In a real estate environment marked by falling sales and prices, the 70114 zip code in Algiers is bucking the trend with an increase in the number of homes sold in 2008. Take a look at how the year ended up for the area.
Current real estate statistics for Algiers LA 70114:
- 87 active listings, priced from $29,900 to $699,000
- 5 pending sales (but still being shown) priced from $50,000 to $372,000
- 13 homes are under contract, priced from $53,946 to $185,000
- The average list price is $155,549
- The median list price is $125,000
- Based on December 2008 sales, there is a one year supply of homes for sale in Algiers 70114
- Note: These statistics include all of 70114. A separate report breaks out Algiers Point home sales
Algiers LA 70114 - Number of Homes Sold 2008
As mentioned above, the 70114 zip code actually showed an increase in the number of sales from 2007 to 2008 - the only area on the West Bank to accomplish this.
Why the increase?
- A large number of properties in conditions that make them more attractive to investors
- 55 of the 115 sales in 2008 were of homes in poor, fair or average condition - these are all conditions that typically are not eligible for FHA or VA financing.
Algiers LA 70114 - Average Home Sale Prices 2008
Algiers 70114 ended the year with an average sale price of $131,531, down 18% from the 2007 average, compared to the 10% average decline across the West Bank.
Again, this is directly related to the condition of homes in the area. There is a definite chasm between the sale prices on homes in better condition:
Average sale price of homes in New, Excellent or Very Good condition: $188,890
Average sale price of homes in Average, Fair or Poor condition: $66,642
These differences in sales prices point out the need to pinpoint comparables when pricing your property. A West Bank real estate specialist can help you find the right price to compete with the other homes on the market.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
If you are considering buying or selling a home in Algiers, please contact Lisa Heindel. It would be my pleasure to assist you.
Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.
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