided closing cost assistance to the buyers.  Marrero is seeing some of the highest amounts of assistance, with an average of $6,670 provided by the seller to the purchasers.
• Homes sold for an average of 97% of the asking price
• Average days on market was 69
• Average price per square foot was $95.42

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

Related Reading:
More Marrero Real Estate Market Updates
Home Buying Tips
Home Selling Tips

Find a Home:
Marrero homes for sale
New Orleans West Bank Homes for Sale
What’s selling in your West Bank neighborhood?

Questions about the Marrero 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!

234 homes for sale

• High list price $1,600,000
• Low list price $24,990
• Average list price $176,215
• Median list price $149,700

61 pending sales, priced from $16,900 to $500,000

Based on the number of homes sold in June (22), there is a 10.6 month supply of homes for sale in the area

Marrero LA 70072 – Number of Homes Sold – June 2009

Marrero ended June with 22 closed sales, bringing the year to date number of homes sold to 176 (compared to 204 at the same time last year).  Like most other areas on the West Bank, financing continues to impact the number of homes sold since it is harder for buyers to qualify for loans.  Although the $8,000 first time home buyer tax credit is pulling some people into the market, it’s enough to reduce the inventory down to a balanced supply and demand.

Many buyers still require some assistance from sellers with their closing costs, as evidenced by the fact that 12 of the 22 sellers in June provided an average of $5,341 in closing costs to the purchaser.  If you are considering selling your Marrero home, be sure your agent provides you with adjusted comparables that take into account the fact that so many sellers are giving money back to the purchaser at the closing table.

Marrero LA 70072 – Average Home Sale Price  – June 2009

As the number of qualified buyers has been reduced, we are seeing the average sale prices drop as well.  Marrero’s average home sale price for 2009 is $136,130, down over 12% from the 2008 average and below the 2005 average sale price.

However, the 2004 average price was only $118,114 – if you bought your home before 2005, have kept up on the maintenance and didn’t refinance to pull all of the equity out of it, you should not have to worry about losing money on your sale.

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

Related Reading:
First Time Home Buyer’s Tax Credit
Home Buying Tips
Home Selling Tips
Find out what’s going on in your West Bank neighborhood with this week’s free market snapshot.

Find a Home:
Marrero homes for sale
West Bank Homes for Sale

215 homes for sale

• High list price $1,600,000
• Low list price $26,000
• Average list price $179,276
• Median list price $150,000

There are 67 pending sales, priced from $16,900 to $500,000

Based on the number of homes sold in May (24), there is a 8.96 month supply of homes for sale in Marrero

Marrero LA – Number of Homes Sold – May 2009

Year to date, Marrero has recorded 152 home sales, compared to 175 sold at the same time last year.  The chart below shows the year to year drop in sales throughout the zip code, which is about what is happening in most areas of the West Bank.

What sold in Marrero?

• 10 homes in EXCELLENT condition sold for an average of $178,900
• 4 homes in VERY GOOD condition sold for an average of $171,875
• 4 homes in AVERAGE condition sold for an average of $77,375
• 3 homes in FAIR condition sold for an average of $85,666**
• 3 homes in POOR condition sold for an average of $32,000

**One of the homes listed as in fair condition appears to be an agent input error.  If that sale is not accounted for, the average sale price of homes in fair condition was $44,500

Marrero LA – Average Home Sale Price – May 2009

Year to date, the average home in Marrero is selling for $136,013, down almost 13% from the 2008 average sale and lower than 2005 sale prices.  As the number of sales has fallen each year, the prices have followed suit, which is supply and demand 101. 

Who is buying in Marrero?

• 14 of the 24 sales in May were to buyers using FHA or VA financing
• 21% of the buyers received an average of $4,130 in closing cost assistance from the seller
• 42% of the buyers received a home warranty plan

Remember that all of these averages are for the entire zip code and your subdivision may be performing differently.  Find out what’s going on in your neighborhood with this week’s free market snapshot.

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

Related Reading:

• 4 Things to Expect From Your Agent When Selling Your West Bank Home
• Getting Your Home Sold in This Market – 10 Steps to Success According to Professional Home Stagers
• First Time Home Buyer’s Tax Credit

Find a Home:

Marrero homes for sale

West Bank Homes for Sale

Do you have questions about the Marrero 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.