Westwego LA Home Sales | October 2011

Real estate activity in Westwego, Avondale & Bridge City LA

  • 141 single family homes are for sale, priced from $25,000 to $550,000
  • The average home for sale has 3 bedrooms, 2 baths, 1508 square feet and is listed for $123,936 or $79.47 per square foot
  • 33 homes are under contract, priced from $17,550 to $200,000
  • 14 homes were sold in October, from $22,000 to $203,000

Westwego LA Home Sales

The 14 homes sold in October bring the year to date total sales in the 70094 zip code to 131, up from 119 at the same time last year.  On the surface, an increase in the number of sales would seem encouraging, but the majority of homes being sold in the area are being picked up by investors to either use as rental property or to renovate and put back on the market.  This has pushed prices down to unbelievably low ranges in neighborhoods where foreclosures are the norm, with some homes selling in the $20,000-$30,000 range.

Homes sold in Westwego, Avondale and Bridge City LA

Home prices in Westwego, Avondale & Bridge City LA

As the number of foreclosures and short sales continues to make up most of the home sales in the area, we are seeing the average prices continue to drop, drop, drop.   At the end of October, foreclosures and short sales have accounted for over 56% of sales in the community.  This is the largest percentage on the West Bank of New Orleans and can signal an extended market time for homes that don’t fit what investors are looking for.  When a neighborhood becomes filled with foreclosures, it often becomes impossible to sell at a “market price” when the market is filled with lower cost alternatives for buyers and investors.

What’s your West Bank home worth?

Average home prices in Westwego, Avondale and Bridge City LA

More about Westwego, Avondale and Bridge City home sales

  • Over 30% of sales this year have been homes in Poor or Fair condition
  • 53% of sales have been purchased with cash, while only 29% of homes were purchased with FHA or VA loans
  • 32% of sellers have provided closing cost assistance, down just a touch from 33% last year
  • 13% of sellers provided a home warranty, down from 26% last year (much of this has to do with the condition of the homes being purchased)

 

Homes for sale in Westwego, Avondale and Bridge City

 

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