Gretna and Terrytown, LA: 70056 April 2008 Home Sales and Real Estate Market Report
May 2, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
Current market statistics for Terrytown and unincorporated Gretna (as of 5/1/2008):
- Active listings: 182
- Average list price: $231,882
- Pending but continue to show listings: 3 (Average list price $126,267)
- Under contract listings: 27 (Average list price $182,226)
Gretna and Terrytown, LA - Number of Homes Sold, April 2008
The number of homes sold in Gretna and Terrytown (zip code 70056) increased from 17 in March 2008 to 24 in April 2008, the highest number of sales since August, 2007. Based on April sales information, there is a 7.58 month supply of homes for sale in the area - just above a balanced market level of 6 months and another indicator that the West Bank real estate market is attempting to stabilize.
Gretna and Terrytown, LA - Average Home Sale Price, April 2008
The average sale price jumped substantially from March to April, ending the month at $181,023, the highest yet for 2008 and higher than the average for the same time in 2007. Average sales prices in Gretna and Terrytown have continued to increase each year since 2004, when the average was only $135,221.
Remember, this report is for the entire 70056 zip code. If you would like a detailed report of home sales in your Gretna or Terrytown neighborhood, feel free to contact me or call me direct at (504) 616-6262. I’d be happy to help you stay on top of the changing West Bank real estate market.
Related Reading:
Terrytown and Gretna, LA: April 2008 Real Estate Absorption Rates
5 Steps to Choosing Your New Orleans West Bank Real Estate Agent
Copyright 2008. Lisa Heindel, All rights reserved.
Gretna and Terrytown, LA 70056: March 2008 Home Sales and Real Estate Market Update
April 6, 2008 by lisa
Filed under Blog, Gretna and Terrytown, Market Updates
Current (as of 4/5/2008) market statistics for Gretna and Terrytown:
- 170 active listings, priced from $56,900 to $1,200,000. This is up from the 138 active listings on 3/2/2008.
- 7 pending listings (contract accepted, but still being shown), priced from $125,000 to $479,000
- 30 under contract listings, priced from $57,900 to $895,000
Gretna and Terrytown - Number of Homes Sold
- The average days on market for homes sold in March 2008 was 89.
The first quarter sales in Gretna and Terrytown continued on the downward trend that the area has been experiencing for almost a year. Sellers should take note and be sure that their home is in the best possible condition to attract the largest number of buyers. I have watched the pending sales for several months and it appears that almost half of the contracts do not make it to closing, for one reason or another.
Gretna and Terrytown - Average Sale Prices
Average sale prices can be expected to move up and down from month to month (see chart above). The not so great news is in the quarterly sales prices, with the first quarter of 2008 average at the lowest point in the last 15 months.
If you are considering selling your Gretna or Terrytown home, be sure that you have all of the market information necessary to properly price your home to sell.
If you would like a more detailed report on your neighborhood or subdivision, please feel free to contact Lisa Heindel, REALTOR®. I’d be happy to help you understand the affect of market conditions on your West Bank home value.
Gretna and Terrytown, LA: Absorption Reports for March, 2008
March 12, 2008 by lisa
Filed under Blog, City of Gretna, Gretna and Terrytown, Market Updates
The spring selling season has begun. Do you know what your competition in the West Bank real estate market is? Here is a quick look at sales for the last 90 days in the various price ranges in Gretna and Terrytown.
City of Gretna (70053)
The city of Gretna is doing quite well in the current market! There are a couple of price ranges that have an oversupply of homes for sale, but overall home sellers in Gretna can expect a fairly average time on market for their properties. A balanced real estate market has about a 6 month supply of homes, while Gretna has a 7.7 month supply. Not bad compared to most of the other West Bank markets.
Terrytown and Unincorporated Gretna (70056)
With an 8.5 month supply of homes for sale, Terrytown and unincorporated Gretna are still performing better than most West Bank areas. Again, there are a few price ranges that are not doing as well as others, but overall the market is looking pretty solid in this part of West Jefferson Parish, especially in the under $180,000 ranges.
Related Reading:
Gretna and Terrytown, LA: February 2008 Home Sale Market Reports
What does the market look like in your neighborhood? Drop me a line at lisa@lisaheindelsells.com and I’ll be happy to put together an absorption report for your individual neighborhood or subdivision.
Copyright 2008. Lisa Heindel, All rights reserved.
New Orleans, LA: West Bank Real Estate Absorption Report, February 2008
February 12, 2008 by lisa
Filed under Algiers, Algiers Point, Belle Chasse, Blog, City of Gretna, Gretna and Terrytown, Harvey, Market Updates, Marrero, Westwego, Avondale and Bridge City
The phone is ringing, the phone is ringing! Since the first of the year, I have seen a gradual increase in the number of calls from potential West Bank buyers and from other agents making appointments to show my West Bank listings. With the passing of Mardi Gras, it seems like activity is REALLY picking up, which is great news for some (but not all) West Bank home sellers. Let’s take a look back at the last 90 days to see what price ranges are selling on the West Bank.
All information is from the Gulf South Real Estate Information network and is deemed reliable, but not guaranteed.
Algiers Home Sales - zip code 70114
With a 20 month supply of homes for sale, Algiers Point and the rest of zip code 70114 is still languishing. Properties priced over $250,000 are continuing to remain the market for an extended period of time, with only 1 home in this range pending sale at this time.
Algiers Home Sales - zip code 70131
While there are pockets of over supply in the Algiers market, several price ranges are returning to a normal balance of 5 to 6 months supply. I can’t remember the last time we had such a large number of homes in the $100,000-$150,000 price range for sale. First time home buyers: here is your chance to get a great home at a great price! There are 53 homes pending sale in zip code 70131, almost as many as have sold in the last 3 months combined, bolstering my perception of increased market activity in the area.
