English Turn: July 2008 Real Estate Absorption Report

The overall supply of homes in English Turn is down from the 21.5 months observed in mid-May 2008, even though the number of available listings has increased.

• Homes sold per month has risen from 2 to 2.7, indicating an increase in buyer interest in the area
• More English Turn home sellers are pricing under $500,000 which is a smart move given that the demand for homes in that price range is higher than demand for the upper end

English Turn Real Estate Absorption Rates as of 7/21/2008

The odds listed here are an estimate, not a guarantee that your home will sell in this time frame

Data is supplied by Latter & Blum Inc and is deemed reliable, but not guaranteed.

Are you considering selling your English Turn home?  Contact Lisa Heindel for an experienced, local West Bank real estate agent who can assist you in preparing and pricing your home for todays market.

Related Reading:

What Is A Real Estate Absorption Rate?

Choosing a Tech Savvy REALTOR® to Sell Your West Bank Home

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

English Turn: May 2008 Home Sales and Real Estate Market Report

May 2008 Home Sales in English Turn Subdivision

New Orleans, LA

 

• 47 homes for sale as of 6/2/2008
• 9 homes are pending sale or under contract, priced from $428,900 to $1,300,00 (compared to 7 at this time last month)
• 2 homes sold in May 2008, compared to 3 sold in April 2008
• Based on current sales, there is an almost 2 year supply of homes for sale in English Turn at this time

 

 

• The average home sale price in English Turn for May 2008 was $611,000, up from $481,667 in April 2008
• The average listing price on homes for sale in English Turn is $638,610
• The average days on market for homes sold in May 2008 was 40, compared to 182 in April.  It is important to note that with the small number of sales, averages can change dramatically from month to month dependant upon the individual properties sold.

 

 

With several new homes entering the real estate market in English Turn, the competition just got tougher for everyone in the community.  Working with an experienced West Bank REALTOR® to assist you in staging, preparing and properly pricing your English Turn home is more critical than ever.  For a detailed market analysis of your West Bank home, contact Lisa Heindel.

 

Related Reading:

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.

English Turn: February 2008 Real Estate Market Update

           

The sales statistics for English Turn subdivision continue to be a popular topic, so I am continuing the series with the February home sales update.

From the chart below, you can see that sales continue to be slow in English Turn.  This is not completely unexpected given that home prices in the community are well above the area average.  While the rate of sales continues to be slow, it is encouraging to note that both sales that closed in February were over $650,000, a portion of the market that has suffered greatly during the real estate market slowdown.

                

• Active listings in English Turn:  36
• Low listing price: $459,000
• High listing price:  $1,300,00

               

The average home sale price in February, 2008 was $777,500, the second highest recorded average in the last year.  Remember, though, that this is based on only 2 home sales in the community.  At the current 90 day absorption rate of 2.3 homes per month, it will take approximately 16 months to sell the available inventory, if no more homes come on the market.  The estimated time for absorption is down slightly from the 17 months projected at the end of January, but the number of homes for sale places English Turn firmly in the category of a buyer’s market.

• Pending sales as of 3/6/2008:  6
• Low list price:  $379,900
• High list price:  $649,000

Need more information on buying or selling a home in English Turn?  Feel free to contact me at lisa@lisaheindelsells.com.  I’ll be happy to assist with all of your West Bank real estate needs.

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Copyright 2008. Lisa Heindel, All rights reserved.

New Orleans, LA: Algiers Condos for Sale

Not every home owner wants a single family home.  The condominium lifestyle is perfectly suited for someone who wants to own their property but not have to deal with yard and exterior maintenance.  So, what’s available on the condo market in Algiers, LA?

Although Algiers and Algiers Point are filled with some terrific single family home subdivisions, there are several condo options available in a variety of price ranges.

Morgan Street Condos

This is a prime location in Algiers Point, walking distance from the ferry,  overlooking the bend of the Mississippi River and offering spectacular views of St. Louis Cathedral and downtown New Orleans.  These exclusive, luxury condominiums don’t come on the market very often, but lucky buyers have a choice of 2 three bedroom units for sale.  Priced from $349,500 to $375,000 with condo fees of $580-$722 per month, this is the premier condo location in Algiers.  Workout space, rooftop entertaining space, private storage space and more!

