Algiers LA 70131:Real Estate Market Update for September 2008

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

Current real estate market statistics for Algiers LA zip code 70131 excluding English Turn:

  • 218 active listings, priced from $22,000 to $990,000
  • Average active list price is $191,697
  • 8 listings are pending but continue to show, priced from $19,900 to $385,000
  • 27 under contract, priced from $24,900 to $249,000
  • Average days on market for pending sales is 86
  • Based on September sales, there is over a year's supply of homes for sale in this portion of Algiers

Algiers LA 70131 Number of Homes Sold September 2008

Area 49 # sold

The number of home sales in Algiers zip code 70131 has remained fairly steady during the 3rd quarter of 2008. However, with less than 10% of the available listings making it to closing each month, home sellers need to continue to review their pricing strategy to ensure that they remain competitive.

If other homes in your neighborhood have dropped their asking prices and you have not, you are at a distinct disadvantage when negotiating with buyers who have a large number of choices in today's market. Changes in the availability of credit have also reduced the number of buyers who are qualified to purchase, making the competition for buyers even stiffer.

Area 49 ytd # sold

Algiers LA 70131 Average Home Sale Prices in September 2008

Area 49 avg sale

The average sale price for September dropped substantially from August, but the average is a little misleading since there were 6 sales under $57,000 that skew the numbers a bit. If those extremely low end sales were removed, the average sale price would increase to $176,518.

This number seems more realistic to me, since I've seen quite a bit of showing activity in Tall Timbers, Park Timbers and New Aurora. A number of incoming military transfers to NAS JRB in Belle Chasse will take place before the end of the year and their home searches and purchases have already begun. While Belle Chasse seems to be the community of choice for many of them, lower home prices in Algiers make it a close second.

Area 49 ytd avg sale

Correct pricing remains the most critical factor for home sellers not just in Algiers, but across the West Bank. While our area offers some of the most reasonably priced real estate in the metro area, condition and location must still be taken into account when determining the best price to get your home sold.

For a detailed look at home sales in your neighborhood or for a complete marketing plan, contact Lisa Heindel.

Related Reading:

Lisa Heindel New Orleans West Bank Real Estate Specialist

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

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

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Rainer
195,279
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

WOW! It is pretty visually...but your numbers look a lot like ours...REALLY down for this year. One thing I can say is that...with knowledge comes power. You are empowering your clients to make informed decisions. GBU!!

Oct 09, 2008 10:03 AM #1
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Elizabeth, thank you!  I really believe it is so important for the sellers in the area to see the whole picture - no matter what it is.

Oct 12, 2008 03:33 PM #2
Rainer
179,681
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

Lisa - This is an excellent report on the Algiers market and clearly demonstrates that you are an area expert. In particular, I was impressed that you took the time to research the driving factors for the September price drop.  Without this extra information, buyers and sellers in Algiers could easily draw the wrong conclusions.  Too many agents stop short of delivering this type of quality information.

Oct 13, 2008 08:56 AM #3
Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Erik, thank you - when the numbers don't make sense to me, I am compelled to dig a little and find out why.  You are correct that the wrong conclusions could be drawn without the analysis to go with the numbers.  That's why I track them every month and look at them every which way to see what's really going on.

Oct 13, 2008 12:41 PM #4
Rainmaker
186,230
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

This is one of the best market reports I have ever seen and the comments explain it perfectly. Good work Lisa.

Oct 14, 2008 03:23 AM #5
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Rainmaker
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Lisa Heindel

New Orleans Real Estate Broker
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