West Bank Living

Gretna LA Homes for Sale as of 7/2/2008

• 50 active listings, priced from $37,000 to $310,000
• 3 pending (offer accepted but still showing) listings, priced from $116,500 to $225,000
• 1 open predication listing, priced at $119,900
• 11 under contract listings, priced from $35,000 to $275,000
• Based on June sales, there is a 5.5 month supply of homes for sale in Gretna, continuing last months showing of a balanced market in the area.  Remember, this number changes based on the number of homes on the market vs the number selling each month.

City of Gretna, LA Home Sales - January 2008 through June 2008

• 9 homes were sold in Gretna in June 2008
• After a slow start in April, the second quarter home sales for Gretna finished just under the first quarter sales (13 vs 14)
• Given the number of currently pending sales, I expect that the July results will continue this trend

Gretna LA Homes Sales - 2nd Quarter 2007 through 2nd Quarter 2008

Gretna LA Average Home Sale Prices - January 2008 through June 2008

• The average home sale price in Gretna for June 2008 was $116,309, down from $147,515 in May 2008
• Year to date (2008) the average home sale price in Gretna is $142,405
• The current average listing price in Gretna is $173,162.  Properly priced homes in Gretna are continuing to sell.  Home owners should be sure that they are keeping current with the market so they can remain competitive with the other listings in both price and condition.

For a detailed market analysis of your Gretna home, please contact Lisa Heindel, your West Bank real estate specialist.

Related Reading:

Gretna, LA 70053- June 2008 Real Estate Absorption Rates

Gretna, LA 70053 - Historic Real Estate Market Reports

Choosing a Tech Savvy REALTORR to Sell Your West Bank Home

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.

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.

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.

A quick look at the current absorption rates for Gretna, LA shows an improving market in several price ranges.  Homes in the $120,000-$180,000 and the $225,000-$250,000 are all showing an almost perfectly balanced market of 5-6 months supply of available properties for sale.  This is great news for Gretna home sellers in these price ranges!

Surprisingly, the lower end homes are not moving as quickly, but this is mostly due to fact that condition continues to be a huge factor in home sales and the condition of properties in these price ranges is typically less than average. 

City of Gretna - 70053

As of 4/22/2008

Remember, the spring selling season on the New Orleans West Bank begins to slow around the beginning of June, at the start of hurricane season.  Before your home goes on the market, be sure to find a West Bank REALTOR® that gives you all of the information you need to prepare and properly price your home for today’s real estate market.

Related reading:

Gretna, LA 70053: March 2008 Home Sales and Real Estate Market Update

Selling Your Home Is A Business - Run It Like One!

Spring Home Selling Tip #1 - Curb Appeal

Spring Home Selling Tip #2 - Clean, Clean, Clean

Spring Home Selling Tip #3 - Clear the Clutter

Spring Selling Tip #4 - Neutralize

I recently posted the 2006 and 2007 home sales information for Terrytown, LA and Gretna, LA here:

Terrytown and Gretna LA: 2007 Home Sales Market Report (70056)

An overview of the Terrytown and Gretna home sale market is a helpful tool, but I like to go a little deeper and take a look at the individual price ranges and how they are performing.  This opens a window into the recent activity by home buyers in the area, a chance to see what they are looking for.

A review of the absorption report for Terrytown and Gretna shows that there is an overall 8.3 month supply of homes for sale.   A healthy real estate market has, on average, about a 5 to 6 month supply of homes for sale.  While the total in Terrytown and Gretna is higher than that, it is the lowest inventory on the West Bank of New Orleans, and cause for home sellers in these neighborhoods to have hope.  The areas for concern are those price ranges with over a 12 month supply of homes for sale.  Unless buying rates increase, sellers are in for the long haul when marketing their property for sale.

What does this mean for Terrytown and Gretna home sellers?

In order to grab the attention of the buyers that are looking in your market, it is critical that your home is priced right and shows well.  As you can see from the chart below, there is a lot of competition for those buyers, and they will simply move on from an overpriced home rather than trying to haggle with a seller who is holding out for 2007 prices.

What does this mean for Terrytown and Gretna home buyers?

You have the greatest number of choices in homes for sale right now, in a wide variety of price ranges.  While sellers may be flexible in prices and terms, they will not entertain offers from buyers who have not taken the time to visit their mortgage lender to get pre-approved.  The first step in your home buying process is to meet with a reputable (and preferably local) lender who can explain all of your financing options and help you narrow down your price range to one that you are comfortable with.

Terrytown and Gretna, LA Home Sales in Zip Code 70056

(as of 1/5/2008)

Reports like the one above can also be prepared for individual neighborhoods.  If you would like more information on the home sale market in your Gretna or Terrytown subdivision, please contact Lisa Heindel, REALTOR®.  I would be happy to prepare a personalized report for you.

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

West Bank Homes for Sale – Find a home for sale on the West Bank or other New Orleans metropolitan area.

Contact Lisa Heindel for help buying or selling your New Orleans area home

Free online home evaluation of your New Orleans West Bank home

Copyright 2007. Lisa Heindel, All rights reserved.

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.

West Bank Homes for Sale – Find a home for sale on the West Bank or other New Orleans metropolitan area.

Contact Lisa Heindel for help buying or selling your New Orleans area home

Free online home evaluation of your New Orleans West Bank home

Copyright 2007. Lisa Heindel, All rights reserved.