Belle Chasse LA Real Estate Market Report - November 2007

Belle Chasse Louisiana Real Estate Market as of 11/29/2007

As 2007 winds down, I have spent some time researching and analyzing sales trends for the last 15 years on the West Bank.

Here are the current real estate market conditions for Belle Chasse, Louisiana:

Single family home sales in Belle Chasse have dropped dramatically from 135 homes sold in 2006 to 68 homes sold so far in 2007, a decrease of over 49%.  While 2006 was a banner year for home sales and would be hard to match, this is the lowest number of homes sold in Belle Chasse since 1998.

             

What do decreasing home sales mean?  Lower numbers of home sales result in a longer marketing time for properties for sale and downward pressure on home prices.  While the average home price in Belle Chasse has continued to rise (see chart below) the number of people investing in Belle Chasse real estate continues to drop each month.  Proper pricing is crucial in the current market to make your home stand out above the competition.

             

The average home price in Belle Chasse has continued upward, from the 2006 average of $277,226 to the current 2007 average of $294,466, an increase of more than 6%.  As the number of sales continues to decrease, prices will more than likely follow.

Tightened mortgage lending guidelines and increased insurance costs are making it more difficult for borrowers to qualify at the same levels as in years past.  Home sellers in Belle Chasse should keep a close eye on the absorption rates to be sure that their homes are priced to sell, rather than priced to sit.

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®.

Copyright 2007. Lisa Heindel, All rights reserved.

Are New Orleans Housing Prices Moving Downward?

A Bear Stearns analyst has recently predicted that housing prices in the New Orleans area may continue to decline through 2008 and into 2009. A rebound of prices is not expected until late 2009 or early 2010. Read the entire article here.

 

What does this mean for sellers on the West Bank?

According to my research, NOT A LOT at this time!

Average home prices are holding fairly steady in most areas of the West Bank:

Belle Chasse: Average sale price from 7/1/2007 to present: $300,088. This is an increase of 9% over the average 2006 sales price. Average days on market has increased from 63 to 81.

Algiers, Algiers Point: Average sale price from 7/1/2007 to present: $172,965. This is a decrease of 3% from the average 2006 sales price. Average days on market has increased from 60 to 93.

Gretna and Terrytown: Average sale price from 7/1/2007 to present: $166,957. This is an increase of 0.23% from the average 2006 sales price. Average days on market has increased from 52 to 88.

Marrero, Harvey and Lafitte: Average sale price from 7/1/2007 to present: $181,631. This is an increase of 7.5% from the average 2006 sales price. Average days on market has increased from 52 to 66.

Westwego, Avondale and Bridge City: Average sale price from 7/1/2007 to present: $124,691. This is an increase of 0.83% from the average 2006 sales price. Average days on market has increased from 56 to 68.

While West Bank homes are taking longer to sell, they are continuing to hold their values at this time.

Is it time to sell your West Bank home?

• When putting your home on the market, the best strategy is to price it right from the start. Don’t be one of the highest priced homes in your neighborhood - be one of the lowest! Houses are still selling across the region, but buyers are much savvier and know that some sellers are clinging to a high list price in vain. How much will holding out for a higher price cost you in the long run with continued mortgage payments, taxes and insurance?
• You must closely review your Realtors® market analysis of your home and neighborhood. What are the average days on market for property in your area? What is the average sale price? Unless you are willing and prepared to hold your property for longer than the average, price it to beat out the competing listings.
• Don’t offer buyer incentives such as closing cost assistance or paying for the first year’s insurance premium. Instead, reduce the listing price by how much you are willing to contribute and make your property more attractive to the buyers that are looking now.
• Don’t forget condition! Your home should be in top showing condition before the first potential buyer sets foot across the threshold. Need some guidelines for preparing to sell? Check out these articles:

1. Getting Ready to Sell
2. Getting Ready to Sell - Part II
3. Getting Ready to Sell - Part III

• Stay up to date on the rapidly changing market. For a free report of sales and listings in your area, sign up for my West Bank Real Estate Market Snapshot. You choose how often you would like to receive updates on your neighborhood, delivered automatically to your email.

Whether you are buying or selling a home on the West Bank of New Orleans, please contact Lisa Heindel, Realtor® for all of your real estate needs.

Your West Bank Real Estate Specialist