Westwego, Avondale and Bridge City LA: September 2008 Home Sales and Real Estate Market Reports

Current real estate market statistics for zip code 70094 as of 10/16/2008:

• 124 active listings, priced from $49,000 to $398,995
• Average list price of $137,983
• 8 pending sale but continuing to show, priced from $65,000 to $139,900
• 20 under contract listings, priced from $40,824 to $179,000
• Based on September sales, there is a 9.5 month supply of homes for sale in Westwego, Avondale and Bridge City - while still higher than a balanced market, this is one of the best absorption rates on the West Bank

Westwego, Avondale and Bridge City - Number of Homes Sold September 2008

Wow, look at that huge spike in closings for September! 

After a lackluster year, something is finally happening in zip code 70094.  Don’t get TOO excited though…about 1/3 of the sales were cash sales of properties in dire need of some attention.  The good news though is that even without distressed properties, the number of closings would have been up to 9 from the very low numbers we’ve seen almost all year.  The fact remains that 2008 is looking to be the slowest year for home sales in Westwego, Avondale and Bridge City since I’ve been tracking them.

 

Westwego, Avondale and Bridge City - Average Home Sale Price September 2008

 

The September average home sale of $91,030 fell below the year to date average of $110,929.  Remember, though, that we had 5 closings under $70,000 for the month, which impacted the average.  Removing those sales from the calculation results in an average sale of $117,500.

The bottom line is that home sellers are in tough competition with each other for the limited number of qualified buyers.  In communities like Westwego, Avondale and Bridge City that are generally priced more for first time home buyers, the impact of tightening credit criteria hits hard.  Sellers need to be sure that they are offering the best value at the best price to stay in the race. 

If you need help getting your home ready to sell, contact Lisa Heindel.  I’d be happy to share my marketing plan designed to expose your home to the largest number of buyers possible.

Related Reading:

• Westwego, Avondale and Bridge City LA- August 2008 Home Sales and Real Estate Market Report
• Westwego, Avondale and Bridge City LA- July 2008 Home Sales and Real Estate Market Reports
• Home Selling Tips

 

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

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

Westwego, Avondale and Bridge City, LA: June 2008 Home Sales and Real Estate Market Reports

Westwego Homes for Sale as of 7/2/2008

• 120 active listings, priced from $39,000 to $430,000
• 9 pending (offer accepted but still showing) listings, priced from $110,000 to $245,000
• 15 under contract listings, priced from $34,900 to $185,000
• Based on the June 2008 sales, there is a 6 month supply of homes for sale in Westwego, Avondale and Bridge City.  This indicates a balanced real estate market for the region, which is great news for sellers who have been patiently waiting.  If your Westwego home is still on the market, maybe you need to make it the star of the neighborhood.

 

Westwego, Avondale and Bridge City Home Sales - January through June 2008

 

• 18 homes sold in June 2008, compared to 12 sold in May
• Quarterly sales remained steady from 1st quarter to 2nd quarter 2008
• A total of 24 sales were pending as of 7/2/2008

 

Westwego, Avondale and Bridge City Home Sales - 2nd Quarter 2007 through 2nd Quarter 2008

 

 

Westwego, Avondale and Bridge City Average Home Sale Price - January through June 2008

 

• The average sale price dropped to $91,459 in June 2008, the third straight month of decline for zip code 70094.
• While the number of sales is holding steady, buyers are still looking for the best value in their price range as shown by the average sale prices and the listing prices on homes pending sale (average of $92,540).

 

Westwego, Avondale and Bridge City Average Home Sale Price - 2nd Quarter 2007 through 2nd Quarter 2008

 

For a detailed market analysis of your home in Westwego, Avondale or Bridge City, contact Lisa Heindel, your West Bank real estate specialist.

 

Related Reading:

Westwego, Avondale and Bridge City, LA- June 2008 Real Estate Absorption Rates

Westwego, Avondale and Bridge City, LA - Historic Real Estate Market Reports

    

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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.

Westwego, Avondale and Bridge City, LA: June 2008 Real Estate Absorption Rates

Here is a quick look at the current real estate market in Westwego, Avondale and Bridge City, LA.

• 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.
• Homes priced under $80,000 are continuing to sell very well in Westwego, since this is the lower end of the market in a demand area of the West Bank
• The overall supply of homes for sale in Westwego rose slightly from 8.2 in May to the current 8.3 months of inventory, the second lowest across the West Bank
• Highlighted price ranges show categories that fall into a balanced/seller’s market at this time

 

Real Estate Absorption Rates for Westwego, LA as of 6/18/2008

 

 

 

Remember, an absorption report is a snapshot of the market at the current time, and the statistical odds of selling in 90 days will vary depending on the number of homes for sale and recent closed sales.  This is not a guarantee that your home will sell within this timeframe, only a tool to use to gauge buyer interest in the various price ranges in the area.

 

If you are considering selling your home in Westwego, 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 real estate market. 

 

Related Reading:

Westwego, Avondale and Bridge City, LA- May 2008 Home Sales and Real Estate Market Report

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

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

    

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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.

Westwego, Avondale and Bridge City, LA: March 2008 Home Sales and Real Estate Market Update

Before reviewing the home sales for Westwego, Avondale and Bridge City, take a look at the current (4/6/2008) statistics:

• 108 active listings, priced from $49,500 to $430,000
• 10 pending listings (contract accepted, but still showing), priced from $85,000 to $269,900
• 21 under contract listings, priced from $39,900 to $199,900

 

Westwego, Avondale and Bridge City - Number Homes Sold

13 homes were sold in zip code 70094 in March 2008, leaving an 8.3 month supply of homes for sale.  This is higher than the 5-6 month supply in a balanced market, and sellers should continue to keep their homes in “show ready” condition. 

Additionally, you should review your pricing strategy at least every 30 days to ensure that you are priced to attract the largest number of qualified buyers.

 

 

Westwego, Avondale and Bridge City - Average Home Sale Price

The average sale price in March 2008 was $104,562, showing improvement from February, but still not comparing to the average price in the 4th quarter of 2007.  The chart below shows the average home sale price changes by quarter for all of 2007 and the first quarter of 2008.

The 1st quarter of 2007 showed a substantial decrease in the average home sale prices for Westwego, Avondale, Bridge City and Waggaman.  Sellers need to stay on top of the market and what’s selling and what’s not. 

If you need an experienced West Bank agent to help you sell your home, give me a call.  Just have a question?  Call, drop me an email or leave a comment below.  I’ll be happy to help you stay informed on what is happening to the real estate market in your neighborhood.