Algiers LA 70114 | 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 70114 (including Algiers Point):

115 homes are for sale

  • High list price $425,000
  • Low list price $13,000
  • Average list price $146,748
  • Median list price $119,900

8 homes are pending sale or under contract, priced from $30,000 to $399,000

Based on the number of homes sold in November (6), there is a 19.2 month supply of homes for sale in the 70114 zip code

Algiers LA 70114 | Home sales and real estate market reports for November 2009

Algiers LA 70114 | Number of Homes Sold | November 2009

Algiers LA 70114 | Home sales and real estate market reports for November 2009

It’s pretty obvious that home sales in the 70114 zip code of Algiers are suffering.  Year to date, there have been 67 successful single family home sales, compared to 108 at the same time last year.

There are, in my opinion, a couple of reasons for this:

  1. Sales in Algiers Point have dropped to a very low level
  2. The condition of many of the properties being sold makes them attractive only to investors.  Given the difficulty in obtaining financing (higher down payments, shorter time for repayment) for investment properties, the majority of the buyers of these homes are dealing with cash.  Typically, a cash investor is looking at the lower end of the inventory, so the homes that sit in the middle are languishing on the market.

Algiers LA 70114 | Home sales and real estate market reports for November 2009

Algiers LA 70114 | Average Home Sale Prices | November 2009

Algiers LA 70114 | Home sales and real estate market reports for November 2009

There was a spike in November of the home sale prices, mostly due to a couple of higher end homes selling We aren’t seeing too much of that, so it has a greater impact on the averages.   Year to date, the average home sale price is at $117,680, down 10.5% from 2008.  The combined drops in both the number of sales and the average sale prices present an opportunity for buyers in the area.

Even within the zip code, there are pockets of areas that are performing both better and/or worse than the averagesFind out what's going on in your West Bank neighborhood with this week's free market snapshot.

Algiers LA 70114 | Home sales and real estate market reports for November 2009

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

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Need more information about buying or selling a home on the West Bank of New Orleans?  For professional buyer and seller representation, 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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Ambassador
700,722
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Sure hope the market finds a quick uptick for Algiers in the New Year Lisa.  Great market report.  Your graphs are so appealing and understandable.  Thanks!

Dec 18, 2009 06:03 AM #1
Rainmaker
312,225
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

I wonder what you get for $13,000?  not much here....can't imagine it would be too much there either.

Thanks for the update,

Merry Christmas,

John

Dec 18, 2009 09:47 AM #2
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

John, flooded and gutted...that's what you get for $13k :)

Dec 18, 2009 11:17 AM #3
Rainer
55,195
Teresa Berry
Seattle, WA

Fantabulous Reporting Lisa! and very artful too! (love the question and your answer to -'what you get for $13K LOL) Happy Happy to You and Yours this Season!

Dec 18, 2009 05:10 PM #4
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Thanks, Teresa :)  It's an unfortunate reality that we are still listing and selling these homes over 4 years later.

Dec 19, 2009 12:25 AM #5
Rainmaker
107,887
Grace Keng
Keller Williams Realty Cupertino - Cupertino, CA
CRS, CDPE (408) 799-8887

Your graph did very well. Do you use excel to create it?

We cannot get anything for $13K.

Grace Keng, California www.gracekeng.com

Dec 19, 2009 04:02 PM #6
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Grace, yes, all of the graphs (with the exception of the first one) were created in excel.  The top one is created by my MLS.

Dec 19, 2009 11:58 PM #7
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Rainmaker
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Lisa Heindel

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