New Orleans West Bank Living and Real Estate News: Louisiana: Gretna: Terrytown

Current real estate activity in Terrytown and Gretna LA:

157 homes are currently listed for sale

• High list price $850,000
• Low list price $24,900
• Average list price $211,790
• Median list price $173,500

61 homes are pending sale or under contract, priced from $32,400 to $329,000 Based on the number April sales (23), there is a 6.8 month supply of homes for sale in Terrytown and Gretna

Terrytown/Gretna LA | Number of Single Family Home Sales | April 2010

Home sales in Terrytown and Gretna continue to climb each month, ending April with a total of 74 homes sold year to date. At the same time in 2009, there were 63 home sales, so this is an increase of 17% in the number of homes sold in the 70056 zip code. With 61 homes under contract, I expect that number to continue to climb in May as the first buyers taking advantage of the tax credit get to the closing table.

Days on market has dropped fairly significantly from 2009 to 2010, ending April at an average of 74 days. However, the average active listing has already been on the market for 135 days, so look for an increase in this number as the year goes on.

Terrytown/Gretna LA | Average Single Family Home Prices | April 2010

While the number of sales has been increasing, the average prices that buyers are paying dropped again in April. It’s not all bad news for home sellers though, because year to date prices are just a smidge above the 2009 average and holding steady above the 2005 averages. Considering the losses that owners are taking in some other areas of the country, this is a pretty stable market.

More about April home sales in Terrytown and Gretna

• 17% of April sales were of bank owned or foreclosure properties
• 22% of home sellers provided closing cost assistance to the purchasers
• 39% of home sellers provided a home warranty to the buyers
• FHA continues to be the loan of choice for the majority of home buyers, with cash running second. The majority of the cash sales were of bank owned properties or those that were in poor condition, making them appealing to investors

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

Related Articles:

• Home buying tips
• Home selling tips
• Terrytown and Gretna Homes for Sale
• West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Terrytown and Gretna LA 70056:

168 single family homes are for sale

• High list price $895,000
• Low list price $24,900
• Average list price $211,184
• Median list price $164,950

51 homes are under contract or pending sale, priced from $55,000 to $385,000

Based on the number of sales in March (18), there is a 9.3 month supply of homes for sale in Terrytown and Gretna

Gretna and Terrytown LA 70056 | Number of Home Sales | March 2010

Year to date, there have been 51 single family home sales in the 70056 zip code, compared to 49 at the same time last year.  Inventory (the number of homes listed) is remaining stable, while pending sales have taken a jump.  If I had to guess, I would say that the increase in activity is due to (1) the normal increase in sales in the spring and (2) the pending expiration of the first time home buyer’s tax credit.  We’ll know this for sure over the next couple of months as we continue to track the sales in the Gretna and Terrytown communities.

Days on market has dropped to 81 for homes sold in 2010.  What is interesting is that the average active listing has been on the market for 147 days, while the average home under contract has been on the market for 69 days.  This should be an indicator to some sellers that a price adjustment may be in order to capture the buyers that are searching for a new home.  The potential for increases in interest rates can have the effect of depressing prices further since it reduces the amount that purchasers are qualified to borrow.  Because we’ve seen rates begin to creep up ever so slightly recently, being priced well is critical.

Get this week's free Terrytown LA home value report

Gretna and Terrytown LA 70056 | Average Home Sale Prices | March 2010

Home prices in Terrytown and Gretna are averaging $162,983 so far this year, a 2.6% increase over the 2009 average. A quick glance at the pending sales tells me that we should expect that average to remain pretty stable when April sales are added.

More about March 2010 home sales in Gretna and Terrytown:

• 22% (4) of the sales were bank owned or foreclosure properties
• 39% (7) of sellers paid some type of closing cost assistance to the buyers
• 56% (10) of sellers paid for a home warranty for the purchasers
• FHA remains the most popular loan choice of buyers, so sellers should be sure that their home will meet the criteria for this loan type

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

Related Articles:

• Home buying tips
• Home selling tips
• Terrytown and Gretna Homes for Sale
• West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Terrytown and Gretna LA 70056:

172 homes are for sale

• High list price $1,200,000
• Low list price $24,900
• Average list price $215,009
• Median list price $169,000

36 homes are under contract or pending sale, priced from $70,312 to $449,900

Based on the number of Terrytown/Gretna homes sold in February (13), there is a 13.2 month supply of homes for sale in the community

Terrytown and Gretna LA 70056 | Number of Homes Sold | February 2010

Although the number of home sold dropped from January to February, year to date there have been 33 single family home sales, up from 28 at the end of February 2009. With 36 pending sales, it looks like the area is off to a good start in 2010. It remains to be seen if the volume will be sustainable after the first time home buyer tax credit ends on April 30th, so we will continue to track activity in the community. 

