Current real estate activity in Algiers LA 70131 (excluding English Turn):
198 homes are for sale
- High list price $895,000
- Low list price $35,000
- Average list price $188,261
- Median list price $154,950
39 homes are under contract or pending sale, with an average list price of $144,823
Based on the number of homes sold in September (25), there is a 7.92 month supply of homes for sale in the area
Algiers LA 70131 | Number of Homes Sold | September 2009
September saw the highest number of home sales in Algiers for all of 2009 AND the most homes sold since April 2008. While we are still running behind this same time last year (160 this year compared to 175 in September 2008), it does appear that the market is flattening instead of continuing the steep drops that Algiers has experienced for the last couple of years.
BUT (there’s always a but), remember that for a period of time this summer Algiers was included in the City of New Orleans soft second mortgage program for homes that suffered more than $5,200 in repaired hurricane damage. When that money ran out, showing activity softened and slowed. The majority of those allocations have now been closed, so we’ll have to keep an eye on the trends to see what impact that has on the sales numbers going forward.
Algiers LA 70131 | Average Home Sale Price | September 2009
In another bit of good news, the average home sale price in Algiers is less than $1,000 lower than the 2008 average and is almost on par with 2005 (our last normal market). The expiration of the $8,000 tax credit for first time home buyers at the end of November may impact this as well, unless the credit is extended.
The choice of financing can tell you a lot about who is purchasing in a community. FHA continues to be the choice of the majority of home buyers due to the low down payment requirements and the ability to have home sellers provide some assistance with closing costs.
So far in 2009, 53% of FHA buyers in Algiers have received closing cost assistance from sellers. The amounts ranged from a low of $2,000 to a high of $11,500. The average amount of closing cost assistance provided to FHA buyers in 2009 is $5,581 or 3.71% of the purchase price.
All data provided by GSREIN and is deemed reliable, but not guaranteed
If you are considering buying or selling a home in Algiers and have a question or just need a little advice, please contact the West Bank Living Team. It would be our pleasure to assist you with any of your real estate needs.