December 9, 2008
Current real estate statistics for Algiers LA 70114 as of 12/3/2008:
- 93 Active listings, priced from $34,500 to $590,000
- 8 pending sales (still allowing showings) priced from $50,000 to $248,800
- 13 homes are under contract, priced from $34,900 to $198,900
- Average listing price: $162,293
- Median listing price: $125,000
- Based on November home sales, there is an 11.6 month supply of homes for sale in Algiers
- Note: While this report covers all of zip code 70114, a separate report is prepared for Algiers Point home sales
Algiers LA 70114 Number of Homes Sold November 2008
Algiers 70114 ended the month of November with 8 closed sales out of the 15 that were pending at the beginning of the month and it looks like the total sales for the year will be on par with 2007. A review of the year to year comparison shows that the number of homes sold in the area has been dropping each year, with the exception of 2006. Of course, that was the crazy buying frenzy that followed Katrina is not a real indicator of demand for homes in the area.
Algiers LA 70114 Average Home Sale Price November 2008
Once again, the average sale price for the 70114 zip code jumped around drastically. These jumps happen whenever there are multiple sales in Algiers Point that skew the monthly average. The real number to watch at this point is the year to date average sold price – $134,970.
I can hear sellers complaining right now because this is the lowest in the last 5 years. But, the numbers don’t lie. This presents a great opportunity for buyers who have been waiting for lower prices. There is no need to wait any longer – they are here now, along with low interest rates and available financing.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
Related Reading:
If you are considering buying or selling an Algiers home, please contact Lisa Heindel. It would be my pleasure to assist you.
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
December 9, 2008
Current real estate statistics for Algiers Point as of 12/3/2008:
- 22 Active listings, priced from $75,000 to $590,000
- 3 pending sales (still showing) priced from $100,000 to $248,800
- 1 home is under contract, priced at $191,500
- Average listing price: $280,636
- Median listing price: $269,000
- Based on November sales, there is an 11 month supply of homes for sale in Algiers Point
Algiers Point November 2008 Number of Homes Sold
Although the second half of 2008 showed a distinct downward trend in the number of homes being sold in Algiers Point, I think it’s important to look at the year to year numbers below. We are already ahead of the 2005 sales, even if it is just by one sale. Everyone seems to have a little haze over their memory and thinks that right after Katrina was THE time to sell. Well, when you look at the actual number of sales, demand has been dropping since 2004.
Why? There is never just one reason, but the most likely is that it was the increase in average sale prices, which were pricing many buyers out of the neighborhood.
Algiers Point November 2008 Average Home Sale Prices
As average home prices shot up year over year, the number of qualified buyers who wanted to live in the Point dropped. Now that prices have started to come back down to more affordable levels, I anticipate an uptick in sales in 2009 if that trend continues.
Remember, the Point is a unique community that is not the right fit for everyone, so it has been taking an average of about 100 days of marketing before an offer is received.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
Related Reading:
Thinking about buying or selling a home in Algiers Point? Contact Lisa Heindel. It would be my pleasure to assist you.
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
December 9, 2008
Current real estate statistics for Algiers LA 70131 as of 12/3/2008:
- Note: These numbers exclude home sales in English Turn
- 184 Active listings, priced from $22,000 to $895,000
- 3 pending sales (still showing), priced from $55,000 to $128,000
- 25 homes are under contract, priced from $19,900 to $269,000
- Average listing price: $200,095
- Median listing price: $176,750
- Based on November sales, there is a 14.9 month supply of homes for sale in Algiers (70131)
Algiers LA 70131 November 2008 Number of Homes Sold
Of the 36 pending sales reported at the beginning of November, only 13 made it to a successful closing. As buyers become more educated about being preapproved, I’m not finding financing to be as much of an issue as the condition of properties. Homes with hidden problems are continuing to cause buyers to walk away and continue their search among the large selection of homes to choose from.
With the number of homes being sold in Algiers down significantly from previous years, I’m reminding sellers that they are facing some stiff competition and their homes need to be in the best possible condition before they go on the market.
Algiers LA 70131 November 2008 Average Home Sales Prices
November average sales in Algiers bumped back up again, but 2008 is still looking like it will end with average values somewhere between 2004 and 2005 prices. In my opinion, it’s the perfect time for home buyers in Algiers…rates are low, mortgages are still available and I’m predicting that when the Federal City is complete we will see rising values in the community.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
Related Reading:
If you are considering buying or selling a home in Algiers, please contact Lisa Heindel. It would be my pleasure to assist you.
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
December 9, 2008
Current real estate market statistics for English Turn subdivision in New Orleans LA as of 12/3/2008:
- 36 Active listings, priced from $415,000 to $1,595,000
- 1 pending sale (still showing), priced at $369,900
- 4 homes are under contract, priced from $415,000 to $759,000
- Average listing price: $580,000
- Median listing price: $656,861
- Because there were no closed sales in November, I can’t calculate a current absorption rate. However, based on the average number of homes sold per month in 2008 (2.09), there is a 17 month supply of homes for sale in English Turn at this time.
English Turn November 2008 Number of Homes Sold
None of the 4 homes pending sale or under contract at the beginning of November made it to a successful sale. 3 of those 4 are still under contract and may yet close, which means that 2 new homes went under contract during the month of November.
If the 2008 activity is any indicator of how 2009 will start, don’t expect to see an increase in sales until the 2nd quarter unless recent drops in interest rates push some buyers off of the fence. I’m truly surprised that more people haven’t taken some of their money out of the volatile stock market and purchased real estate with it. Given the number of companies folding, restructuring and cutting back on dividends, combined with record low home prices, it’s the perfect time to invest in a tangible asset like real property.
English Turn November 2008 Average Home Sale Prices
The year to date average home sale price in English Turn is at a 5 year low of $506,829, down over 14% from 2007. Watching the sales through out the year, it becomes apparent that homes in the under $500,000 price range are in high demand in the area and are selling much better than those in the upper end price range. While the homes in the under $500k range may need a little sprucing up, they present an opportunity for entry into an exclusive community at bargain basement prices.
All information compiled from GSREIN and is deemed reliable, but not guaranteed
Related Reading:
Interested in buying a home in English Turn or selling your English Turn home? Contact Lisa Heindel. It would be my pleasure to assist you.
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
November 20, 2008
Next week the kids are out of school and the grocery stores will be packed with folks hunting and gathering all of the things they need to prepare too much food for too few people. For many, it’s a stressful time, trying to do everything just so. I don’t know about you, but I usually need a break from all of the preparations and look forward to some time out of the house just to have a little fun.
What could be more fun than Turkey Bingo?
The Sunshine Club of Algiers is sponsoring it’s annual Turkey Bingo on Tuesday, 11/25/2008 in the Holy Name of Mary School cafeteria in Algiers Point. Since the 1930’s, the Sunshine Club has distributed holiday baskets to between 150-200 local families in need. The big, annual spaghetti dinner was canceled this year due to Gustav, so Turkey Bingo needs your support!
Winners of the bingo games get their very own turkey to take home and it’s a wonderful way to spend a little quality time with friends, family and neighbors. Here’s a thought – if you win, the Sunshine Club will gladly take that turkey as a donation towards the Christmas baskets that will be distributed on December 20th.
The first game starts at 7:30 pm and bingo cards are only $1.50 each. Watch out for those power players that can play a table full of cards at once! Kids, as always, are welcome and there will be food, drinks and sweets available along with a parade of prizes and a 50/50 raffle.
For more information, contact Gary Laigast at (504) 450-7460.
Happy Thanksgiving!
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
