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
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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.
