New Orleans West Bank Living and Real Estate News: Louisiana: Westwego

Current real estate activity in Westwego, Avondale and Bridge City:

139 single family homes are for sale

• High list price $330,000
• Low list price $24,900
• Average list price $130,840
• Median list price $119,000

23 homes are under contract or pending sale, priced from $19,900 to $299,000

Based on the number of homes sold in January (8), there is a 17 month supply of homes for sale in the 70094 zip code

Westwego Avondale Bridge City | Number of Single Family Homes Sold | January 2010

The 70094 zip code started the year with 8 home sales in January, compared to 10 in January 2009. This marks the slowest January sales in the last 5 years. But, with 23 homes under contract, I expect to see an increase in closings for February.

Days on market took a jump, up to an average of 107 days for sold listings. Active listings have been on the market for an average of 129 days, so look for this trend to continue.

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

 

Westwego Avondale Bridge City | Average Single Family Home Price | January 2010

While the number of sales was down, the average price for homes sold in January was up to $120,850. This is the highest monthly average we’ve seen in the 70094 zip code since 2007.

FHA continues to be the financing option of choice for the majority of buyers in the Westwego, Avondale and Bridge City communities. With the stricter condition requirements for FHA loans, sellers should be aware that deferred maintenance can make their homes ineligible for this type of financing.

A few facts about January sales:

• 37.5% of homes sold were bank owned or foreclosure properties (compared to 33% across the West Bank of New Orleans)
37.5% of sellers provided some type of closing cost assistance to the buyers
• 25% of sellers paid for a home warranty for the purchasers

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

Related Articles:

Home buying tips
Home selling tips
Westwego homes for sale
West Bank Real Estate Market Statistics

 

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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 zip code 70094:

140 homes are for sale in Avondale, Bridge City and Westwego, LA High list price $330,000

• Low list price $28,900
• Average list price $129,138
• Median list price $119,000

17 homes are under contract or pending sale, priced from $20,000 to $136,900 Based on the number of December sales (20), there is a 7 month supply of homes for sale in the area

Westwego, Avondale and Bridge City | Number of Homes Sold | December 2009

Home sales in the 70094 zip code have been on the rise since August 2009, and ended the year at 152, just 8 sales shy of matching the 2008 sales. Even though we are not at the numbers recorded in previous years, based on the number of sales and the average sale prices, the areas of Westwego, Avondale and Bridge City are all showing signs of a stabilizing real estate market.

While sales seem to be balancing out, it is taking longer to sell homes all over the West Bank, with the average days on market climbing over 58% to 84 days.

• The longest 2009 home sale in the 70094 zip code was in 440 days
• The shortest 2009 home sale in the 70094 zip code was in 1 day

Westwego, Avondale and Bridge City | Average Home Sale Price | December 2009

Prices in the area dropped slightly from 2008 to 2009, but by a negligible amount and are almost even with the pre-Katrina market. If you have been in your home for more than 5 years, you more than likely have experienced an increase in the value and equity in your home.

• The most expensive home sold in the 70094 zip code was a 4 bedroom, 4.5 bath home on Barbe Drive that sold for $275,000 in September, 2009.
• The least expensive home sold in the 70094 zip code was a 3 bedroom, 2 bath home in Bridge City in poor condition that sold for $10,500 in January, 2009.

As in most areas on the West Bank, FHA is the financing choice of the majority of buyers. 35% of home sellers in the Westwego area provided closing cost assistance to the purchasers of their homes in 2009. Sellers, be sure that your agent is providing all of the details about comparable sales in your neighborhood.

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

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

Related Articles:

Home buying tips

Home selling tips

West Bank Market Statistics

 

 

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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!

Current real estate activity in Westwego, Avondale and Bridge City:

138 homes are for sale

• High list price $330,000
• Low list price $30,900
• Average list price $132,320
• Median list price $119,350

24 homes are under contract or pending sale, priced from $20,000 to $136,900

Based on the number of homes sold in November (15), there is a 9.2 month supply of homes for sale in the area

Westwego, Avondale and Bridge City | Number of Homes Sold | November 2009

Westwego hit a high for the year, with 15 homes sold in November, bringing the year to date total to 132 home sales in the 70094 zip code (compared to 149 at the same time last year).

FHA remains the most popular financing option chosen by home buyers in Westwego, Avondale and Bridge City.  Because it is among the most affordable housing on the West Bank of New Orleans, the area attracts many first time home buyers – and lots of them were scrambling to close by the end of November to qualify for the first time buyer tax credit.  Now that the credit has been extended and expanded into 2010, I would expect to see continued interest in the community from this segment of buyers.

