New Orleans Real Estate News: February 2010

January 2010 Home Sales and Real Estate Market Reports for Algiers LA 70114

Current real estate activity in Algiers LA 70114:

112 single family homes are for sale

  • High list price $390,000
  • Low list price $10,000
  • Average list price $144,144
  • Median list price $118,750

19 homes are under contract or pending sale, priced from $13,000 to $425,000

Based on the number of homes sold in January (7), there is a 16 month supply of homes for sale in the 70114 zip code

Algiers LA 70114 | Number of Single Family Homes Sold | January 2010

Algiers LA 70114 | Home Sales and Real Estate Market Reports

The 70114 zip code of Algiers started out the year with 7 single family homes sold, up from only 2 in January 2009, so it’s a nice start to 2010 after disappointing sales last year.  3 of the sales were in Algiers Point, while the other 4 were in various neighborhoods in the area.

The average days on market for homes sold in January was 80, while the average days on market for active listings is at 155.  This is a good indicator that some of the homes that have been on the market for awhile may be overpriced or in not so great condition.  If you are selling your home, you need to know your competition.  Find out what's going on in your West Bank neighborhood with this week's free market snapshot

Algiers LA 70114 | Home Sales and Real Estate Market Reports

Algiers LA 70114 | Average Sale Price of Single Family Homes Sold | January 2010

Algiers LA 70114 | Home Sales and Real Estate Market Reports

The average sale price jumped up to $154,707 in January, mostly due to the number of homes sold in the Point, which always commands a higher price.

The split between conventional and cash sales tells me that there are very few entry level homes being sold in the area, which would more than likely be financed with FHA loans.  Instead, it appears that either investors or stronger buyers are the ones more interested in these properties.

A few more facts about January home sales:

  • 29% of the sales were of bank owned or foreclosure properties (compared to 33% across the West Bank)
  • 29% of sellers provided some type of closing cost assistance to the buyers
  • 14% of sellers paid for a home warranty for the purchasers

Algiers LA 70114 | Home Sales and Real Estate Market Reports

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

Related Articles:

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Algiers homes for sale
West Bank Real Estate Market Statistics

 

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Originally published at West Bank Living

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Comment balloon 3 commentsLisa Heindel • February 27 2010 10:17AM
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