West Bank Living

What the heck is happening in Gretna?  Of the 12 sales pending at the beginning of April, only 1 made it to a successful close.  Most of the cancellations that I have seen lately are due to either issues that cannot be resolved after inspections or difficulty in obtaining financing for purchasers. 

Take a look at the current Gretna real estate market:

• Active listings:  52
• Average list price:  $169,583
• Pending but continue to show listings:  3  (Average list price $130,967)
• Open prediction listings:  1 ($210,000)
• Under contract listings:  18  (Average list price $136,668)

Gretna, LA - Homes Sold in April 2008

The single sale recorded in the City of Gretna in April was the lowest sales rate in 5 years.  The bright side is that there are 22 sales pending closing, so I believe that the low sales rate may just be a matter of the timing of closings.  I have noticed that it is taking longer to get to closing and no longer can sellers count on 30 days from contract to close - it is edging up closer to the 45-60 day time frame.  Much of this change can be attributed to the increase in FHA sales and the additional documentation required to close them.

Gretna, LA - Average Home Prices, April 2008

The average home sale price for Gretna, LA in April was $109,000.  This is truly not a significant number due to the fact that it was only 1 sale.  Homes currently under contract are averaging in the mid $130s, which is slightly below the average for 2008, but on par with sales prices from the end of 2007.

Please note that this report is for the entire 70053 zip code.  If you would like a detailed report for your Gretna neighborhood, please feel free to contact me or call me direct at (504) 616-6262.  I’d be happy to help you keep up with the changing West Bank real estate market and how it impacts your homes value.

Related Reading:

City of Gretna, LA: April 2008 Absorption Rates

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

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.

Here are the current (as of 4/5/2008) Gretna real estate market statistics:

• 57 active listings, priced from $35,000 to $279,000
• 1 pending listing (contract accepted, but still being shown), priced at $169,900
• 1 open predication listing (contract accepted, but waiting on purchaser’s home to sell) priced at $210,000
• 11 under contract listings, priced from $70,000 to $247,500

Gretna, LA Home Sales - Number Sold

The number of homes sold in the City of Gretna in the first quarter of 2008 was down over 30% from the same time last year.

Average days on market for homes sold in March 2008 was 69, compared to 26 at the same time last year.

Gretna, LA Home Sales - Average Sale Price

The average sales price in Gretna for March 2008 was $153,667, approximately $30,000 less than the average sale in March of 2007.  Large month to month variances are to be expected with the small number of sales taking place.

The first quarter average sales price of $160,535 is about $9,000 higher than the average sale price in the first quarter of 2007.

If you would like a more detailed report of home sales in your neighborhood or subdivision, please contact Lisa Heindel, REALTOR® for a personalized report. 

Whether you are interested in selling your Gretna home or just keeping up with how the market affects your West Bank home’s value, I’ll be happy to keep you informed.

The 2007 year end real estate sales in Gretna, LA were recently posted.  You can read about the market changes from 2006 to 2007 at:

Gretna LA: 2007 Home Sales Market Report (70053)

An overview of sales is the usual indicator for how the market is performing in an area.  But, there are differences in sales within price ranges that should be reviewed as well.  A healthy real estate market has a 5 to 6 month supply of housing inventory for sale.  In reviewing sales for the last 90 days in Gretna, LA, it becomes obvious that there is an overabundance of homes for sale in several price ranges, and some price ranges have no recorded sales in the past 3 months.

What does this mean for Gretna, LA home sellers? 

If you are considering just "testing" the real estate market, DON’T.  Only home sellers who are serious should be in this market.  This means pricing your home aggressively and having the patience to wait for the right buyer.

What does this mean for Gretna, LA home buyers? 

With so many quality homes to choose from, this is a great time to begin your home search.  Although we are in what can easily be termed a buyer’s market, it is still important to make sure you are pre-qualified for a mortgage before looking at homes.  While sellers may be flexible in negotiating a sale, they are not willing to take a house off of the market for an unqualified buyer.

City of Gretna Home Sales in Zip Code 70053

(as of 1/5/2008)

Absorption reports like the one above can be prepared for individual neighborhoods upon request.  If you need more information on selling or buying a home in Gretna, please contact Lisa Heindel, REALTOR®.  I’ll be happy to prepare a personalized report for you.

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Copyright 2007. Lisa Heindel, All rights reserved.