Westwego, Avondale and Bridge City | Average Home Sale Prices | November 2009

Prices in the Westwego area have dipped and spiked from month to month, mostly depending on whether the majority of the buyers were potential home owners or real estate investors, and whether the sellers were owners or banks.

Year to date, the average home sale price of $97,013 is within dollars of the 2008 average and inching closer to the pre-Katrina prices of 2005.  Neighborhood to neighborhood, this average changes, so find out what's going on in your neighborhood with a free market snapshot.

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

Westwego, Avondale and Bridge City homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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Whether you are buying or selling a home on the West Bank, contact the West Bank Living Team.  Dedicated buyer and seller agents are ready to assist you with any of your real estate needs – and have a little fun while doing it!

Current real estate activity in Westwego, Avondale and Bridge City LA:

139 homes are for sale

• High list price $339,000
• Low list price $37,900
• Average list price $134,279
• Median list price $119,200

33 homes are under contract or pending sale, priced from $20,000 to $187,900

Based on the number of homes sold in October (13), there is a 10.7 month supply of homes for sale in the 70094 zip code (still a buyer’s market)

Westwego, Avondale and Bridge City LA 70094 | Number of Homes Sold | October 2009

Despite a slight dip in August, the number of homes sold in Westwego, Avondale and Bridge City has remained steady from month to month in 2009, with an average of 11.7 homes sold per month and 117 homes sold year to date.  This is a decrease of 18% from the number of sales at the same time last year and a continuation of the year over year drop in sales from 2006 forward.

Given that homes in the 70094 are some of the most affordable on the West Bank, it will be interesting to see if the extension and expansion of the home buyer tax credit has an impact of sales through the end of the year.

 

Westwego, Avondale and Bridge City LA 70094 | Average Home Sale Price | October 2009

Unlike the number of sales, average prices in the 70094 zip code have jumped around from month to month, ending October at $88,615.  The year to date average home sale price of $95,462 is a decrease of less than 2% from the 2008 average and less than $5,000 below the 2005 average price.

Like most of the New Orleans West Bank, if you purchased your Westwego home before 2005 you should still have built some equity.  Each neighborhood is different, though, so find out what's going on in your West Bank neighborhood with this week's free market snapshot.

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

Related Information:

Westwego, Avondale and Bridge City LA homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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Are you considering buying or selling a home?  Please contact the West Bank Living Team.  It would be our pleasure to assist you with any of your New Orleans West Bank real estate needs.

Current real estate activity in the 70094 zip code:

129 homes for sale

• High list price $369,000
• Low list price $35,000
• Average list price $133,781
• Median list price $118,000

39 homes are under contract or pending sale, with an average list price of $103,667

Based on the number of homes sold in September (12), there is a 10.75 month supply of homes for sale in the community

Westwego Avondale Bridge City | Number of Homes Sold | September 2009

Westwego, Avondale and Bridge City ended September with a total of 104 homes sold in 2009, compared to 130 at the same time last year (a 20% decrease in the number of sales).  In my opinion, part of the reduction in sales can be attributed to the condition of properties in the area. 

Almost 50% of the sales were of homes that were in Poor, Fair or Average condition and were more likely to appeal to an investor or a do-it-yourselfer looking for a home they could put a little sweat equity into.  Typically, these homes may not qualify for FHA financing unless the purchaser is willing to use an FHA 203(k) and pay a higher rate to be able to finance repairs into their mortgage.

Westwego Avondale Bridge City | Average Home Sale Prices | September 2009

Values in the 70094 zip code are holding steady, with a less than $1,000 difference between the 2008 and 2009 average sale prices.  As more homes are rehabbed, I would anticipate a slow increase in values due to improved conditions of the properties themselves.

FHA remains the financing option of choice for the majority of home buyers in Westwego, Avondale and Bridge City.  However, the large number of cash purchases indicates a fairly high level of investor activity in the community as well.  Since this has always been one of the most reasonably priced real estate markets on the West Bank, it’s not surprising to find that people are snapping up the lower price range in an attempt to either rehab and rent or flip the properties. 

Year to date, there have been 43 sales of homes for less than $75,000 in the area, making up 41% of all sales.

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

Related Reading

Find Westwego and Avondale homes for sale
Westwego, Avondale & Bridge City Market Reports

Home Buying Tips
Home Selling Tips

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

Do you have questions about the West Bank real estate market?  Feel free to contact the West Bank Living Team.  It would be our pleasure to assist you with any of your real estate needs.

