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Gretna, LA and Terrytown, LA: January 2008 Home Sale Market Update

By Lisa Heindel

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

February 06, 2008 06:04 AM

The January sales reports are in for the City of Gretna, LA, zip code 70053 and for unincorporated Gretna and Terrytown, LA, zip code 70056.

City of Gretna Home Sales

While the average sale price has increased by almost 38% from January of 2007, the increase cannot be used as a market indicator with only 2 homes sold in January 2008. After our early Mardi Gras, the usual increase in spring sales should start a little sooner this year. I know that my phone has been ringing more often as more agents are calling for appointments on my West Bank listings, which is always a good sign of increased market activity.

	January 2008	January 2007
# Sales	2	6
Average Sale Price	$161,250	$117,000
Average Days on Market	161	53
Total Sales Volume	$322,500	$702,000

There are currently 57 active listings in the City of Gretna, priced from $35,000 to $499,900. There are 15 homes pending sale in the area, with list prices from $107,000 to $249,900. This is great news! If all 15 close in February, it will more than double the 2007 activity for the same period.

Gretna and Terrytown Home Sales

January home sales in unincorporated Gretna and Terrytown were down by approximately 5% (in sales volume) from January 2007, while the days on market continued to creep up by about a weeks time. Bad news? Not necessarily so, keep reading for the pending sale information.

	January 2008	January 2007
# Sales	14	20
Average Sale Price	$163,250	$170,290
Average Days on Market	81	73
Total Sales Volume	$2,285,500	$3,405,800

There are currently 154 active listings in the area, priced from $58,700 to $1.2 million dollars. Pending sales have been noted on 38 homes. If all of the pending sales close in February, it will mark the best February sales rate in more than 5 years.

What does this mean for home sellers? The buyers are slowly coming back to the region, increasing your chances of selling your home in 2008. It does not mean that a home that is over priced will sell! Note the average sale price dip from 2007 to 2008 - the homes that are priced the best and/or are in the best condition will continue to sell first.

What does this mean for home buyers? Many buyers have been taking their time in choosing their next home since sales have been slow. It has been possible to look at many homes and feel fairly comfortable that they would be there waiting for you (and at a better price). Don't let the recent increase in home sales cause you to miss out on the house of your dreams. When you find the right home - don't delay - make an offer before someone else does!

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyer, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.