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

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

Current real estate activity in Algiers LA 70131:

197 homes are for sale in the 70131 zip code (excluding English Turn)

  • High list price $895,000
  • Low list price $35,000
  • Average list price $178,774
  • Median list price $152,000

32 homes are under contract or pending sale, priced from $27,500 to $429,000

Based on the number of homes sold in November (12), there is a 16.4 month supply of homes for sale

Algiers LA Real Estate Report

Algiers LA 70131 | Number of Homes Sold | November 2009

Algiers LA 70131 | November 2009 Home Sales and Real Estate Report Sales in Algiers took a dip in November, bringing the year to date number of homes sold to 194, an average of 17.6 homes per month.  If that average holds, we will end the year just slightly below the 2008 total.

The average days on market as of 11/30/2009 was 124, but don’t count on selling in that amount of time….the longest a home was on the market before selling this year was a whopping 935 days (over 2.5 years).

FHA loans continue to be the most popular financing option for buyers, making up 39% of the sales in Algiers this year, with conventional loans coming in second at 26%.  The surprise in the numbers below is the small amount of VA loans given the proximity of Algiers to NAS JRB New Orleans.  As the Federal City moves closer to completion, I would anticipate seeing an increase in the number of military buyers in the area.

Algiers LA 70131 | November 2009 Real Estate Sales

Algiers LA 70131 | November 2009 Home Sales and Real Estate Report 

Algiers LA 70131 | Average Home Sale Price | November 2009

Algiers LA 70131 | November 2009 Home Sales and Real Estate ReportThe average home sale price in November was $184,070, up substantially from last month.  But, year to date, the average price of $155,362 is still down almost 5% from 2008.

Your particular neighborhood may be performing differently, so get this week’s free market snapshot for an up to date report on listings and sales in your area.

Algiers LA 70131 | November 2009 Home Sales and Real Estate Report All data is provided by GSREIN and is deemed reliable, but not guaranteed

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The West Bank Living Team provides professional real estate services to home buyers and sellers on the West Bank of New Orleans.  It would be our pleasure to assist you with any of your real estate needs.

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Rainmaker
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Colleen Fischesser Northwest Property Shop
RE/MAX Advantage | Managing Broker - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Lisa, I'm curious if your pendings are almost twice as much as your sold listings due to pending short sales? Are they impacting your market much there? Our percentage of pendings is much higher due to short sales in the pipeline.

Dec 15, 2009 02:40 AM #1
Rainmaker
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Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Colleen, we are not experiencing the high number of short sales I'm reading about in other areas.  Once we have an accepted contract here, we are required to change the MLS status to either pending or under contract.  Because we are dealing with an inventory of mostly older homes, once inspections are done, a significant number of them come back on the market.  I've learned not to get excited over pendings, because so many of them don't close.

Dec 15, 2009 03:50 AM #2
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Rainmaker
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Lisa Heindel

New Orleans Real Estate Broker
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