New Orleans Real Estate News: Louisiana: Terrytown

Terrytown and Gretna LA 70056: 2008 Real Estate Year in Review

2008 was a crazy year for home sales on the West Bank of New Orleans, and Terrytown and Gretna were no exception. Take a look at what happened to the real estate market in the charts below.

Current real estate activity in Terrytown and Gretna LA:

  • 179 Active listings, priced from $79,900 to $1,590,000
  • 5 pending sales (homes still being shown), priced from $80,000 to $169,000
  • 21 homes are under contract, priced from $68,000 to $322,900
  • The average listing price is $241,259
  • The median listing price is $179,000
  • Based on December 2008 sales, there is a 10.5 month supply of homes for sale in the area

Terrytown and Gretna LA - Number of Homes Sold 2008

Terrytown and Gretna LA Home Sales 2008

Terrytown and Gretna (70056) ended the year with 220 home sales, down 33% from the number sold in 2008. Across the West Bank, home sales dropped by 23%, so Terrytown and Gretna home sales are taking a bigger hit than in some other communities.

You can see in the chart below that, excluding the crazy 2006 market, home sales in the area have been dropping each year since 2004 - at the same time that average prices were climbing.

Why the drop in sales?

There are a couple of reasons for the decline. Consumer confidence is low, and when people don't have confidence that they will still have jobs, they don't buy houses. Also, stricter mortgage guidelines have forced many buyers to remain renters while they save for the higher down payments now required by lenders. Add that down payment to closing costs and inspection fees, and many first time buyers just don't have the cash to be able to purchase right now.

Terrytown and Gretna LA Home Sales 2008

Terrytown and Gretna LA - Average Home Sale Prices 2008

Terrytown and Gretna LA Home Sales 2008

Terrytown and Gretna ended 2008 with an average sale price of $168,984 - down 9.6% from the 2007 average. This is more on par with the rest of the West Bank real estate market, which experienced a 10% overall decline in average sale prices.

With the annexation of Timberlane to the City of Gretna, I don't anticipate a big increase in the average sale prices for 2009 unless activity in Stonebrige increases dramatically.

What can sellers do?

Be realistic. Don't price your home based on emotion, price it based on the market. Use the most recent sales possible in your neighborhood and realize that the numbers don't lie - your house is only worth what a buyer is willing to pay for it no matter what improvements you have made or how much you need to move to your next home.

Terrytown and Gretna LA Home Sales 2008

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

Curious about what's going on in your neighborhood? Get up to the minute MLS information delivered to your email each month with a free online market report of listings and sales.

Have questions? Contact Lisa Heindel. It would be my pleasure to answer them.

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Copyright 2009. Lisa Heindel and West Bank Living. All rights reserved.

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Comment balloon 3 commentsLisa Heindel • January 17 2009 09:29AM
Terrytown and Gretna LA 70056: 2008 Real Estate Year in Review
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2008 was a crazy year for home sales on the West Bank of New Orleans, and Terrytown and Gretna were no exception. Take a look at what happened to the real estate market in the charts below. Current real estate activity in Terrytown and Gretna… more