Algiers LA 70131 | Home Sales and Real Estate Market Trends for September 2009

By
Real Estate Broker/Owner with Crescent City Living LLC Licensed LA RE Commission

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

Algiers LA 70131 Real Estate

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

Algiers LA 70131 | Real Estate and Home Sales for 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 | Real Estate and Home Sales for September 2009

Algiers LA 70131 | Average Home Sale Price | September 2009

Algiers LA 70131 | Real Estate and Home Sales for 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.

Algiers LA 70131 | Real Estate and Home Sales for September 2009

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.

Algiers LA 70131 | Real Estate and Home Sales for September 2009

 

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

Related information:

Algiers LA homes for sale

Home buying tips
Home selling tips

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.

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Rainmaker
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Susan Brown
Keller Williams NE, Kingwood Texas (Humble & Atascocita too) - Kingwood, TX

Lisa, Great job on the marketing trends piece for Algiers.  It's informative and laid out well. I wasn't sure how your activity had suffered with Katrina.  It's good to know that it's getting better.

Oct 29, 2009 02:26 AM #1
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Susan, we were fortunate here on the West Bank of the river to not suffer from the massive amounts of flooding.  However, there was a huge spike in value post Katrina because of that and the market is trying to stabilize right in the middle of this economic mess!

Oct 29, 2009 02:55 AM #2
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Rainmaker
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Lisa Heindel

New Orleans Real Estate Broker
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