Originally published at West Bank Living
Current real estate statistics for Terrytown and Gretna (70056) as of 11/5/2008:
- 189 active listings, priced from $39,900 to $1,590,000
- Average listing price of $226,697
- Median listing price of $179,900
- 6 pending sales (continuing to show) priced from $30,000 to $235,000
- 1 open predication (waiting on buyers home to sell) priced at $209,000
- 19 under contract listings, priced from $30,000 to $499,000
- Based on October 2008 sales, there is a 9 month supply of homes for sale in Terrytown and Gretna LA, down from 12.9 months in September.
- What changed? A 50% increase in the number of sales from September to October directly impacted the projected supply.
Terrytown and Gretna LA - Number of Homes Sold October 2008
On average for 2008, 18.9 homes have sold in Terrytown and Gretna each month, compared to 28.4/month at the same time last year. The number of homes being sold in the community has dropped substantially from the last 4 years.
Why the lower numbers? No single reason impacts an entire community, but tighter credit restrictions and high home prices combine to shut many first time buyers out of the market. Sellers who continue to cling to their "I'm not giving my house away" prices are staying on the market as they are passed over for more aggressively priced and marketed homes.
Terrytown and Gretna LA - Average Home Sale Price October 2008
The Terrytown and Gretna real estate market was full of artificially inflated home values at the end of 2005 and throughout 2006 and 2007. These prices could not be sustained in our current market - as a result, the average sale price has decreased over $14,000 so far this year. It concerns me to see the average sale price drifting upward each month given the much smaller pool of qualified buyers who are looking in the area.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
These reports are intended to provide an overview of the Gretna and Terrytown real estate market and your neighborhood may be experiencing a different micro-market that is performing better or worse than the entire zip code. If you would like a more detailed report for your particular subdivision, contact Lisa Heindel. Knowing the realities gives you the knowledge to make the best buying or selling decision.
Related Reading:
- Are You REALLY Ready to Sell Your West Bank Home
- Home Selling Tips
- Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
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