Algiers LA 70114 Homes for Sale and Real Estate Absorption Report for August 2008

The following absorption report is for the entire 70114 zip code.  Since there is a niche market in the Point, a separate report is available for Algiers Point absorption rates.

• The supply of homes for sale in 70114 dropped again this month, from 9.4 months in July and 10.3 months in June.  While the over $300,000 market continues to lag behind, there has been a definite improvement in market conditions for many sellers in the area.
• Buyers who are interested in the 70114 zip code should take note of the declining inventory as more homes move off of the market and reduce your choices in the area.
• Please remember that these odds of selling are an estimate, not a guarantee that your home will sell within this time frame.

For a detailed explanation of absorption rates, read What is a Real Estate Absorption Rate?  For a detailed market analysis of home sales in your particular Algiers neighborhood, contact Lisa Heindel.

Copyright 2008.  Lisa Heindel and West Bank Living  All rights reserved.

Algiers LA 70114: July 2008 Home Sales and Real Estate Market Reports

Current real estate market statistics for Algiers LA 70114 as of 8/5/2008:

• 81 active listings, priced from $19,900 to $590,000
• 2 pending sales (offer accepted but still showing), priced from $125,000 to $149,900
• 18 under contract listings, priced from $21,900 to $359,000 (some of these are still pending from June 2008)

This report includes all of zip code 70114.  Read also Algiers Point July 2008 Home Sales.

Based on July sales, there is a 9 month supply of homes for sale in Algiers zip code 70114, compared to an 8 month supply at the end of June.  The overall inventory of homes for sale dropped from 104 on 7/2/2008 to the current 81.

 

Algiers LA 70114 - Number of Single Family Home Sales for July 2008

 

• The average sale price for July 2008 was $178,111, up from $143,800 in June
• The year to date average sale price for Algiers (zip code 70114) is $136,600
• Average days on market for homes sold in July was 62, compared to the year to date average of 93

Algiers LA 70114 - Average Single Family Home Sale Price for July 2008

 

For a detailed market analysis of your Algiers home, please contact Lisa Heindel, your West Bank real estate specialist.  I’d be happy to help you understand the ins and outs of our current real estate market and what it takes to get your Algiers home sold.

Related Reading:

• Algiers, LA 70114- July 2008 Real Estate Absorption Report
• Previous Algiers Home Sales and Real Estate Market Reports
• 5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

All data provided by GSREIN and is deemed reliable, but not guaranteed.

Algiers, LA 70114: May 2008 Home Sales and Real Estate Market Report

Home Sales in Algiers, LA 70114

Including Algiers Point

 

• 107 homes for sale as of 6/2/2008
• 22 homes pending sale or under contract (priced from $21,900 to $335,000) compared to 24 at the same time in April.  From these numbers, it appears that approximately 1/2 of the pending sales are failing to get to a closing each month.
• Based on the May home sales in 70114, there is a 10.28 month supply of homes for sale, well above the 5-6 month supply in a balanced real estate market

 

• Average home sale price in May 2008 was $94,000 compared to $154,136 in April 2008
• The current average home listing price is $185,782
• Most of the difference in the averages can be attributed to the inclusion of the Algiers Point area in the numbers.  A separate report for May 2008 Algiers Point home sales is available.

 

 

If you are considering selling your Algiers home, a West Bank REALTOR® who knows the market can be your best source of pricing information.  Feel free to contact Lisa Heindel for a personalized market analysis and a marketing plan to get your New Orleans West Bank home sold.

 

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Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

Copyright 2008.  Lisa Heindel, All rights reserved.

Algiers, LA 70131: May 2008 Home Sales and Real Estate Market Report

May 2008 Home Sales and Real Estate Market Report for Zip Code 70131

EXCLUDING English Turn Subdivision

• 21 homes sold in May 2008, compared to 32 in May 2007 and down slightly from the 22 sold in April of this year
• 210 active homes for sale in Algiers zip code 70131 (up from 202 at the start of May)
• 46 homes in Algiers are currently pending sale or under contract  (up from 38 in May)
• Based on current inventory and recent sales, there appears to be a 10 month supply of homes for sale in Algiers zip code 70131, still well above the 5-6 month supply of a balanced market

 

• Average home sale price in Algiers zip code 70131 was $161,927, down from $192,823 in April and also the lowest average May sales price recorded in the last 4 years
• The current average list price is $198,130
• Average days on market increased from 108 days in April to 156 days in May (5.2 months)

 

Algiers home sellers should take a hard look at their listing prices.  Obviously, recent sales prices are significantly lower than the current average listing prices.  This should be a signal to sellers in the area that buyers are rejecting the pricing and closing on the homes that offer the best value.  Additionally, lower average sales prices are impacting entire neighborhoods when appraisers are searching for comparable sales to use.  Keeping up to date with competing sales is critical during your marketing time and is a service that your West Bank REALTOR® should be providing on a monthly basis.

 

What I’ve been telling potential sellers is that if you are not the lowest priced home in your neighborhood, then it is imperative that you are offering the best value in the neighborhood.  Even homes in pristine condition are not commanding the sales prices we have historically seen.  Owners of homes that have not been updated and meticulously maintained need to be realistic about market conditions and the extended listing time that is needed to get an Algiers home sold.

 

For a personalized market analysis of your Algiers home, please contact Lisa Heindel, REALTOR®.  A West Bank real estate specialist, I’d be happy to explain the current Algiers real estate market and what we can do to get your home sold.

 

 

 Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

 

 

Copyright 2008.  Lisa Heindel, All rights reserved.

Algiers, LA: April 2008 Real Estate Market Absorption Rates

An absorption report is a tool used to determine trends in your local real estate market.

• How many homes are for sale in the area? Note: Homes listed with an agent only - For Sale by Owners are not included in these reports.
• How long is it taking them to sell?
• How many have sold in the last 90 days?
• What price ranges are selling fastest?

It is basically a bird’s eye view of the supply and demand in your real estate market and is a way to do a spot check of current market conditions.

Remember, an absorption report is only a snapshot of the current market and the percentages change each time a new listing comes on the market or an existing listing sells.

When reviewing these reports, keep in mind that a balanced real estate market has a 5-6 month supply of homes for sale.  Less than that creates a sellers market, while more creates a buyers market.

Algiers, LA absorption rates as of 4/13/2008

 

Algiers - 70131

With a 14.9 month supply of homes on the market, Algiers zip code 70131 is still firmly in a buyers market.  The bright spots are in the $140,000-$180,000 price range which is showing signs of recent activity increases.

 

Algiers - 70114

Algiers zip code 70114 is up and down in the various price ranges, but the overall 13.9 month supply of homes for sale keeps it in the range of a buyers market, with the exception of the $100,000-$120,000 and the under $60,000 ranges.

 

Algiers Point

Algiers Point home sales continue to lag behind the rest of the West Bank, with a 22.4 month supply of homes for sale, the majority of them priced over $250,000.

  

English Turn

English Turn is still a buyers market with the exception of the under $400,000 price range, where there is a shortage of homes for sale.  If you are an English Turn home owner who is willing to sell for less than $400,000, the odds are very good that you can do that in a fairly short time frame.

  

If you would like an absorption report for your Algiers neighborhood or for any other area of the West Bank of New Orleans, please contact Lisa Heindel, REALTOR®.  Providing you with all of the information you need to make an educated decision is just one of the many services I offer.

Copyright 2008.  Lisa Heindel, All Rights Reserved.

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