Algiers Point Home Sales and Real Estate Absorption Rates for August 2008

The following report is for the Algiers Point neighborhood only

• The overall supply of homes for sale in Algiers Point dropped again from 8.3 months in July to 5.5 months as of today, a marked improvement for the last couple of months.
• Most of this drop can be attributed to fewer homes coming on the market in Algiers Point and some sellers taking their homes off of the market, although the 90 day sales history has crept up from 8 in June to 9 in July to 12 in August.

Remember, these odds are an estimates, not a guarantee that your home will sell in this time frame.

For more details about absorption reports, read What Is A Real Estate Absorption Rate?  For local, expert advise on preparing your Algiers Point home for sale and how to price it to move in today’s West Bank real estate market, contact Lisa Heindel.

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

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

Current market activity for Algiers Point as of 8/5/2008:

• 21 active listings, priced from $82,000 to $590,000 (average list price $294,593)
• 2 under contract listings, priced from $184,900 to $359,000
• Based on July sales, there is a 10.5 month supply of homes for sale in Algiers Point, back up from last month’s estimate of 6.6 months. 

Again in July, some sellers chose to take their houses off of the market, reducing the available listings from 33 to the current 21.  I suspect that many of these sellers have decided to stay put for awhile rather be a part of the slow sales market that the Point has been experiencing for the last year. 

 

Algiers Point - Number of Single Family Home Sales July 2008

 

• The average sale price in Algiers Point in July 2008 was $253,500, up slightly from $246,000 in June.
• The year to date average sale price in the Point is $193,402

With the current average listing price at $294,593, home sellers in Algiers Point have two options:  (1) reduce their listing price further in an attempt to capture the few buyers in the area or (2) remain patient while the market continues to work itself out.

 

Algiers Point - Average Single Family Home Sales Price July 2008

 

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

 

Related Reading:

• Algiers Point LA- July 2008 Real Estate Absorption Report
• Previous Real Estate Market Reports for Algiers Point
• Choosing a Tech Savvy REALTOR® to Sell Your West Bank Home

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

Welcome to Algiers

Located directly across the Mississippi River from downtown New Orleans, Algiers provides easy access to not only the East Bank of the river, but to the entire West Bank of New Orleans as well and is the only part of the City of New Orleans and Orleans Parish that is located on the West Bank.

A quick ferry ride from Canal Street will land you in the heart of Algiers Point, the second oldest neighborhood in New Orleans, younger only than the world famous French Quarter.  A designated Historic District, Algiers Point is filled with classic architecture and turn of the century homes that recall the slower pace of life of days gone by.   The streets are made for strolling through…with local parks, cafes and restaurants within easy walking distance. 

 

Through the years, Algiers has expanded from the confines of Algiers Point, creeping south along the river and resulting in the construction of popular subdivisions such as Tall Timbers, Park Timbers and Walnut Bend.   Later years saw the development of gated communities such as Lakewood, English Turn, The Villas of Aurora, Aurora Riverside and Algiers Riverpoint.

Although it is just a few miles away from the hustle and bustle of downtown and the French Quarter, Algiers has long provided a more suburban atmosphere with many of the subdivisions in the southern portion of the community developed during a rapid growth spurt in the 1960s and 1970s.  The expansion of the Mississippi River Bridge to the two spans of the Crescent City Connection in the 1980s made commutes quick and easy and opened up the West Bank to even more residential and commercial development to support the growing population, which is now estimated at 50,000 residents.

 

 

 

 

 

The long time home of the Naval Support Activity (NSA New Orleans), which is scheduled to break ground on the future Federal City in late 2008,  Algiers remains a popular choice for incoming military personnel due to the close proximity to both NSA New Orleans and NAS JRB New Orleans and it’s central location to local recreation, entertainment and colleges and universities..  The completion of the Federal City project is estimated to increase the population of the area by 6,000 to 7,000 residents…even after all of these years, Algiers is still growing!

 

 

Currently planned improvements for Algiers include the reopening of Lakewood Golf Course in the fall of 2008 and the redevelopment and expansion of the Village Aurora Shopping Center.  Many local residents and business owners are members of the Algiers Economic Development Foundation, which fosters and encourages economic growth for the Algiers community and works closely with elected officials to maintain the quality of life of all of the residents.

Feel free to contact Lisa Heindel, Realtor, with any questions you may have about buying or selling a home in Algiers, Louisiana.  Your West Bank real estate specialist, I’d be happy to help!

 

Algiers Point, LA: June 2008 Real Estate Absorption Rates

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

• A balanced real estate market has on average a 5-6 month supply of homes for sale.  Typically, over 6 months of inventory indicates a buyers market.
• There is a shortage of homes priced under $180,000 in the Point.
• The $200,000-$250,000 price range has shown improvement over the last couple of months
• The over $250,000 price range remains stagnant, a problem for home sellers in Algiers Point, but an opportunity for smart buyers who are interested in living in this great historic area. 

 

Real Estate Absorption Rates for Algiers Point as of 6/18/2008

 

 

 

If you are considering selling your home in Algiers Point, it’s critical to be aware of the current market environment and to understand what competition you are facing.  For local, expert advice when selling your New Orleans West Bank home, please contact Lisa Heindel, REALTOR®.  I’d be happy to help you properly prepare and price your home for our current, challenging market. 

 

Related Reading:

269 Elmira Avenue, New Orleans LA - Algiers Point Home for Sale - NEW PRICE!

139 Alix Street New Orleans, LA- New Price on New Construction in Historic Algiers Point

 

  

139 Alix Street New Orleans, LA: New Price on New Construction in Historic Algiers Point

Here is your chance to have the convenience of walking to the ferry, to local restaurants and cafes or even taking a stroll along the levee while enjoying a skyline view of the city.  Or, you could sit and relax on the front or back porch and listen to the sounds of river…the distant notes of a steamboat calliope or the refrain of ships passing through the city.

 

While everyone else is working on keeping their home in shape or updating it, you’ll have the freedom to enjoy your leisure time with this newly built home in a historic neighborhood that is just a mile or so from the Naval Support Activity in Algiers.  It’s a perfect location for incoming military transfers!

 

 

139 Alix Street in Algiers Point is now available for only $289,000

3 bedrooms, 2 full baths

1,866 square feet living area

Off street parking

One year builder’s warranty

 

 

 

Don’t let the exterior fool you - the inside is bright, open and airy…perfect for today’s lifestyle and entertaining with ease.

 

High ceilings, recessed lighting, bamboo flooring and crown molding all lend a modern touch to a old-fashioned community, where people still know their neighbors.

 

 

 

 

 

 

A kitchen for any cook, with granite countertops and breakfast bar, stainless steel appliances, custom backsplash and plenty of work and storage space.

 

 

 

 

 

 

 

 

Front and rear porches - perfect for relaxing on at the end of a long day…

 

Come be a part of the Algiers Point community…contact Lisa Heindel, REALTOR® for your private showing or more information today.

 

 

Related Reading:

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

Algiers Point Association

New Orleans Public School Information

New Orleans Parochial School Information

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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.

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