Average days on market for homes sold in 2010 is now at 80. As older inventory is cleared out, I expect this number to go up since the average days on market for active listings is currently 143 days.

Terrytown and Gretna LA 70056 | Average Single Family Home Sale Prices | February 2010

Prices took a jump in February, bringing the year to date average to $161,852. This is a slight increase over the 2009 average. Again, we will have to track ongoing activity to determine if this is a true increase in sale prices.

Some more facts about Terrytown and Gretna home sales in February:

• Condition of homes was varied, with 5 homes sold in Excellent condition, 3 homes in Average condition, 3 homes in Fair condition and 2 homes in Very Good condition
• 39% of the homes sold were bank owned or foreclosure properties
• 31% of sellers paid for a home warranty for the buyers
• 23% of sellers provided some type of closing cost assistance to the purchasers
• FHA remains the most popular choice in home purchase financing

Related Articles:

Home buying tips

Home selling tips

Homes for sale in Terrytown and Gretna LA

West Bank Real Estate Market Statistics

For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Current real estate activity in Terrytown and Gretna:

165 homes are for sale in the 70056 zip code

• High list price $899,000
• Low list price $24,900
• Average list price $206,892
• Median list price $169,900

37 homes are under contract or pending sale, priced from $53,000 to $425,000

Based on December sales (14), there is a 8.5 month supply of homes for sale in Terrytown and Gretna

Terrytown and Gretna LA 70056 | Number of Homes Sold | December 2009

Good news for Terrytown and Gretna! The number of homes sold in the city increased from 2008 to 2009. Granted, it’s a small increase, but it’s a step towards stemming the tide of dropping sales in the area.

In 2009, sales in Gretna and Terrytown made up 15.7% of the West Bank real estate market, with 224 of the 1,429 homes sold in the area.

How Does Terrytown compare to the rest of the West Bank?

The average days on market for homes sold in rose again in 2009, ending the year at 96. Remember, this is just an average. The Terrytown/Gretna home on the market the longest in 2009 sold in 491 days – that’s over one year on the market - while the fastest sale was in only 1 day.

Terrytown and Gretna LA 70056 | Average Home Sale Prices | December 2009

The increase in the number of sales is offset by the drop in prices with another year of falling prices in Terrytown. The bright side (hey, there’s always a bright side) is that prices are on par with pre-Katrina values in the area.

Home sale prices in Terrytown continue to be just above the West Bank average, but my concern is the average listing prices and how sellers are deciding on a number. Your homes value depends on how your particular neighborhood is performing and should be priced accordingly. Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

Other items of note:

• FHA continues to be the most popular financing choice in Terrytown/Gretna, with conventional financing coming in 2nd
• 44% of sellers provided some type of closing cost assistance to the buyers, so not only are prices down, but there are a significant number of sellers offering concessions to get their homes sold. Be sure that your agent has provided you with the details of home sales in your neighborhood to know the whole story.

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

Related Reading:

• Terrytown and Gretna homes for sale
• New Orleans West Bank homes for sale
• Home buying tips
• Home selling tips

For more information about home buying or selling in Terrytown and Gretna or a relocation to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Current real estate activity in Terrytown and Gretna LA 70056:

161 homes are for sale

• High list price $899,000
• Low list price $24,900
• Average list price $210,333
• Median list price $169,900

39 homes are under contract or pending sales, priced from $53,000 to $425,000

Based on November sales (30), there is a 18.6 month supply of homes for sale in the area

Terrytown and Gretna | Number of Homes Sold | November 2009

The last couple of months have seen a substantial increase in the number of homes sold in Terrytown and Gretna, bringing the year to date number of sales to 210.  Looking at the average number of homes sold each month in 2009, I would project that this year will surpass 2008 – one of the only areas on the West Bank that will record an increase in sales.

Most buyers (45.7%) are using FHA financing to purchase Terrytown homes, which means they are not purchasing homes that require substantial repairs.  This is important for sellers to know when deciding what they are willing to do to prepare their homes for sale.

