262 single family homes are for sale

• High list price $2,300,000
• Low list price $24,500
• Average list price $160,231
• Median list price $139,000
• 31 are bank owned or foreclosure listings

75 homes are under contract or pending sale, priced from $16,900 to $349,000 (19 pending foreclosure sales)

Based on the number of homes sold in March (33), there is a 7.9 month supply of homes for sale in Marrero

Marrero LA 70072 | Number of Homes Sold | March 2010

Year to date, there have been 58 single family home sales in Marrero, compared to 95 at the same time last year.  This represents a 39% decrease in the number of homes sold in the first quarter of 2010 vs the first quarter of 2009.  The good news is that with 75 homes pending sale, we can anticipate a big jump in this number in the next month or two as those last minute first time home buyers get their closings lined up before the expiration of the tax credit.

Days on market is remaining steady at 87 days. The average active listing has been on the market for 114 days, while the average under contract listing has been on the market for 109 days.  Given that, I anticipate days on market to increase later this year, especially after the spring/summer selling season ends.  While there may not seem to be much of a difference between 87 days and 114 days, that represents an extra 27 days of marketing – the equivalent of making another mortgage payment.

Marrero LA 70072 | Average Home Sale Prices | March 2010

As of the end of March, the average home in Marrero sold for $129,300, down over $10,000 from the 2009 average. Foreclosures continue to have an impact on the Marrero market, holding the average price down. When selling your Marrero home, It’s important to know if there are any foreclosures or concessions being offered by competing listings in your neighborhood that would impact your pricing.  Ask your West Bank REALTOR for the details on any listings or sales being used to price your home.

The chart below shows how dramatically different the foreclosure market is from the normal market:

Get this week’s free Marrero home value report

More about March 2010 home sales in Marrero:

• 33% of the homes sold in March were bank owned or foreclosure properties
• 36% of sellers paid for a home warranty to the buyers
• 55% of sellers provided some type of closing cost assistance to the purchasers
• FHA remains the most popular financing choice of buyers in the area

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

Related Articles:

• Home buying tips
• Home selling tips
• Marrero 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

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:

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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
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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.

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.