West Bank Living

Algiers Point Homes for Sale As of 7/2/2008

• 33 Active listings, priced from $89,900 to $650,000
• 1 Pending listing (offered accepted, but still showing) priced at $384,500
• 4 Under contract listings, priced from $184,900 to $359,000
• Based on home sales in June, 2008, there is currently a 6.6 month supply of homes for sale.  This is the closest to a balanced market the Point has seen this year.

Number of single family home sales in Algiers Point - January through June 2008

Number of single family home sales in Algiers Point - 2nd Quarter 2007 through 2nd Quarter 2008

• Obviously, the 2nd quarter of 2008 showed a marked improvement over the last 2 quarters, when sales ground to almost a standstill.  With listing prices in Algiers Point continuing to drift downward, buyers have a terrific opportunity to get into this historic neighborhood at bargain rates.

Average Home Sales Price in Algiers Point - January through June 2008

• It’s important to remember that the average sale price for June is based on only 5 sales.  The smaller the number of sales, the more impact that is made on the average sale prices by each of the relatively few closed transactions.

Average Home Sales Price in Algiers Point - 2nd Quarter 2007 through 2nd Quarter 2008

• The 4th quarter of 2007 and the 1st quarter of 2008 were dominated by sales to investors rather than owner occupants.  More recent sales are showing (finally!) the gradual return of buyers who plan to live in the Point, rather than investors purchasing rental properties.
• It continues to be very important that home sellers in Algiers Point be priced right and in tip top condition for today’s discriminating buyers.

For a detailed market analysis of your Algiers Point home, please contact Lisa Heindel, your West Bank real estate specialist.

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Algiers Point, LA: June 2008 Real Estate Absorption Rates

Previous Algiers Point Real Estate Market Reports

5 Dos and Don’ts for Home Sellers

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.

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.

Home sale information for Algiers Point, May 2008

• 38 homes currently for sale in Algiers Point, compared to 36 in April 2008
• 1 sold listing in May, 2008.  At this rate of sales there is more than a 3 year supply of homes for sale in Algiers Point.
• 5 homes are under contract or pending sale as of 6/2/2008

• The average sale price in Algiers Point for May 2008 was $154,000.  With only one sale though, it cannot truly be used as an indicator of the true average sale prices in the area.  The year to date average sale price for the Point is $165,228.
• The average list price in Algiers Point is $296,025
• The average days on market for May 2008 was 153, while the year to date average days on market in the Point is 83.

Unfortunately, sales in Algiers Point continue to be among the slowest on the entire West Bank.  Aggressive pricing by some sellers has still not resulted in a sale.  This won’t be a popular view, but if you don’t HAVE to sell your home in the Point, I would recommend taking it off of the market.  Enjoy your home without having to be prepared at all times for those rare showings.  However, if you must sell your Algiers Point home, be sure you are working with an experienced West Bank REALTOR®.

Related reading:

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.

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.

Home sales in Algiers Point rose again in April, up to 5 closed sales for the month.  Thank goodness!  I was beginning to wonder why buyers don’t see the great values to be had in the Point.

Here is a quick look at the current real estate market in Algiers Point:

• Active listings:  36
• Average list price:  $316,571
• Pending but continue to show listings:  1  (Average list price $247,000)
• Under contract listings:  3  (Average list price $248,667)

Algiers Point Home Sales, April 2008

The number of active listings is holding steady in the Point, while the number of accepted contracts to closings is doing very well - better, in fact, than most other areas in the West Bank real estate market. 

Algiers Point Average Sales Price, April 2008

The average sales price rose above $200,000 for the first time this year, as buyers are beginning to return to look at some of the historic and renovated properties for sale in the Point.  Homes priced over $250,000, however, are continuing to linger on the market for an extended period of time.  Sellers who can afford to reduce their list price below the $250k mark may increase their odds of an acceptable offer.

Are you thinking about selling your home in Algiers Point?  I’d love to be able to show you my virtual marketing plan and talk about how I can help you.  Feel free to contact me or give me a call direct at (504) 616-6262. 

Related Reading:

Algiers, LA: April 2008 Real Estate Market Absorption Rates

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.

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.

Home sales in Algiers Point continued to be slow through the first quarter of 2008, with 3 homes selling in March.  These sales are actually a bright spot, since only 4 have sold in the previous 5 months.

Some current (as of 4/5/2008) statistics to keep in mind while reviewing these reports are:

• 35 active listings in the Point, priced from $159,500 to $650,000
• 3 pending listings (contract accepted, but continuing to show), priced from $234,000 to $270,000 with an average days on market of 147
• 3 under contract listings, priced from $179,000 to $337,500

• The average days on market for homes sold in Algiers Point in March 2008 was 19.  This short days on market can be directly attributed to the lower end sales prices as homes in the under $170,000 range in the Point continue to sell quickly.

The March 2008 average sale prices in Algiers Point were the highest yet for the year.  This number is statistically not that relevant given the small number of recorded sales for the time period.

Reviewing the average sales price by quarter for all of 2007 and the first quarter of 2008 paints a dramatic picture of how far sales have fallen in the Point.

What does this mean for Algiers Point home sellers?  Remember that old saying, " patience is a virtue" ?  Well, home sellers in the Point need a good supply of patience in our current market.  It is encouraging to see homes in the over $250,000 range going under contract, even if it just a handful.  But, there are many homes on the market than there are buyers at this time.  The best advice I can give to a seller is to keep your home in " ready to show" condition, make it easy for prospective buyers to see and continue to enjoy all that Algiers Point has to offer while you are still a resident.

What does this mean for Algiers Point home buyers?  With so many homes on the market to choose from, you are in a great bargaining position to purchase the home of your dreams.

If you are interested in buying or selling a home in Algiers Point, please contact Lisa Heindel, REALTOR.  Whether you are buying or selling, you deserve your own professional representation by a local expert.  Feel free to call me or drop me an email with any real estate questions you may have.