Current real estate statistics for Algiers LA 70131:
- 188 active listings, priced from $48,552 to $895,000
- 6 pending (but still showing), priced from $50,000 to $299,950
- 22 homes are under contract, priced from $16,000 to $285,000
- The average listing price is $193,534
- The median listing price is $171,950
- Based on December 2008 sales (16), there is almost a year of inventory in Algiers (70131)
Algiers LA 70131 - Number of Homes Sold 2008
Algiers zip code 70131 ended 2008 with a total of 216 successful home sales, down 32% from the number sold in 2007. This drop in sales is one of the highest on the West Bank, which saw a 23% overall decrease, and is the lowest number of home sales in 5 years.
Why are sales so low?
There are always many reasons why sales drop off, but in my opinion there are 3 main factors:
- Low consumer confidence in the economy is keeping many buyers out of the market
- Strict lending guidelines have knocked some potential buyers out of the market completely, while increase down payment requirements mean that some buyers need more time to save for a home purchase
- A negative perception of Orleans Parish as a whole by buyers relocating from other states
Algiers LA 70131 - Average Home Sale Prices 2008
With the exception of a couple of months of the year, prices in Algiers have been trending downward, and ended 2008 with an average sales price of $163,314. This is 8% less than the average sales price in 2007. Sellers that have lived in their homes longer than 4-5 years should at least be breaking even, if not making a small profit, depending on their neighborhood. Since the overall drop in prices was 10% across the West Bank, this part of Algiers is holding it's value at a little stronger rate than the average.
What can sellers do?
Price it right! No matter what other factors are involved, an aggressively priced and marketed home will almost always get more showings and faster offers.
Data provided by GSREIN and is deemed reliable, but not guaranteed.
Are you thinking about buying or selling a home in Algiers? Contact Lisa Heindel. It would be my pleasure to assist you along the way.
Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.