Current real estate activity for Algiers Point:
30 homes are for sale in Algiers Point
- High list price $550,000
- Low list price $123,500
- Average list price $276,403
- Median list price $278,500
3 homes are under contract or pending sale, with an average listing price of $229,300
Based on the number of homes sold in September (2), there is a 15 month supply of homes for sale in the area
Algiers Point | Number of Single Family Home Sales | September 2009
Algiers Point has had only 13 successful single family home sales this year, compared to 28 at the same time last year - a decrease of 54% in the number of closed sales. This marks the largest decrease of any of the West Bank communities that we track.
What about financing?
The buzz this year has been all about the first time home buyer’s tax credit. Most of these first time buyers are using FHA financing to purchase their homes. Given the percentage of conventional and cash deals in the Point, there appear to be very few first time buyers moving into the area.
Algiers Point | Average Single Family Home Prices | September 2009
While there was a jump in the September average (due to one high end home selling), the year to date average home sale in Algiers Point is $225,431, up slightly from the 2008 average.
While the prices may be holding their own, the number of sales (see above) is down dramatically and apparently sellers are not getting the message. The majority of homes on the market in the Point are priced above $250,000 - the homes selling are generally not. As we move towards the end of the year, it may be time to review your pricing strategy to see if it still makes sense in today’s market.
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Questions about the Algiers Point real estate market? Feel free to contact the West Bank Living Team. It would be our pleasure to assist you with any of your New Orleans area real estate needs.