Current real estate activity in Algiers, 70131 (excluding English Turn):
195 single family homes are for sale
- High list price $895,000
- Low list price $22,500
- Average list price $174,729
- Median list price $154,900
37 homes are under contract or pending sale, priced from $26,600 to $367,500
Based on the number of sales in March (18), there is a 10.8 month supply of homes for sale in Algiers
Algiers 70131 | Number of Single Family Homes Sold | March 2010
As of the end of the first quarter of 2010, there have been 42 single family homes sold in Algiers 70131 (excluding English Turn) compared to 38 during the first quarter of 2009. Foreclosures and bank owned properties have definitely had an impact on sales in Algiers, with 15 of these homes sold as of March 2010.
The year to date days on market average has dropped to 99, mostly due to (again) the bank owned and foreclosure homes skewing the average. For non-foreclosure properties, the average days on market was 125, while bank owned homes are selling in an average of 53 days. It can be difficult in some cases for sellers to compete with the value that these third parties can offer, so proper pricing to reflect what is happening in your West Bank neighborhood is critical.
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Algiers 70131 | Average Single Family Home Sale Prices | March 2010
While we saw a dip in the average sale price from February to March, the year to date average has increased slightly from 2009 to 2010. As of March 2010, the average Algiers home is selling for $158,912. Again, foreclosures are having an impact and need to be taken into account when pricing your home or considering whether that “bargain” you are considering buying is really a bargain.
Foreclosure properties are selling at an average price of $120,287, while non-foreclosures are selling at an average of $175,924. Not only is this important for home sellers to know, but buyers should be aware that homes that are not owned by banks and in good condition will command a substantially higher price.
More about March 2010 home sales in Algiers:
- 33% of the homes sold were bank owned or foreclosed properties
- 28% of sellers paid for a home warranty for the buyers
- 28% of sellers provided some sort of closing cost assistance to the purchasers
- FHA loans remain the most popular choice of buyers, but cash is not far behind
All data is provided by GSREIN and is deemed reliable, but not guaranteed
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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!
Originally published at West Bank Living
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