Homes Sales on the West Bank of New Orleans
We are taking a quick glance at home sales so far this year in each of the West Bank zip codes and the news is a mixed bag.
When comparing January and February sales from 2011 to 2012, the number of homes being transferred each month dropped in Algiers, Gretna and Marrero. Unincorporated Gretna (including Terrytown) and Harvey both had healthy increases in activity.
Foreclosure sales have decreased in Algiers and Belle Chasse, while increasing in the rest of the West Bank communities. This doesn’t mean that the number of actual foreclosures are up or down, rather it’s the number of foreclosures that buyers are choosing to purchase in these areas. Anytime a neighborhood sees an increase in the number of foreclosures being sold, it has a negative impact on average home prices.
Home Prices on the West Bank of New Orleans
Despite substantial increases in sales prices in Belle Chasse and the 70131 portion of Algiers, the remainder of the West Bank saw a decline in average prices. Remember what I said above about foreclosures and average prices.
When we compare the prices of foreclosure sales vs non-foreclosure sales, it becomes apparent why average home prices have dropped in most areas. As long as we see a steady stream of bank owned properties selling, average prices will continue to be depressed.
I believe this is an artificial depression of values unless the majority of the homes in a neighborhood are foreclosures, so getting up to date sales of real comparable properties is more important than ever for home sellers on the West Bank. If you’ve been on the market for more than 90 days, it’s time to get a neighborhood update from your REALTOR® to ensure your pricing is still accurate.
For detailed information on sales in your West Bank neighborhood, get your free market snapshot here.
If you would prefer a custom analysis of your home, please call us at 504-327-5303.