Westwego, Avondale and Bridge City LA 70094 | 2009 Real Estate Year in Review

Current real estate activity in zip code 70094:

140 homes are for sale in Avondale, Bridge City and Westwego, LA

High list price $330,000

• Low list price $28,900
• Average list price $129,138
• Median list price $119,000

17 homes are under contract or pending sale, priced from $20,000 to $136,900

Based on the number of December sales (20), there is a 7 month supply of homes for sale in the area

 

Westwego, Avondale and Bridge City | Number of Homes Sold | December 2009

Home sales in the 70094 zip code have been on the rise since August 2009, and ended the year at 152, just 8 sales shy of matching the 2008 sales.  Even though we are not at the numbers recorded in previous years, based on the number of sales and the average sale prices, the areas of Westwego, Avondale and Bridge City are all showing signs of a stabilizing real estate market.

While sales seem to be balancing out, it is taking longer to sell homes all over the West Bank, with the average days on market climbing over 58% to 84 days.

• The longest 2009 home sale in the 70094 zip code was in 440 days
• The shortest 2009 home sale in the 70094 zip code was in 1 day

Westwego, Avondale and Bridge City | Average Home Sale Price | December 2009

Prices in the area dropped slightly from 2008 to 2009, but by a negligible amount and are almost even with the pre-Katrina market.  If you have been in your home for more than 5 years, you more than likely have experienced an increase in the value and equity in your home.

• The most expensive home sold in the 70094 zip code was a 4 bedroom, 4.5 bath home on Barbe Drive that sold for $275,000 in September, 2009.
• The least expensive home sold in the 70094 zip code was a 3 bedroom, 2 bath home in Bridge City in poor condition that sold for $10,500 in January, 2009.

As in most areas on the West Bank, FHA is the financing choice of the majority of buyers.  35% of home sellers in the Westwego area provided closing cost assistance to the purchasers of their homes in 2009.  Sellers, be sure that your agent is providing all of the details about comparable sales in your neighborhood. 

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

 

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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!

Westwego, Avondale and Bridge City LA 70094 | November 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Westwego, Avondale and Bridge City:

138 homes are for sale

• High list price $330,000
• Low list price $30,900
• Average list price $132,320
• Median list price $119,350

24 homes are under contract or pending sale, priced from $20,000 to $136,900

Based on the number of homes sold in November (15), there is a 9.2 month supply of homes for sale in the area

Westwego, Avondale and Bridge City | Number of Homes Sold | November 2009

Westwego hit a high for the year, with 15 homes sold in November, bringing the year to date total to 132 home sales in the 70094 zip code (compared to 149 at the same time last year).

FHA remains the most popular financing option chosen by home buyers in Westwego, Avondale and Bridge City.  Because it is among the most affordable housing on the West Bank of New Orleans, the area attracts many first time home buyers – and lots of them were scrambling to close by the end of November to qualify for the first time buyer tax credit.  Now that the credit has been extended and expanded into 2010, I would expect to see continued interest in the community from this segment of buyers.

Westwego, Avondale and Bridge City | Average Home Sale Prices | November 2009

Prices in the Westwego area have dipped and spiked from month to month, mostly depending on whether the majority of the buyers were potential home owners or real estate investors, and whether the sellers were owners or banks.

Year to date, the average home sale price of $97,013 is within dollars of the 2008 average and inching closer to the pre-Katrina prices of 2005.  Neighborhood to neighborhood, this average changes, so find out what’s going on in your neighborhood with a free market snapshot.

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

Westwego, Avondale and Bridge City homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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Whether you are buying or selling a home on the West Bank, contact the West Bank Living Team.  Dedicated buyer and seller agents are ready to assist you with any of your real estate needs – and have a little fun while doing it!

Westwego, Avondale and Bridge City LA 70094 | October 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Westwego, Avondale and Bridge City LA:

139 homes are for sale

• High list price $339,000
• Low list price $37,900
• Average list price $134,279
• Median list price $119,200

33 homes are under contract or pending sale, priced from $20,000 to $187,900

Based on the number of homes sold in October (13), there is a 10.7 month supply of homes for sale in the 70094 zip code (still a buyer’s market)

Westwego, Avondale and Bridge City LA 70094 | Number of Homes Sold | October 2009

Despite a slight dip in August, the number of homes sold in Westwego, Avondale and Bridge City has remained steady from month to month in 2009, with an average of 11.7 homes sold per month and 117 homes sold year to date.  This is a decrease of 18% from the number of sales at the same time last year and a continuation of the year over year drop in sales from 2006 forward.

