Algiers, LA: Absorption Reports for March, 2008
March 12, 2008 by lisa
Filed under Algiers, Algiers Point, Blog, English Turn, Market Updates
Since we are heading into spring, with the usual increase in real estate activity, sellers are continuing to ask “But when will MY house sell?”. As always, the answer comes down to the right price, the right condition and the right advertisement or marketing of your property.
One important fact home sellers should remain aware of is the amount of competition in the market. Most areas of the West Bank remain a buyer’s market, with more than a 6 month supply of homes for sale. I highly recommend that you visit some of your competition to determine how your house stacks up against the others in the same price range.
What’s your competition like? Let’s take a look at some Algiers statistics:
Algiers - zip code 70114
All of zip code 70114
Overall, there is an 18.9 month (1.58 year) supply of homes for sale in zip code 70114, based on sales for the last 90 days. The good news is that this is down from the 20 month supply in February, 2008. The not so good news is that the area is still carrying more than 3 times the inventory of a balanced market.
Historic Algiers Point
Algiers Point continues to suffer with only 2 sales recorded in the last 90 days. Homes priced under $200,000 in this area are usually snapped up by investors or do-it-yourself renovators, but the slowing market has even impacted this group since it is hard to forecast how long a property will stay on the market or how easy a potential resale will be in the future.
Algiers - zip code 70131
All of zip code 70131
The supply of homes for sale in 70131 has actually increased from February’s 11.5 months to the current 13.5 months. Competition will only get tougher as people put more homes on the market in hopes of a spring or summer sale before the kids go back to school in the fall.
Many of the accepted offers on homes are not making it to closing due to either financing (the guidelines are changed quickly and are much stricter now) or inspections (buyers are looking for the cream of the crop in their price range).
Park Timbers Subdivision
At first glance, Park Timbers appears to be the bright spot in Algiers home sales with an overall 4.7 month supply of homes for sale. A closer look shows that the over $250,000 price range is not moving very quickly. Sellers in the area need to take a step back and review their pricing strategy. If you are testing the market with a high price, I recommend that you rethink that approach and consider whether a reduction in your listing price could move you towards a faster sale.
English Turn Subdivision
English Turn continues to carry a large selection of homes for sale in the $500,000-$750,000 price range, with a 3.76 year supply of available property based on the last 90 days of sales. Since homes in English Turn are on the upper end of the price range for West Bank properties, I’m not surprised that they are taking much longer to sell.
Related Reading:
New Orleans, LA West Bank: Algiers February 2008 Real Estate Market Report
English Turn: February 2008 Real Estate Market Update
If you would like an absorption report for your Algiers neighborhood, please feel free to drop me a line at lisa@lisaheindelsells.com. I’ll be happy to post the results here for you and your neighbors to share.
Copyright 2008. Lisa Heindel, All rights reserved.
New Orleans, LA West Bank: Algiers February 2008 Real Estate Market Report
March 1, 2008 by lisa
Filed under Algiers, Algiers Point, Blog, Market Updates
February did not turn out to be the great month for Algiers home sales that I hoped it would be. Of the 47 pending sales noted at the end of January, only 11 of them made it to a successful closing. Some of these may be part of the 46 currently pending sales, but others are back on the market due to what I call the IFs. Failed Inspections and inability to obtain Financing are the most common reasons for a pending sale to be canceled.
- Currently active listings: 199
- Currently pending sale listings: 46
- Sold listings, February 2008: 11
Home Sales in Zip Code 70131
- Average list price of active listings: $211,755
- Average list price of pending sales: $150,371
- Average sales price, February 2008: $141,225
Home Sales in Zip Code 70114
The 70114 portion of Algiers, including Algiers Point, continues to suffer from lagging sales. However, at the end of January there were 4 pending contracts and 6 ended up closing in the month of February, which means that a couple of quick cash sales occurred during the the month.
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Currently active listings: 98
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Currently pending sale listings: 22
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Sold listings, February 2008: 6
Although the number of pending sales is up substantially from 30 days ago, the average list price of the properties under contract shows that homes on the higher end of the price spectrum (mostly Algiers Point) are continuing to take longer to sell.
- Average active listing price: $250,255
- Average pending sale listing price: $136,089
- Average sold price, February 2008: $142,667
Sales information taken from the Gulf Coast Real Estate Information Network, and is deemed reliable but not guaranteed.
For a more in-depth report of sales in your Algiers neighborhood, please feel free to contact me at lisa@lisaheindelsells.com to request your detailed report.
Copyright 2008. Lisa Heindel, All rights reserved.
New Orleans West Bank Home Sales - What’s Selling in Algiers, LA
January 5, 2008 by lisa
Filed under Algiers, Blog, Market Updates
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 mos
t 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.
Copyright 2008. Lisa Heindel, All rights reserved.
