Algiers LA 70131 | Home Sales and Real Estate Market Trends for December 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):

173 homes are for sale in Algiers 70131

  • High list price $895,000
  • Low list price $37,900
  • Average list price $183,380
  • Median list price $155,000

28 homes are under contract or pending sale, priced from $40,000 to $429,000

Based on the number of December sales (13), there is a 13.3 month supply of homes for sale in the area

Algiers LA 70131 | Number of Homes Sold | December 2009

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

2009 home sales in Algiers fell just short of those in 2008, ending the year with 208 successful sales.  This is the second year of severely reduced home sales in the area and it’s reflected in the average days on market (see chart below).

I wish I had a crystal ball for why Algiers is performing so poorly, but I don’t.  What I am hearing from home buyers is a combination of schools, taxes, insurance and the poor perception of the City of New Orleans are pushing them to nearby areas in Plaquemines Parish or Jefferson Parish.

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

Days on market (the length of time it takes a home to sell) has been on the increase in Algiers for the last several years, ending 2009 at 137 days.  Remember, this is just an average.

  • The home on the market the longest sold in 935 days.
  • The home on the market the shortest period of time sold in 1 day.

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

Algiers LA 70131 | Average Home Sale Prices | December 2009

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

Home prices in Algiers remained fairly steady through most of 2009, ending the year with an average sale price of  $155,362.  This is a 4.9% decline from the 2008 average, putting home values below those of a pre-Katrina market.  While we were hopeful at the beginning of the year that we would begin to see a recovery in the Algiers market, it’s not happening yet.

  • The most expensive home sold in Algiers in 2009 was a 7 bedroom, 4.5 bath home in Lakewood Estates that sold for $519,000 in November, 2009.
  • The least expensive home sold in Algiers in 2009 was a 3 bedroom, 1 bath home that sold for $8,000 in February, 2009.  (This particular property was purchased by the seller at a tax sale)

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

FHA is the most popular financing choice of Algiers home buyers, with 39% opting to use that type of loan for their home purchase.  Of note is that 41% of home sellers in Algiers provided some type of closing cost assistance to buyers when selling their home.  It’s important to be sure that you know all of the details about comparable sales in your area when pricing your home to sell.

Find out what's going on in your West Bank neighborhood with this week's free market snapshot. 

Algiers LA 70131 | 2009 Home Sales and Real Estate Market Statistics

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

Related Articles:

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Home selling tips

West Bank Market Statistics

 

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For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team.

It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

another great market report Lisa.  Thanks for the information especially the chart!  They are great visuals...

Jan 20, 2010 10:21 PM #1
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Lisa Heindel

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