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

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

149 homes are listed for sale

• High list price $325,000
• Low list price $32,900
• Average list price $119,887
• Median list price $109,900

37 homes are under contract or pending sale, priced from $19,900 to $223,900

Based on the number of April sales (11), there is a 13.5 month supply of homes for sale in the 70094 zip code

Westwego, Avondale and Bridge City | Number of Homes Sold | April 2010

As of the end of April, there have been 36 single family homes sold in the 70094 zip code (Westwego, Avondale, Bridge City and Waggaman).  This is a decrease of 26% from the 49 that were sold by this point in 2009.  With 37 homes pending sale, I expect this to balance out over the next couple of months as the buyers taking advantage of the tax credit close by June 30th.  After that point, all bets are off until we see what impact the end of the credit has on the local market.

Days on market has dropped slightly to 79 days, but with the average active listing already on the market for 124 days, we can expect this number to go up as the year progresses. 

Westwego, Avondale and Bridge City | Average Home Sale Prices | April 2010

Average prices took a dip in April, mostly due to the high percentage of foreclosures that were sold.  Year to date, the average single family home in Westwego sold for $108,483, still higher than the last couple of years.

More about April sales in the 70094 zip code:

• 55% of the homes sold were bank owned/foreclosure properties
• 18% of sellers paid for a home warranty for the buyers
• 18% of sellers provided some type of closing cost assistance to the purchaser
• FHA remains the most popular financing choice, with cash running a pretty close second due to the number of properties in fair or poor condition that are more appealing to investors

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

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This post originally published at West Bank Living

Once again, I missed the opening of the 2010 summer concerts at the farmer’s market in Westwego. One day, I’ll get it together and be there for the first one, but in the meantime there is a great line up of fun and music scheduled all the way into July.

My favorite moment of the 2009 series was when Waylon Thibodeaux performed Matilda. Old school, but so much fun.

Can’t see the video? Click here

Each Friday evening, you can bring your lawn chair or blanket and your dancing shoes out to the market for the free concerts. Food and drink are being sold on site, so leave the ice chest at home. Family friendly and a fun way to kick off the weekend, here’s the music line up:

May 21 Michael Carballo and Esplanade
May 28 Aaron Foret
June 4 Skeeter and the Swamp Pop Band
June 11 Crescent City Hitmen
June 18 Treater
June 25 Empire Blues Band
July 2 Jr. & Sumptin Sneaky

Concerts last from 7-10 pm, but you can get there early to grab the best spots. Don’t you love living on the West Bank? Have fun!

The Farmer and Fisheries Market is located at 484 Sala Avenue, Westwego, LA

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

150 single family homes are for sale

• High list price $330,000
• Low list price $19,900
• Average list price $125,855
• Median list price $116,500

28 homes are under contract or pending sale, priced from $20,000 to $190,000

Based on the number of homes sold in March (9), there is a 16.7 month supply of homes for sale in the 70094 zip code

Westwego, Avondale and Bridge City | Number of Homes Sold | March 2010

Year to date, there have been 25 single family home sales in the 70094 zip code (Westwego, Avondale, Bridge City and Waggaman) compared to 35 at the same time last year.

• 20% of the sales have been homes in Poor or Fair condition, which typically attract investors with the cash to make the necessary repairs and/or renovations
• The average home sold in 2010 had 3 bedrooms, 2 baths and 1,564 square feet of living area
• The average price per square foot in the 70094 zip code is $75

Days on market is remaining steady, holding at 82. Homes currently listed and under contract have been on the market longer than the average, so expect to see this number go up as the year progresses, especially since the number of sales has dropped off from 2009.

Westwego, Avondale and Bridge City | Average Home Sale Prices | March 2010

The average single family sold for $122,33 in March, bringing the year to date average to $123,556. Most of the increase in sales prices can be attributed to a handful of sales over $200,000. With only 25 homes sold, these higher end sales have a greater impact on the averages.

Your neighborhood may be performing better or worse than the average, so get this week's free home value report for your neighborhood for the latest listings and sales in your area.

More about March 2010 homes sales in Westwego, Avondale, Bridge City and Waggaman

• 33% of homes sold in March were bank owned or foreclosure properties
• 44% of sellers provided some sort of closing cost assistance to the buyers
• 56% of sellers paid for a home warranty for the purchasers
• FHA remains the most popular financing method of buyers, making up 48% of sales

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

You might also be interested in:

• Home buying tips
• Home selling tips
• Westwego 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 Westwego LA:

143 single family homes are for sale

• High list price $330,000
• Low list price $20,900
• Average list price $127,934
• Median list price $115,000

26 homes are pending sale or under contract, priced from $20,000 to $185,000

Based on the number of homes sold in February (8), there is a 17.9 month supply of Westwego homes for sale

Westwego, Avondale and Bridge City LA 70094 | Number of Single Family Homes Sold | February 2010

Home sales in the 70094 zip code remained flat from January to February 2010, bringing the year to date number of single family home sales to 16.  Sales are down from 21 at the same time last year, a decrease of 24% in the number of successful sales.

Days on market has crept up to 97 for sold homes.  The average days on market for active listings is 127, so I would expect that number to continue to rise this year as some of the older inventory is sold off.

Westwego, Avondale and Bridge City LA 70094 | Average Single Family Home Prices | February 2010

While the number of sales is down from 2009, average single family home prices in Westwego, Avondale and Bridge City have risen to $124,244.  A quick look at the chart below shows that this is the highest average for several years.  Remember, though, that this average is for only 2 months of sales and will be impacted by home sales as the year progresses.

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

More details about February 2010 home sales in the 70094 zip code:

• FHA loans and cash are the most popular purchase options in Westwego, Avondale and Bridge City.  Cash is typically used by investors purchasing properties to renovate or flip, while FHA is the financing option of choice for most of today’s buyers.
• 37.5% of February sales were bank owned or foreclosed properties
• 12.5% of sellers provided some type of closing cost assistance to the buyers
• No sellers in the area provided a home warranty in February

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

Related Reading:

• Home buying tips
• Home selling tips
• Homes for sale in Westwego, Avondale and Bridge City LA

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 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

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

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

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

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

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.