Gretna and Terrytown, LA: 70056 April 2008 Home Sales and Real Estate Market Report

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

 

 

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Copyright 2008.  Lisa Heindel, All rights reserved.

Gretna and Terrytown, LA 70056: March 2008 Home Sales and Real Estate Market Update

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

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.

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Copyright 2008. Lisa Heindel, All rights reserved.

New Orleans, LA: West Bank Real Estate Absorption Report, February 2008

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.

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Copyright 2008. Lisa Heindel, All rights reserved.

Terrytown and Gretna, LA: What’s Selling in Zip Code 70056?

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.

Copyright 2008. Lisa Heindel, All rights reserved.

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