Current real estate activity in Algiers Point:
29 homes are for sale in the Point
- High list price $425,000
- Low list price $140,000
- Average list price $275,293
- Median list price $275,000
3 homes are under contract or pending sale, priced from $123,500 to $399,000
Based on the number of December sales (1), there is a 29 month supply of homes for sale in the area
Algiers Point | Number of Home Sales | December 2009
The number of homes sold in Algiers Point dropped from 35 in 2008 to 20 in 2009. This is less than half of the number of homes being sold in the neighborhood prior to Katrina, and represents one of the hardest areas on the West Bank to sell a home in. It’s important to note that these are single family homes only – doubles and other multi-family homes will be addressed in a separate report of sale in the area.
Interestingly enough, as sales have declined so have the average days on market. Given that we have also seen a decrease in selling prices, it appears that the bargains are moving off of the market quickly while the majority of the inventory is just languishing.
- The home on the market the longest in 2009 sold in 231 days, while the home on the market the shortest period of time sold in just 1 day.
Algiers Point | Average Home Sale Prices | December 2009
Average home sale prices in Algiers Point declined by 6.7% from 2008 to 2009, ending the year at $205,105.
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The most expensive home sold in the Point was a 5 bedroom, 5.5 bathroom Victorian that sold for $450,000 in September, 2009.
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The least expensive home sold in the Point was a 2 bedroom, 1 bath shotgun in need of renovations that sold for $70,000 in February, 2009.
FHA loans led the pack in financing options in 2009 with 35% of buyers opting to finance their home purchase that way. Conventional loans came in second at 30%, followed by cash at 25%.
25% of home sellers in the Point provided some type of closing cost assistance to the purchasers in 2009, so sellers should be sure to get all of the details of comparable properties when pricing your home.
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, but not guaranteed
Related Articles:
Home buying tips
Home selling tips
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!
Looks like youneed to sell a few of these off during the rush before the tax credit is over.
I think I am seeing stability? or am I missing something
your friend from Charlottesville Virginia!
This is a boutique neighborhood. Mostly historic homes, some of them fabulously renovated, some of them in need of renovation. Declining prices combined with declining sales make it difficult for sellers right now, because there just is not as much demand for the area as in the past.