English Turn Condos

 

With only 4 condos in the English Turn community, the single unit for sale represents a rare opportunity to enjoy condo living combined with the golf lifestyle.  Priced at $496,000, a three bedroom unit overlooking the 18th hole is now available.

Parc Fontaine Condos

Located right off of General de Gaulle in the heart of Algiers, Parc Fontaine offers affordable condo living with multiple pools, community laundry facilities and secure, gated access.  Currently, there are 4 one and two bedroom units available, priced from $50,000 to $85,900.  Monthly condo fees range from $120-$178 per unit.

Cypress Grove Condos

Located off of Tullis Drive in Algiers, Cypress Grove contains a mix of 64 condos and several single family homes.  Tucked away on a private street, Cypress Grove features a community pool and just 2 available units.  Two and three bedroom units are affordably priced from $113,500 to $114,500 with condo fees ranging from $210-$240 per month.

Greens Point Condos

Only minutes from the Crescent City Connection, Greens Point has 2 newly renovated units available for sale.  These 2 bedroom condos are priced from $107,500-$125,000 with condo fees ranging from $200-$225 per month.

Need more information on condo living in Algiers, LA?  Contact Lisa Heindel, REALTOR® by phone at (504) 616-6262 or drop an email to lisa@lisaheindelsells.com.  I’ll be happy to help you buy or sell your next Algiers condominium.

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Copyright 2008. Lisa Heindel, All rights reserved.

English Turn: January 2008 Home Sale Market Update

I’ve seen a lot of interest in the end of year market reports for Algiers, so I decided to compile the sales information for the English Turn subdivision separately for interested home owners and potential buyers in the area.

Number of English Turn Home Sales

Sales for the last year in English Turn have been very sporadic, with the number of closed sales each month ranging from 1 to 9.  The average number of closed sales for the last year is 3.42 per month.  With 34 active listings at this time, it equates to a 10 month supply of homes on the market in the community.  There are 4 homes pending sale as of 2/12/2008.

 

Average Days on Market in English Turn

The average days on market for English Turn has ranged from a low of 51 in February 2007 to a high of 262 in November 2007.  It should be noted, however, that with such a small number of homes selling each month, the average days on market cannot be used as a true indicator of market time.

 

Average Sale Price in English Turn

Average sale prices in English Turn have ranged from a low of $460,000 in January 2008 to a high of $870,000 in November 2007.  Again, the small number of sales make determining a true average sale price difficult.  For example, the high average in November was due to the fact that the only sale recorded for the month was for a higher end home that sold at $870,000.  The same can be said for the low average in January 2008 - it was the only recorded sale for the month.  The average sale price for the last 12 months was $595,027.

 

Absorption Rates in English Turn

Reviewing absorption rates for English Turn shows the following statistics.  What do they mean?  The most glaring information is that there is a 90 month or 7.5 YEAR supply of homes in the $500,001-750,000 price range. Home sales will have to increase dramatically to absorb this large number of homes in the community.  If sellers are just “testing the market”, my advice is DON’T.  An out of balance market puts downward pressure on home prices which is probably not what any seller is looking for.  However, home buyers interested in homes in this range have an increased amount of negotiation power due to the vast selection of competing homes in the neighborhood.

Low Price	High Price	# Active Listings	# Sold Last 90 Days	Listings sold per month	# Months Supply	Odds Selling in 90 Days
$350,001	$400,000	1	1	0.3	3.3	90%
$400,001	$500,000	4	2	0.7	5.7	50%
$500,001	$750,000	27	1	0.3	90	0%
$750,001	$1,000,000	2	2	0.7	2.9	99%
	Totals	34	6	2	17	20%

Have questions?  If you need more information about buying or selling a home in English Turn, please feel free to contact Lisa Heindel by phone at (504) 616-6262 or by email at lisa@lisaheindelsells.com.

 

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Copyright 2008. Lisa Heindel, All rights reserved.

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