2008 is but a memory now as we move into the new year. Let's take a look back at how the real estate market in Gretna LA performed.

Current real estate market in Gretna LA 70053:

• 47 Active listings, priced from $42,000 to $375,000
• 3 pending sales (homes still being shown) priced from $119,900 to $299,000
• 4 homes are under contract, priced from $35,000 to $89,900
• The average listing price in Gretna is $151,931
• The median listing price in Gretna is $145,000
• Based on December 2008 sales (2), there is almost a 2 year supply of homes for sale in Gretna

Gretna LA - Number of Homes Sold 2008

The City of Gretna ended the year with 72 successful home sales - down almost 22% from the number sold in 2007 and right on par with the rest of the West Bank real estate market.

Why are sales down?

Just like other communities, Gretna is experiencing the impact of too many homes for sale and too few buyers who can meet new lending guidelines. As of January 1, 2009, FHA down payments have increased to 3.5% of the purchase price, meaning that it will take longer for buyers to save enough money to not only qualify for a loan, but to pay for closing costs and inspections as well.

Sellers should not be surprised if an offer on their home includes a request for assistance with buyer closing costs. Remember to keep your eye on the bottom line and not get caught up in the "why should I pay for them" thinking that can kill a good contract.

Gretna LA - Average Home Sales Price 2008

The average home sale price in Gretna for 2008 was $145,701, up just a smidge from the 2007 average and showed that while the number of sales may be down, the values are remaining stable with very little change over the last 4 years. Remember that this average is for the entire 70053 zip code - your individual neighborhood may have performed better or worse than the average.

I expect to see this average price increase in 2009 with the recent annexation of Timberlane (and it's higher priced homes) to the City of Gretna.



All data provided by GSREIN and is deemed reliable, but not guaranteed.

Are you considering selling your Gretna home? Get a free online market report of listings and sales delivered to your email address each month to allow you to keep up with the real estate market in your area. Have questions? Contact Lisa Heindel. It would be my pleasure to assist you.




Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.