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March 2010 Home Sales and Real Estate Market Report for Algiers | New Orleans LA 70114

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

Current real estate activity in Algiers, 70114 (including Algiers Point):

106 single family homes are for sale

  • High list price $389,000
  • Low list price $29,000
  • Average list price $137,762
  • Median list price $112,500

23 homes are under contract or pending sale, priced from $10,000 to $287,900

Based on the number of homes sold in March (12), there is a 8.8 month supply of homes for sale in the area

Algiers LA 70114 | Number of Single Family Homes Sold | March 2010

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

Home sales in the 70114 zip code of Algiers took a jump in March, bringing the year to date total number of single family homes sold to 25 (compared to 14 during the first quarter of 2009).  This portion of Algiers is really a tale of two different markets – the foreclosure market and the rest of the sales – and foreclosure sales made up 58% of the home sold in this section of Algiers in March.

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

Days on market is still holding steady, but with the average listing already on the market for 153 days, look for this number to increase in the coming months as some older inventory is hopefully cleared out.

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

Algiers LA 70114 | Average Single Family Home Sale Prices | March 2010

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

Sale prices increased in March, bringing the year to date average to $125,158.  The increase in sales prices from 2009 to 2010 can be mostly attributed to an increase in sales in Algiers Point since the highest priced real estate in the zip code is in the historic district and a few sales in that area can have a major impact on the average.  Your

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

More about March sales:

  • 3 homes sold were in Excellent or Very Good condition, while the remainder were in Average, Fair and Poor condition
  • 33% of sellers provided some sort of closing cost assistance to the purchaser
  • No home warranties were provided by sellers in March
  • Because of the high percentage of foreclosures and properties in need of renovation, cash is king in the 70114 zip code, used in more than half of the sales so far in 2010.

Algiers, New Orleans LA 70114 | March 2010 Home Sales and Real Estate Market Trends

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

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Terri and Lisa | The West Bank Living Team 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

Comments (3)

Susan Mangigian
RE/MAX Preferred - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

Love the way you do market reports!  It feels like old home week on the AR blogroll today!!  I was hoping for one of your local stories!  

Apr 22, 2010 09:49 AM
Susan Brown
Keller Williams NE, Kingwood Texas (Humble & Atascocita too) - Kingwood, TX

Lisa - Well it does look like Algiers home sales got a good bump in March!  Let's keep the trend going and get that sales price up as well.

Apr 22, 2010 11:22 AM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Hi Susan...I have some in draft that I'm tweaking now :)

Hi Susan B!  Those foreclosures are pulling the prices down, which is why it's important for sellers to understand who they are competing with in their neighborhood.

Apr 23, 2010 02:17 AM