Terrytown and Gretna | Average Home Sale Prices | November 2009

Although the number of sales in the 70056 zip code is increasing, the average sale prices are about 5% below those of 2008.  The good news is that prices are above those in 2005, our last really “normal” market on the West Bank.  As is the case in every area, some communities are performing better/worse than others.

Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

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

Terrytown and Gretna Homes for Sale
New Orleans West Bank Homes for Sale

Home buying tips
Home selling tips

For more information about buying or selling a West Bank home, please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs, and have a little fun while doing it!

Current real estate activity in Terrytown and Gretna LA:

170 homes for sale

• High list price $999,000
• Low list price $24,900
• Average list price $217,709
• Median list price $169,700

48 homes are under contract or pending sale, priced from $35,900 to $400,000

Based on the number of homes sold in October (26), there is a 6.5 month supply of homes for sale in the area (a fairly balanced real estate market)

Terrytown and Gretna LA 70056 | Number of Homes Sold | October 2009

October marked the most active month of the year in Terrytown and Gretna home sales.  I’m sure that much of this increase was due to the uncertainty about whether or not the first time home buyer’s tax credit would be extended (which it has).  First Time Home Buyer Tax Credit Extended and Expanded

Year to date, there have been 180 homes sold in the 70056 zip code, compared to 190 at the same time last year.  It seems that while the number of sales has been dropping for the last couple of years, we are finally beginning to see some stabilization in the market.

Terrytown and Gretna LA 70056 | Average Home Sale Price | October 2009

The 2009 average home sale price at the end of October was $158,775, a decrease of 6% from the 2008 average, but slightly above the 2005 average.  Since 2005 was the last market that was not impacted by either Katrina or the economy, it’s a good barometer for “normal” and normal has been hard to find lately.

Unless you purchased your home in the last couple of years, it’s a good bet that you have not lost any of the equity in your home.  Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

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

You might also be interested in:
Terrytown and Gretna homes for sale
New Orleans West Bank Homes for Sale

Home Buying Tips
Home Selling Tips

The West Bank Living Team would be more than happy to assist you with any of your real estate needs.  Feel free to call us or drop us a line with any of your questions or concerns.

Current real estate activity in Terrytown and Gretna LA 70056:

167 homes are for sale

• High list price $1,390,000
• Low list price $16,900
• Average list price $209,418
• Median list price $165,000

67 homes are under contract or pending sale, with an average list price of $172,469

Based on the number of homes sold in September (15), there is an 11.13 month supply of homes for sale

Terrytown and Gretna LA | Number of Homes Sold | September 2009

Although they are down about 9% from this time last year, the number of home sales in Terrytown and Gretna is holding fairly steady from month to month.

While the media focus has been on the first time home buyer tax credit and FHA loans, amazingly enough there were no FHA loans that closed in Terrytown in September.

Terrytown and Gretna LA | Average Home Sale Price | September 2009

The bad news is that average home sale prices are down 5% from last year – and that’s really not so bad when compared to some of the other West Bank neighborhoods that have been hit hard. 

The good news is that unless you purchased your home in 2006-2008, you more than likely have built equity in it, just not at the same rate we saw in the early 2000s.

Homes that are priced right and in excellent condition continue to attract the most attention and sell faster than homes that need a little TLC.

Home Selling Tips

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

Terrytown and Gretna LA homes for sale

Home Buying Tips

Find out what's going on in your West Bank neighborhood with this week's free market snapshot.

Questions?  Contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

Recently, I heard about a 5 year old boy who lives in Algiers named Ben Sarrat.  Ben is fighting an inoperable brain tumor caused by pediatric cancer.  His family is doing everything they can to make Ben’s life happy, including sending him to St. Andrew the Apostle School which has been a dream of his since he was very small.  Attending St. Andrew’s has let Ben meet some great kids – and those kids are showing just how great they are this weekend.

Because they want to help Ben get better, several of his friends and classmates have organized a multi-family bake sale for this Sunday morning at 753 Huckleberry Lane in Terrytown.   Not only can you buy cookies, cupcakes, lemonade and other treats, but there will also be a raffle of a $100 gift certificate to Ruth’s Chris Steakhouse (raffle tickets are just $1 each).