Belle Chasse Home Sales - zip code 70037
Although the inventory is still high, upper end homes in Belle Chasse are continuing to sell better than most areas of the West Bank, while mid range homes are moving at a slower pace. This slow down in the mid range is most likely due to the increased cost of home owner’s insurance in Plaquemines Parish. There are currently 11 homes pending sale in Belle Chasse at this time, almost as many as have sold in the last 90 days combined.
City of Gretna Home Sales - zip code 70053
The City of Gretna is forecasting a high probability of a sale in the next 90 days for home owners in several categories. The 8.2 month supply of homes for sale is an increase over the beginning of year, which showed a 7 month supply. Homeowners in the $180,001-$200,000 price range have the most competition in the market. Surprisingly, homes in the low $100,000 range are not selling very quickly and this may be a direct reflection of the condition of properties in this price range. 15 homes are currently pending sale in the City of Gretna.
Terrytown and unincorporated Gretna home sales - zip code 70056
The most startling figure for Terrytown and Gretna is the $180,001-$200,000 price range, with a more than 5 year supply of homes for sale in this range. There are 35 homes pending sale in the area, compared to the 53 sold in the last 90 days, a definite increase in sales volume for the community.
Harvey Home Sales - zip code 70058
Homes in the over $250,000 range in Harvey have been selling very slowly in the last 3 months and the $160,001-$180,000 range has a 3.6 year supply of property on the market. Hope is on the horizon, though, with 70 homes pending sale in the area, a marked increase in sales activity for the city.
Marrero Home Sales - zip code 70072
Marrero is also showing a increased activity trend, with 72 homes pending sale at this time, almost as many as have sold in the last 3 month. While the over $350,000 market remains slow, entry level homes are still selling well.
Westwego, Avondale, Waggaman and Bridge City Home Sales (70094)
Showing the greatest potential for a spring time recovery, Westwego and the surrounding areas have 28 homes pending sale, more than double the number sold in the last 90 days.
Need more information on your subdivision or neighborhood?
These same city reports can be prepared on an individual neighborhood basis. If you would like a report for your area, please send an email request to lisa@lisaheindelsells.com. The information will be sent to you within 24 hours of your request.
Related West Bank Home Sale Reports
The January 2008 vs January 2007 market reports for individual areas of the West Bank are now available through the following links:
- Algiers, LA: January 2008 Home Sale Market Update
- Belle Chasse, LA: January 2008 Home Sale Market Report
- Harvey, LA: January 2008 Home Sales and Market Update
- Gretna, LA: January 2008 Home Sales and Market Update
- Marrero, LA: January 2008 Home Sale Market Update
- Westwego, Avondale and Bridge City, LA: January 2008 Home Sale Market Update
If you would like more information on buying or selling a home on the West Bank of New Orleans, feel free to contact me by phone at (504) 616-6262 or by email at lisa@lisaheindelsells.com. I’d be happy to help you achieve your real estate goals.
Copyright 2008. Lisa Heindel, All rights reserved.
Gretna LA: 2007 Home Sales Market Report (70053)
January 3, 2008 by lisa
Filed under Blog, City of Gretna, Market Updates
As we close the calendar on 2007 and enter a new year, take a look back at the historical trends for home sales in the City of Gretna, zip code 70053.
Some highlights worthy of mention:
- 99 homes were sold in 2007, a decrease of over 21% from the number of homes sold in 2006. This marks the smallest number of home sales in the area in 5 years.
- 87 (88%) of the homes sold in 2007 had a list price of less than $200,000.
- Days on market for homes sold was an average of 56 days
- As of 1/2/2008, there are 57 active listings and 12 homes with accepted offers that have not closed yet. Based on 2007 sales, this amounts to a 7 month inventory in the 70053 zip code if no more homes are listed.
- Average home sale prices increased slightly from the 2006 average of $138,380 to $143,628, a 3.79% increase. While the average price increase is encouraging, the dramatic reduction in the number of sales more than likely signal the end of the post Katrina housing boom on the West Bank.
What do these numbers mean for home sellers?
My advice to anyone considering selling their Gretna home is to consider your motivation. Why are you selling?
If you are selling due to a job transfer or relocation, you more than likely don’t have time to sit on an overpriced home. Hire a professional Realtor® who can assist you with guidance to the preparation of your home for sale, aggressive pricing and getting the most exposure for your home in our current market. For more information, read 7 Keys to Selling Your House When Sales are Slow.
If you are selling for any other reason, this may not be the best time to enter the market. You will be competing with a large number of other homes for sale in the same area and likely within your own neighborhood or subdivision. Additionally, changes in mortgage lending guidelines have reduced the number of qualified first time home buyers and the criteria for qualifying for a mortgage is expected to become even stricter in March, 2008.
What do these numbers mean for home buyers?
You have an unprecedented number of homes to choose from, in a wide variety of price ranges. Sellers are becoming more flexible in their prices and terms the longer their homes are on the market. However, you must be prepared before you begin your home search. As lending criteria has become stricter, a reputable lender can guide you through the process of pre-qualification and assist you in determining the correct price range to begin your home search in. I have a team of local, professional lenders that I routinely work with and would be happy to provide referrals if you need them.
The West Bank real estate market is as unique as the New Orleans area. If you need assistance in determining if now is the right time to buy or sell your West Bank home, please give me a call. I’ll be happy to answer any of your questions.
Copyright 2008. Lisa Heindel, All rights reserved.
