Current real estate activity in the 70094 zip code:
129 homes for sale
- High list price $369,000
- Low list price $35,000
- Average list price $133,781
- Median list price $118,000
39 homes are under contract or pending sale, with an average list price of $103,667
Based on the number of homes sold in September (12), there is a 10.75 month supply of homes for sale in the community
Westwego Avondale Bridge City | Number of Homes Sold | September 2009
Westwego, Avondale and Bridge City ended September with a total of 104 homes sold in 2009, compared to 130 at the same time last year (a 20% decrease in the number of sales). In my opinion, part of the reduction in sales can be attributed to the condition of properties in the area.
Almost 50% of the sales were of homes that were in Poor, Fair or Average condition and were more likely to appeal to an investor or a do-it-yourselfer looking for a home they could put a little sweat equity into. Typically, these homes may not qualify for FHA financing unless the purchaser is willing to use an FHA 203(k) and pay a higher rate to be able to finance repairs into their mortgage.
Westwego Avondale Bridge City | Average Home Sale Prices | September 2009
Values in the 70094 zip code are holding steady, with a less than $1,000 difference between the 2008 and 2009 average sale prices. As more homes are rehabbed, I would anticipate a slow increase in values due to improved conditions of the properties themselves.
FHA remains the financing option of choice for the majority of home buyers in Westwego, Avondale and Bridge City. However, the large number of cash purchases indicates a fairly high level of investor activity in the community as well. Since this has always been one of the most reasonably priced real estate markets on the West Bank, it’s not surprising to find that people are snapping up the lower price range in an attempt to either rehab and rent or flip the properties.
Year to date, there have been 43 sales of homes for less than $75,000 in the area, making up 41% of all sales.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Do you have questions about the West Bank real estate market? Feel free to contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.