Given that homes in the 70094 are some of the most affordable on the West Bank, it will be interesting to see if the extension and expansion of the home buyer tax credit has an impact of sales through the end of the year.

 

Westwego, Avondale and Bridge City LA 70094 | Average Home Sale Price | October 2009

Unlike the number of sales, average prices in the 70094 zip code have jumped around from month to month, ending October at $88,615.  The year to date average home sale price of $95,462 is a decrease of less than 2% from the 2008 average and less than $5,000 below the 2005 average price.

Like most of the New Orleans West Bank, if you purchased your Westwego home before 2005 you should still have built some equity.  Each neighborhood is different, though, so 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 Information:

Westwego, Avondale and Bridge City LA homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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Are you considering buying or selling a home?  Please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your New Orleans West Bank real estate needs.

Westwego, Avondale and Bridge City LA 70094 | September 2009 Home Sales and Real Estate Market Reports

Current real estate activity in the 70094 zip code:

129 homes for sale

• High list price $369,000
• Low list price $35,000
• Average list price $133,781
• Median list price $118,000

39 homes are under contract or pending sale, with an average list price of $103,667

Based on the number of homes sold in September (12), there is a 10.75 month supply of homes for sale in the community

Westwego Avondale Bridge City | Number of Homes Sold | September 2009

Westwego, Avondale and Bridge City ended September with a total of 104 homes sold in 2009, compared to 130 at the same time last year (a 20% decrease in the number of sales).  In my opinion, part of the reduction in sales can be attributed to the condition of properties in the area. 

Almost 50% of the sales were of homes that were in Poor, Fair or Average condition and were more likely to appeal to an investor or a do-it-yourselfer looking for a home they could put a little sweat equity into.  Typically, these homes may not qualify for FHA financing unless the purchaser is willing to use an FHA 203(k) and pay a higher rate to be able to finance repairs into their mortgage.

Westwego Avondale Bridge City | Average Home Sale Prices | September 2009

Values in the 70094 zip code are holding steady, with a less than $1,000 difference between the 2008 and 2009 average sale prices.  As more homes are rehabbed, I would anticipate a slow increase in values due to improved conditions of the properties themselves.

FHA remains the financing option of choice for the majority of home buyers in Westwego, Avondale and Bridge City.  However, the large number of cash purchases indicates a fairly high level of investor activity in the community as well.  Since this has always been one of the most reasonably priced real estate markets on the West Bank, it’s not surprising to find that people are snapping up the lower price range in an attempt to either rehab and rent or flip the properties. 

Year to date, there have been 43 sales of homes for less than $75,000 in the area, making up 41% of all sales.

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

Related Reading

Find Westwego and Avondale homes for sale
Westwego, Avondale & Bridge City Market Reports

Home Buying Tips
Home Selling Tips

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

Do you have questions about the West Bank real estate market?  Feel free to contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

Westwego, Avondale and Bridge City LA 70094 | August 2009 Home Sales and Real Estate Market Reports

Current real estate activity in Westwego, Avondale, Bridge City and Waggaman LA:

136 homes are for sale in the 70094 zip code

• High list price $400,000
• Low list price $34,900
• Average list price $134,259
• Median list price $119,100

34 homes are under contract or pending sale, priced from $20,000 to $181,500

Based on the number of homes sold in August (8), there is a 17 month supply of homes for sale in the area

Westwego, Avondale, Bridge City | Number of Homes Sold | August 2009

Home sales in the 70094 zip code dropped from 14 in July to 8 in August, bringing the year to date number of homes sold in the area to 92, compared to 116 at the same time last year.  This is a decrease of almost 21% in the number of homes being sold in the area.  Much of this can be attributed to the large number of first time home buyers that are that largest pool of purchasers in the community and how tightened credit restrictions have limited their ability to purchase.  Read Home Buying Tips

Westwego, Avondale, Bridge City | Average Home Sale Price | August 2009

The year to date average home sale price is now at $94,535, a 2.6% decrease from the 2008 average.  Considering that many other communities on the West Bank have suffered from much larger declines in housing prices, this is pretty good.  Coupled with the decline in the number of qualified buyers, home sellers need to continue to price their homes aggressively and make sure that they are in tip top shape before hitting the market.  Read Home Selling Tips

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

Are you considering buying or selling a home in Westwego, Avondale, Bridge City or Waggaman?  Put our experience to work for you by contacting the West Bank Living team today. It would be our pleasure to assist you with any of your real estate needs.

Westwego, Avondale and Bridge City homes for sale
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Westwego, Avondale & Bridge City Market Reports
West Bank real estate market reports

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

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