West Bank Living

Of the 26 contracts that were pending at the beginning of the month, only 11 of them closed in Algiers (70114) in April.  I’m finding that more and more often deals are falling apart over inspection issues and lack of financing.  Also, some contracts are taking longer to close since many buyers are now using FHA financing, which typically takes a little longer to complete.

Here is a quick look at the current market in Algiers (70114):

• Active listings:  105
• Average list price:  $233,598
• Pending but continue to show listings:  5  (Average list price $139,760)
• Under contract listings:  19  (Average list price $144,847)
• Based on April sales, there is a 9.5 month supply of homes for sale - above the 6 month supply in a balanced market

Algiers, LA 70114 - Number of Homes Sold, April 2008

Algiers, LA 70114 - Average Home Sales Price, April 2008

The average sales price in the 70114 zip code rose to $154,136.  This increase can be attributed to the small increase in sales in Algiers Point, which historically has the highest priced real estate in the zip code. 

Remember, this report is for the entire 70114 zip code.  For a detailed report of home sales in your Algiers neighborhood, please feel free to contact me or call me direct at (504) 616-6262.  I’d be happy to keep you up to date on the changing West Bank real estate market.

Related Reading:

Algiers Point, LA: April 2008 Home Sales and Real Estate Market Update

Algiers, LA: April 2008 Real Estate Market Absorption Rates

5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.

Finally, it appears that Algiers is making a slight recovery in the number of homes being sold each month.  Of course, spring is always the hot selling season on the West Bank of New Orleans, so I anticipated that sales would increase.  Here is a quick look at the current market:

• Active listings:  202 (down slightly from 4/2/2008)
• Pending but continue to show listings:  7
• Under contract listings:  31
• The number of pending and under contract listings is down slightly from 47 on 4/2/2008 to 38 on 5/1/2008

Algiers - 70131 - Number of Homes Sold, April 2008

Although 47 homes were pending sale at the beginning of April, only 22 of them actually made it to a successful close.  The most common reasons for contracts to be canceled continue to be problems uncovered during inspections and the purchaser’s inability to obtain financing. 

The number of Algiers homes sold in 2008 vs 2007 for the month of April remained stable, which is much better than the 1st quarter of the year performed.  Could this be a trend?  We’ll check back in May to see.

Algiers - 70131 - Average Home Sales Price, April 2008

Average home sale prices in Algiers have continued to rise for 3 straight months.  The April 2008 average price of $192,823 is the highest average April sale price for the last 5 years.

Remember, these statistics are for the entire 70131 zip code except for English Turn.  If you would like a report of home sales in your West Bank neighborhood, please feel free to contact me or to call me direct at 504-616-6262.

Getting Ready to Sell Your Algiers Home?  Then you should read:

5 Dos and Don’ts for Home Sellers

5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

Make Your Home the Star of the Neighborhood - Stage It!

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.

Recently, I posted the 2006 and 2007 home sales reports for Algiers, LA, outlining the change in sales volume from year to year.  You can review these reports at:

Algiers LA (70114) Home Sales 2007

Algiers LA (70131) Home Sales 2007

While these reports provide an overview of the changing real estate market in Algiers, LA, it is also important to take a look at what price ranges are the most active and which have an overabundance of listings.  A healthy real estate  market has, on average, a 5 to 6 month supply of homes for sale.  As you can see in the Algiers, LA absorption reports below, there is an over supply of homes for sale in many price ranges, with some price ranges showing no sales activity for the last 90 days.  The most striking numbers are for those homes priced over $250,000 in zip code 70114.  The majority of these homes are located in Algiers Point, which has not had a single sale over $250,000 in the last 90 days.  Given that the average list price in the Point is above that price, sellers need to either rethink their prices or be prepared to be on the market for an extended period of time.

What does this mean for home sellers in Algiers, LA?  You must be realistic in your pricing of your home and, in most cases, it will require time and patience to get your Algiers home sold.

What does this mean for home buyers in Algiers, LA?  There are more home choices available to you than there have been in many years, making this a good time to begin your home search.  As lending guidelines become stricter in 2008, it will become more difficult to obtain mortgage financing.  Don’t miss out on YOUR opportunity to become a home owner this year!

ALGIERS, LA  Home Sales in Zip Code 70114

(as of 1/5/2008)

Algiers, LA  Home Sales in Zip Code 70131

(as of 1/5/2008)

These reports can also be prepared on an individual subdivision basis.  If you would like more information on home sales in your Algiers, LA neighborhood, please contact Lisa Heindel, REALTOR®.  I’ll be happy to put together a more personalized report of home sales for you.

When buying or selling a home on the West Bank of New Orleans, you deserve professional, local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

West Bank Homes for Sale – Find a home for sale on the West Bank or other New Orleans metropolitan area.

Contact Lisa Heindel for help buying or selling your New Orleans area home

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Copyright 2007. Lisa Heindel, All rights reserved.