Real estate activity in Westwego, Avondale and Bridge City
There are 147 single family homes for sale in the 70094 zip code, priced from $27,000 to $550,000. The average home features 3 bedrooms, 2 baths, 1465 square feet of living area and is priced at $120,613 (or $81.39 per square foot). Average days on market for active listings is 140. Based on June sales (12), there is over a year of real estate inventory in the Westwego, Avondale and Bridge City communities.
29 homes are under contract, waiting to close. They are priced from a low of $15,500 to a high of $287,900 and have been on the market for an average of 70 days.
Homes sold in Westwego, Avondale and Bridge City
Year to date, there have been 69 single family homes sold in the 70094 zip code – up a smidge from the 67 sold at the same time last year. While the number of sales may be holding, prices have taken a significant hit. The average home price in the area at the end of June stands at $72,335 – almost 30% lower than 2010 prices.
Much of this change can be attributed to the increase in short sales and foreclosure sales. In 2010, distressed property sales made up about 37% of the market in Westwego and the surrounding communities. So far in 2011, distressed properties have made up almost 58% of sales in 70094 – a huge increase in investor activity and bargain hunters that are dominating the sales market.
We have also seen a drop in the number of sellers providing home warranties and closing cost assistance to buyers, which makes sense when 58% of buyers are using cash to purchase and negotiate their best deals.
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All data provided by GSREIN and is deemed reliable, but not guaranteedGoogle+