Current real estate activity in Marrero LA
- 236 single family homes are for sale, priced from $19,900 to $2,150,000
- The average home for sale has 3 bedrooms, 2 baths, 1708 square feet and is listed for $161,703
- 66 homes are under contract, priced from $22,500 to $425,000
- The average time on market for active listings is 149 days
Homes sold in Marrero LA
After 3 years of steady declines in the number of homes being sold, Marrero ended 2011 with 357 sales – up 12% from 2010. Spring was slower than 2010, but sales began to pick up in late summer and continue strong through the end of the year.
What did people buy? 43% of the homes sold were distressed properties – either foreclosures or short sales. This is a common theme across the West Bank, with investors and buyers grabbing what they perceive as the best deals to be had.
See all homes for sale in Marrero LA
Home prices in Marrero LA
While the number of sales increased, which is good news, the average sale prices continued to drop, ending 2011 down by 5% from 2010. The bulk of home sales were under $140,000, with the $120,000-$140,000 price range the most active.
Much of the drop in average sales prices can be attributed to the large number of foreclosure sales, since they typically sell for less than market value because banks don’t want to keep them on their books and be responsible for the maintenance and taxes. Condition also is a factor. When foreclosures are in need of repairs or updates, banks will discount them significantly to sell them quickly. This puts downward pressure on average prices in a community.
In 2011, the average foreclosure sold for $81,222. The average owner occupied resale sold for $149,898. With a gap like that, it’s easy to see how a large number of foreclosures in a particular neighborhood could bring down all of the prices in the area.
What’s your Marrero home worth?
More about Marrero real estate
- The average days on market for homes sold in 2011 was 87, down from 94 in 2010
- 30% of sellers provided a home warranty, down from 38% in 2010
- 34% of sellers provided assistance with buyer closing costs, down from 44% in 2010
- FHA loans continue to be the most popular form of financing (38% of sales), followed by Cash (33%), Conventional loans (21%), VA loans (5%) and other mortgages (4%)
Listing prices vs Selling prices
Obviously, the best chance a seller has of getting the highest possible price is during the first 30 days on the market. After that initial marketing time, the sales price (as a percentage of the list price) drops off. While the percentages fluctuate, they are never as high as when a home is priced right and sold quickly.
All of these reports can be customized for your neighborhood. If you would like us to prepare one for you, just drop us a line or call 504-327-5303.
All data provided by GSREIN and is deemed reliable, but not guaranteed
