Real estate in Westwego, Avondale and Bridge City LA
It appears that the story for 2011 will be foreclosures and short sales. We have not experienced such a high level of bank owned property sales in many years and the 70094 zip code is seeing more than its fair share. As of the end of February, over 71% of homes sold were foreclosures or short sales, dragging down the average home prices that were already the lowest on the West Bank of New Orleans. An even more staggering note is that foreclosures make up only 10% of the available properties in the area, begging the question – where are the buyers?
Number of homes sold
After 4 straight years of declining sales numbers, Westwego is actually ahead of home sales at this time last year with 21 homes sold compared to 16 as of February 2010. With so many low end properties selling, it appears to be an investor’s heaven as they pick up cheap properties with low cash offers.
Average home prices
Average sale prices, due to the influence of foreclosure sales, have nosedived almost 40% from the 2010 average – ending February at a mere $62,496. However, there are still a few sales of non-distressed properties and sellers should still be watching the market in their own neighborhood when determining pricing.
More about real estate in Westwego, Avondale and Bridge City
- The majority of homes sold have been purchased with cash (62%), followed by FHA loans (19%), Conventional loans (10%) and other forms of financing (10%)
- 71.42% of sales have been foreclosures or short sales
- 24% of sellers have paid a portion of the buyer closing costs
- Less than 10% of sales have included a home warranty, mostly due to the condition of the properties
- Over 70% of homes sold were in Average or Fair condition
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