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.
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.
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.
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.
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Lisa ~ Your market seems consistent with the rest of the country. Nevada's average sales price is down about 7 to 8% as well and the majority of the homes sold are the lower end sales prices. I think consumers are definitely watching the market closely and those who are buying are only buying low hoping to gain equity sooner than later.
Overall Lisa ~ You prepared a fantastic markter report! A++! Have a great weekend.
Terrie, this particular community is one of the most affordable on the West Bank, so I'm puzzled as to why the sales haven't picked up yet. April should be a better month if those pending close, but I've certainly been fooled before!