Current real estate activity in Westwego and surrounding areas
- 125 homes are for sale, priced from $29,900 to $480,000
- The average home for sale has 3 bedrooms, 2 baths, 1499 square feet and is listed for $124,693
- 27 homes are under contract, priced from $14,400 to $149,900
- The average active listing has been on the market for 156 days
Homes sold in Westwego, Avondale, Bridge City and Waggaman
After 4 years of straight declines, the 70094 zip code finally saw an improvement in the number of homes sold in 2011. The area ended the year with 164 houses sold – an increase of almost 14%.
What sold? The majority of homes sold in Westwego, Avondale, Bridge City, Waggaman and Nine Mile Point were foreclosures and short sales. This distressed market made up a whopping 56% of sales in 2011. It’s hard for normal resales to compete with the low prices offered by banks on most of these homes, but the good news is that many of them were in less than desirable condition and were not direct competition for most home sellers. With 37% of the sales in Fair or Poor condition, we can probably expect to see these same houses back on the market at some point, either as a renovation or as a rental.
Home prices in Westwego, Avondale, Bridge City and Waggaman
While the number of sales took a nice jump, the average sold price nose-dived by over 28% from 2010 to 2011. Much of this can be attributed to the huge number of foreclosures that sold at below market values.
The average foreclosure in the area sold for $45,772, while the non-foreclosure sales average was $104,927. The average days on market for non-foreclosures was 125, while bank owned homes sold in an average of 58 days.
What do we expect for 2012? If the investors that are snapping up the lower end of the market plan to flip, then we should see a nice inventory of updated housing available by this summer, which could help push that average sale price up. If their plan is to hold and lease until they see a recovery in the market, at minimum we will see some quality rental properties around the same time and prices may remain flat. I don’t see much room for lower prices in the area, unless we experience another wave of foreclosures due to the closing of the shipyard.
More about home sales in the 70094 zip code
- 32% of sellers provided closing cost assistance to the buyers, down from 33% in 2010
- 17% of sellers provided a home warranty, down from 26% in 2010
- 56% of homes sold were foreclosures or short sales, up from 37% last year
Listing prices vs selling prices
As is the case in every other West Bank community, a seller’s best chance at the highest price is during the first 30 days on the market. Even then, the 70094 zip code has one of the widest gaps between list price and selling price during this initial marketing time. (Most other areas are over 95%)
Pricing a property correctly from the first day it hits the market provides the highest return for a seller and should be carefully considered before you spend months chasing the market down.
All information is provided by GSREIN and is deemed reliable, but not guaranteed