Current real estate statistics for Algiers Point:
- 19 active listings, priced from $149,900 to $699,000
- 1 pending sale (still being shown) priced at $372,000
- 2 homes are under contract, priced from $75,000 to $185,000
- The average listing price in Algiers Point is $276,531
- The median listing price is $219,000
- Based on December 2008 sales (3), there is a 6 month supply of homes for sale in Algiers Point
Algiers Point - Number of Homes Sold 2008
At the beginning of 2008, I was very concerned about the lack of activity in Algiers Point. The Point was one of the very few areas of the West Bank that did not see an explosion in the number of home sales in 2006 after Hurricane Katrina, more than likely due to the almost 20% increase in prices in the community.
Thankfully, it appears that 2008 sales, while not exactly robust, are at least holding steady with the last couple of years. It seems like the new reality for Algiers Point will be fewer sales at lower prices.
The bargain hunters are out in force, with 20% of the sales in 2008 in poor, fair or average condition - ripe for renovation or investors.
Algiers Point LA - Average Home Sale Prices 2008
Algiers Point ended the year with an average sale price of $219,738, the lowest in the last 5 years. This is down 17% from 2007, compared to the average drop in West Bank sale prices of 10%.
Some of this decrease in price can be attributed to low selling prices on homes needing repairs or renovations. Some of it could also be that the market for higher end homes on the West Bank has weakened significantly.
In my opinion, the Point has been unfairly tagged as "not safe" by many people from outside of the area. Unfortunately, that perception is then spread to others, reducing demand and impacting sales prices. I've worked with several incoming military transfers this past year who said they don't want to live in Algiers Point because of the bad things they have heard from others. Despite my best efforts to show the positives of the community, it's still a hard sell to someone from out of town with a pre-conceived notion of the area.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
Are you interested in selling your Algiers Point home? Contact Lisa Heindel. It would be my pleasure to assist and guide you through the realities of today's real estate market.
Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.