Current real estate activity in Algiers Point:
21 single family homes are for sale in the Point
- High list price $389,000
- Low list price $187,000
- Average list price $276,910
- Median list price $275,000
6 homes are under contract or pending sale, priced from $113,400 to $287,900
Based on the number of homes sold in March (6), there is a 3.5 month supply of homes for sale in Algiers Point
Algiers Point | Number of Single Family Homes Sold | March 2010
Algiers Point ended the first quarter with a total of 11 single family home sales, compared to 3 at the same time last year. Already in 2010, the Point has sold more than 50% of the total sales recorded in 2009 – great news for sellers who watched sales dip dramatically last year. Since the Point is not the typical first time home buyer market, I would not expect to see a drop off in sales when the tax credit ends on April 30th.
I’m excited about the increase in the number of sales but I’m still hesitant to call it a recovery, choosing instead to spotlight it as a shifting market until we have more data in. Potential home buyers and sellers can keep up with new listings and sales by getting this week’s free home value report.
Days on market has increased as some of the homes that have been listed for a longer time are finally selling. I expect to see this number continue to go up since the average active listing has been on the market now for 196 days and the average home that is pending sale has been on the market for 139 days.
Algiers Point | Average Single Family Home Sale Prices | March 2010
The average sales prices have been dropping month to month in 2010, but are still almost 16% higher than in 2009. With only 1 bank owned foreclosure sold in the area this year, the average paints a fairly accurate portrait of home values for owners in the Point.
More about March 2010 home sales in Algiers Point:
- 1 bank owned foreclosure was sold
- 33% (2) of sellers provided some sort of closing cost assistance to the buyers
- Conventional loans are the standard financing option in the Point, typically due to either the renovations needed or the age of the home presents some challenges for FHA financing because of the code requirements.
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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