The numbers are in for 2012 home sales on the West Bank of New Orleans. What communities did the best? The worst?
Let’s look at a breakdown by zip code:
- The number of homes sold is down .94% from 2011
- Average sale price is up 12.49%
- Foreclosures accounted for 52% of sales, down from 55% in 2011
- The number of homes sold is down 14% from 2011
- Average sale price is up by a minuscule $453
- Foreclosures made up 34% of sales, down from 37% last year
- Homes sold were up 17%
- Average sale price is down 5%
- Foreclosures accounted for 35% of sales, up from 30% in 2011
- Homes sold were up by 6%
- Average sale price dropped 6.5%
- Foreclosures jumped from 21% to 37% of sales
- Homes sold increased by 4.2%
- Average sale prices were down 10.5%
- Foreclosures increased from 46% to 55%
- Homes sold went up by 2.5%
- Average sale prices were up by 1.76%
- Foreclosure sales increased slightly, from 41% to 42.6%
- Homes sold increased by 10.4%
- Average sale prices dropped 5.3%
- Foreclosure sales dropped from 53% to 51.7%
- The number of homes sold decreased by 5.6%
- Average sale prices jumped by just over 24%
- Foreclosure sales are the lowest on the West Bank – only 5.88% of sales
Obviously, Belle Chasse continues to be the shining star on the West Bank, with the highest sale prices and the lowest number of foreclosures. However, with an average sale price of $293,055, it’s out of reach for many buyers in our West Bank communities.
The most affordable place to live on the West Bank? The neighborhoods in 70094: Westwego, Avondale, Bridge City and Waggaman had the lowest average sale prices. Even when foreclosures are removed from the equation, the average home price in the area is still below $100,000. As the Huey P. Long Bridge is completed, Jefferson Parish is expecting to see more interest in these areas, so it will be interesting to watch the numbers this year.
Foreclosures continue to hold down prices across most of the West Bank, but we are seeing a turn around in Algiers and Westwego. Since those were the areas that experienced price drops first, I would expect that we will see an improvement in some of the other communities this year.
Do you need information on your particular West Bank neighborhood? We’d be happy to provide you with custom report of home sales in your area. Contact us here to request your report.