Current real estate activity in Westwego, Avondale and Bridge City LA 70094:

• 126 active listings
• High list price $629,000
• Low list price $44,900
• Average list price $134,241
• Median list price $119,000
• The average home for sale in zip code 70094 has been on the market for 102 days
• There are 29 pending sales, priced from $29,900 to $216,125

Westwego, Avondale and Bridge City Home Sales – March 2009

The good news is that the number of home sales in Westwego, Avondale and Bridge City increased again in March, which is typical for the spring housing market.  If history holds any clues, we can expect to see a higher number of sales for the next 3 months or so.  The first quarter of 2009 saw 35 closed sales, compared to 43 in the first quarter of 2008.

The not so good news is that 8 of the 14 sales for March were of homes in either Poor, Fair or Average condition, so sellers who have a move in ready home are waiting a little longer for those offers, as it appears that the investors and do-it-yourselfers are making up the largest number of buyers in the area right now, with cash buyers making up almost half of the sales.

Westwego, Avondale and Bridge City Average Home Sale – March 2009

The year to date average sale price of $90,285 is down 7% from the 2008 average.  Again, most of this is caused by the condition of the homes sold, with a lesser condition equating to a lesser sale price.  Looking for ways to increase the sale price of your home?  Read Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

Homes sold in March were on the market for an average of 95 days before receiving an acceptable offer.  To minimize marketing time, sellers need to be prepared, priced right and flexible with showings to attract the attention of qualified buyers.

Home Selling Tips

If you are considering buying or selling a home in Westwego, Avondale or Bridge City, please contact the West Bank Living Team.  It would be our pleasure to assist you.

• Westwego and Avondale homes for sale
• 2009 First Time Home Buyer Tax Credit FAQ
• Sign up now for a free online report of listings and sales

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The West Bank Living Team provides professional real estate services to buyers, sellers and military relocations to and from NAS JRB New Orleans.  For answers to your West Bank real estate questions, feel free to contact us.

Westwego, Avondale and Bridge City LA – Current real estate market activity

 

• 110 active listings, priced from $29,900 to $398,995 (down from 118 last month)
• 35 pending sales, priced from $29,900 to $216,125 (up from 30 last month)
• Based on the number of homes sold in February (11), there is a 10 month supply of homes for sale in the area

Westwego, Avondale and Bridge City LA – Number of Homes sold February 2009

Year to date, there have been 22 homes sold in the 70094 zip code, compared to 30 at the same time last year.  The investors are out in force, with over 40% of this years sales being paid for in cash.

The interesting data is that only about 1/3 of the contracts being written are closing within 30 days.  Part of this is the stricter lending criteria that buyers must meet – lenders are taking longer to approve mortgages and deals are taking longer to close.  Another part is that buyers are much more willing to walk away from a home that they find problems with during inspections….yet another reason to have your home ready before putting it on the market.

Are You REALLY Ready to Sell Your West Bank Home?

 

Westwego, Avondale and Bridge City LA – Average Home Sale Price February 2009

Of the 22 sales in 2009, 50% of them have been homes in need of repairs or renovations, holding the year to date average sale price to under $100,000.  As you can see in the chart below, there was a dramatic drop in average home sale prices from 2007 to 2008.  This trend has continued into 2009.

When selling a home in the 70094 zip code that commands a higher than average price, be sure that you know the 4 Things to Expect From Your Agent When Selling Your West Bank Home.

For more information about buying or selling a home in Avondale, Bridge City or Westwego, contact the West Bank Living Team.  It would be our pleasure to assist you.

• Westwego and Avondale homes for sale
• West Bank Homes for Sale
• Find out what's going on in your West Bank neighborhood with a free online valuation of your home

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

The West Bank Living Team provides professional representation for home buyers and sellers on the West Bank of New Orleans.  For all of your real estate needs, please contact us.

First, I have to say mea culpa, mea culpa.

There was an error in how the monthly sales reports were being pulled for Westwego, Avondale and Bridge City that resulted in inaccurate information for 2008. The error has been corrected and you can be assured that the end of year sales information is as accurate as possible. That said, let's take a look at how the communities fared for the year.