People who move to New Orleans from other parts of the country usually think that they are coming to a big city.  Those of us who grew up here or have lived in the metro area for any length of time know that it’s really just a small town surrounded by a lot of other small towns.  And it’s these kind of small town happenings that remind me just how lucky we are over here on the West Bank to have such a caring community that will rally around friends in need.

Please take a moment on Sunday to stop by the bake sale and show some of our little citizens that they don’t have to wait for the world to change – they can change it, in their own way, every single day.

Directions to 753 Huckleberry Lane

Current real estate activity in Terrytown and Gretna LA 70056:

168 active listings

• High list price $1.590,000
• Low list price $62,900
• Average list price $250,151
• Median list price $186,500

42 pending sales, priced from $56,900 to $499,900

Based on the number of March sales (21), there is a 8 month supply of homes for sale in the 70056 zip code

Terrytown and Gretna LA – Number of Homes Sold March 2009

Sales in the 70056 zip code rose again in March 2009, ending the quarter with 48 homes sold year to date, compared to 59 at this same time last year. 

The majority of the homes sold in the area in March were in Excellent condition, so potential sellers should be sure that they have prepared and priced their home well before going on the market since buyers in the community are looking for the best move-in values around.

Most of the sales were financed with FHA loans and 43% of the sellers provided some sort of assistance to the buyers with closing costs and pre-paids.  If you are considering selling a home in the area, be sure to choose an agent who can provide you with adjusted sales prices to account for these types of assistance and their impact on selling prices and your bottom line.

Terrytown and Gretna LA 70056 – Average Home Sale Price March 2009

Average home prices rose in March, but the year to date average is still about 4% below the 2008 average.  Remember, these sale prices have not been adjusted for any seller assistance provided to buyers.  In March, the average amount of seller assistance provided to buyers in Terrytown and Gretna was $6,097.

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

• Search Gretna and Terrytown LA homes for Sale
• Terrytown/Gretna market reports
• 2009 First Time Home Buyer Tax Credit FAQ
• Choosing a Tech Savvy REALTOR to Sell Your West Bank Home

For more information about buying or selling a home in Terrytown or Gretna LA, please contact the West Bank Living Team.  It would be our pleasure to assist you.

The West Bank Living Team provides local, professional real estate services to buyers, sellers and military relocations to NAS JRB New Orleans.  Please feel free to call on us for help with any of your real estate needs.

Originally published at West Bank Living

Current real estate statistics for Terrytown and Gretna (70056) as of 11/5/2008:

• 189 active listings, priced from $39,900 to $1,590,000
• Average listing price of $226,697
• Median listing price of $179,900
• 6 pending sales (continuing to show) priced from $30,000 to $235,000
• 1 open predication (waiting on buyers home to sell) priced at $209,000
• 19 under contract listings, priced from $30,000 to $499,000
• Based on October 2008 sales, there is a 9 month supply of homes for sale in Terrytown and Gretna LA, down from 12.9 months in September.
• What changed?  A 50% increase in the number of sales from September to October directly impacted the projected supply.

Terrytown and Gretna LA - Number of Homes Sold October 2008

On average for 2008, 18.9 homes have sold in Terrytown and Gretna each month, compared to 28.4/month at the same time last year.  The number of homes being sold in the community has dropped substantially from the last 4 years. 

Why the lower numbers?  No single reason impacts an entire community, but tighter credit restrictions and high home prices combine to shut many first time buyers out of the market.  Sellers who continue to cling to their "I'm not giving my house away" prices are staying on the market as they are passed over for more aggressively priced and marketed homes.

Terrytown and Gretna LA - Average Home Sale Price October 2008

The Terrytown and Gretna real estate market was full of artificially inflated home values at the end of 2005 and throughout 2006 and 2007.  These prices could not be sustained in our current market - as a result, the average sale price has decreased over $14,000 so far this year.  It concerns me to see the average sale price drifting upward each month given the much smaller pool of qualified buyers who are looking in the area.

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

These reports are intended to provide an overview of the Gretna and Terrytown real estate market and your neighborhood may be experiencing a different micro-market that is performing better or worse than the entire zip code.  If you would like a more detailed report for your particular subdivision, contact Lisa Heindel.  Knowing the realities gives you the knowledge to make the best buying or selling decision.

Related Reading:

• Are You REALLY Ready to Sell Your West Bank Home
• Home Selling Tips
• Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

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