Current real estate activity in Terrytown and Gretna LA 70056:
168 single family homes are for sale
- High list price $895,000
- Low list price $24,900
- Average list price $211,184
- Median list price $164,950
51 homes are under contract or pending sale, priced from $55,000 to $385,000
Based on the number of sales in March (18), there is a 9.3 month supply of homes for sale in Terrytown and Gretna
Gretna and Terrytown LA 70056 | Number of Home Sales | March 2010
Year to date, there have been 51 single family home sales in the 70056 zip code, compared to 49 at the same time last year. Inventory (the number of homes listed) is remaining stable, while pending sales have taken a jump. If I had to guess, I would say that the increase in activity is due to (1) the normal increase in sales in the spring and (2) the pending expiration of the first time home buyer’s tax credit. We’ll know this for sure over the next couple of months as we continue to track the sales in the Gretna and Terrytown communities.
Days on market has dropped to 81 for homes sold in 2010. What is interesting is that the average active listing has been on the market for 147 days, while the average home under contract has been on the market for 69 days. This should be an indicator to some sellers that a price adjustment may be in order to capture the buyers that are searching for a new home. The potential for increases in interest rates can have the effect of depressing prices further since it reduces the amount that purchasers are qualified to borrow. Because we’ve seen rates begin to creep up ever so slightly recently, being priced well is critical.
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Gretna and Terrytown LA 70056 | Average Home Sale Prices | March 2010
Home prices in Terrytown and Gretna are averaging $162,983 so far this year, a 2.6% increase over the 2009 average. A quick glance at the pending sales tells me that we should expect that average to remain pretty stable when April sales are added.
More about March 2010 home sales in Gretna and Terrytown:
- 22% (4) of the sales were bank owned or foreclosure properties
- 39% (7) of sellers paid some type of closing cost assistance to the buyers
- 56% (10) of sellers paid for a home warranty for the purchasers
- FHA remains the most popular loan choice of buyers, so sellers should be sure that their home will meet the criteria for this loan type
All data is provided by GSREIN and is deemed reliable, but not guaranteed
Related Articles:
- Home buying tips
- Home selling tips
- Terrytown and Gretna Homes for Sale
- West Bank Real Estate Market Statistics
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!
Originally published at West Bank Living
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