74 pending sales, priced from $31,000 to $399,900
Based on the number of homes sold in March (34), there is a 5.85 month supply of homes for sale (one of the most balanced markets on the West Bank of New Orleans at this time)
Marrero ended the month with 34 closed sales, bringing the year to date total to 91. The 2009 sales are down from 102 sold at the same time last year. Given that there are 74 pending sales at this time, I would expect to see a fairly significant increase in sales for April, depending on how inspections and financing work out for the buyers.
Here is a breakdown of the 34 sales in March:
Obviously, the condition of a property has a strong impact on the price that buyers are willing to pay. Do you need help getting your home ready to sell? Read Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers
The average year to date home sale price in Marrero is $138,307. The median year to date price (half of the sales were higher and half were lower) is $125,000. Average Marrero home sale prices are down about 11% from 2008.
Year to date, there have been 21 sales with conventional financing, 17 cash sales, 43 FHA sales, 4 VA sales and 7 other types of financing. With such a large percentage of FHA sales (47%), many buyers are asking for and receiving assistance from the seller when purchasing a home.
In March, 12 of the 34 sales (35%) had sellers providing an average of $4,518 in closing cost assistance to the purchasers. This is an important number to know when pricing your home! Be sure that your agent can provide you with adjusted sales numbers to get a true picture of what homes are selling for in your neighborhood.
All data provided by GSREIN and is deemed reliable, but not guaranteed.
More about West Bank real estate:
The West Bank Living Team provides professional, local real estate services for buyers, sellers and military relocations to NAS JRB New Orleans. Please feel free to contact us with your real estate needs.
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Lisa....what an awesome and detailed report! I need to learn these graphs better and start doing this for some of my neighborhoods or condo buildings. Some of the numbers are so bad, I had to do it, but maybe it would keep people from listing if they really don't have to!
Thanks for the reminder about how we are here to educate!
Lisa looks just like my area. I just don't know how to do those neat graphs. Sales are down but not dead. Prices are down for sure. Take care.
Thom and Ray, it doesn't matter if the news is good or bad! It is what it is and the consumer needs to know the realities of the market to make an informed decision.
John, hey you! I think that our markets are pretty much the same except I would expect to see more activity on the North Shore than we are seeing south of the lake. p.s Our deal closed!
Lisa - I enjoy reading your report, especially your note on the condition of the properties. Does your MLS has a category for fair, good, excellent, etc.?
Petra, yes, our MLS has condition fields, but no automatic stats based on condition - I have to search each one to get the number of sales and average prices. It's important information though...once it's laid out, it's easy to see how the better condition homes are the ones commanding the higher prices. Kind of hard to argue with :)