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.
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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.