Current real estate statistics for zip code 70094:

• 118 active listings, priced from $45,000 to $398,995
• 10 pending sales (homes still being shown) priced from $72,000 to $135,000
• 14 homes are under contract, priced from $12,240 to $188,000
• The average list price is $135,553
• The median list price is $120,000
• Based on December 2008 sales (11), there is a 10.7 month supply of homes for sale in Westwego, Avondale and Bridge City zip code 70094

Westwego, Avondale and Bridge City LA - Number of Homes sold 2008

Westwego, Avondale and Bridge City ended the year with a total of 160 closed sales, down 18% from 2007 (compared to the 23% average decrease across the West Bank).

This continues the trend we have been watching for the last few years (2006 excepted). While historic low interest rates should be pushing some wishy-washy buyers off of the fence, very strict lending guidelines are tossing them back over it, to wait and save a little longer before being able to purchase a home.

What's a seller to do in this market?

Same as always...prepare and price it right. Home Selling Tips

Westwego, Avondale and Bridge City LA - Average Home Sale Price 2008

Look at that downward trend in prices across the 70094 zip code. The year ended with an average sale price of $97,159, down 21% from the 2007 average.

Westwego, Avondale and Bridge City (combined) have the lowest average sale prices on the West Bank - not great for sellers, but a wonderful opportunity for qualified buyers.

It's important to note that prices are above those of 2004, so unless you bought your home in the last 3-4 years, you have still more than likely experienced an increase in value since your purchase. Want to stay on top of what's happening in your neighborhood right now?

Sign up now for a free online report of listings and sales.



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

If you are considering a move to or from the Westwego area, contact Lisa Heindel. It would be my pleasure to assist you.



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

Originally published on West Bank Living

Current real estate statistics for Westwego, Avondale and Bridge City LA as of 11/5/2008:

• 131 active listings, priced from $39,900 to $398,995
• Average list price $133,811
• 5 pending sales, continuing to show, priced from $85,000 to $120,000
• 14 homes are under contract, priced from $49,900 to $179,000
• Based on October sales, there is a 10.9 month supply of homes for sale in Westwego, Avondale and Bridge City, up from 9.5 last month.

Westwego, Avondale and Bridge City LA - Number of Homes Sold October 2008

I was pleased to see that the big jump in recorded sales for September was not just an anomaly, since it continued into October.  This increase puts Westwego, Avondale and Bridge City on track to surpass the number of homes sold in 2007, a rarity on the West Bank this year.  While not setting any record sales numbers, the real estate market is stable in the area.

Westwego, Avondale and Bridge City LA - Average Home Sale Prices October 2008

At the same time that the number of homes sold took a jump, the average selling price continued the gradual decline we have been watching since April 2008. 

Month to month variations are to be expected since they are dependant upon a small sample of sales, but the year to date sales information shows that the average home in zip code 70094 is selling for around 7% less than last year.

All data compiled from GSREIN and is deemed reliable, but not guaranteed.

Please remember that these reports are an overview of the real estate market in zip code 70094.  A report for your Westwego, Avondale or Bridge City neighborhood may tell a different story.  If you would like specific market information on your West Bank neighborhood, please contact Lisa Heindel.

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

February 2008 Home Sales for Westwego, Avondale, Bridge City and Waggaman

February brought a drop in the number of home sales in zip code 70094 (Westwego, Avondale, Bridge City and Waggaman) for the second straight month in 2008, although the current number of pending sales provide hope for an increase in closings in March. 

As inspections and financing continue to present challenges and cause accepted purchase agreements to be canceled, I'd like to make the following reminders:

Home sellers:  Have your home in show ready condition, taking care of deferred maintenance before you put your house on the market.

Home buyers:  Update your mortage approval.  Many lending programs have changed their guidelines and some have been discontinued completely.  Approvals over 30 days old need to be reviewed by your mortgage professional to be sure they are still valid.

• Pending sales as of 3/4/2008:  25
• Active listings as of 3/4/2008:  118
• Low listing price:  $44,900
• High listing price:  $430,000

Information compiled from the Gulf South Real Estate Information Network and is deemed reliable, but not guaranteed.

Average home sale prices in zip code 70094 dropped to their lowest in the past 6 months, ending up under $100,000 in February, which is well below the average price of $118,364 at this same time last year.  Based on the current rate of sales, there is a 9.8 month supply of homes for sale in the area if no new listings come on the market.  The level of inventory in Westwego puts the area firmly into a buyer's market at this time.

These reports are meant to provide a general overview of the Westwego real estate market.  If you would like a report on your individual neighborhood, please email me at lisa@lisaheindelsells.com and your personalized report will be delivered to your email within 48 hours.

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When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

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Copyright 2008. Lisa Heindel, All rights reserved.