About New Orleans' Algiers Point

Current real estate activity for Algiers Point:

30 homes are for sale in Algiers Point

• High list price $550,000
• Low list price $123,500
• Average list price $276,403
• Median list price $278,500

3 homes are under contract or pending sale, with an average listing price of $229,300

 

Based on the number of homes sold in September (2), there is a 15 month supply of homes for sale in the area

Algiers Point | Number of Single Family Home Sales | September 2009

Algiers Point has had only 13 successful single family home sales this year, compared to 28 at the same time last year - a decrease of 54% in the number of closed sales. This marks the largest decrease of any of the West Bank communities that we track.

What about financing?

The buzz this year has been all about the first time home buyer’s tax credit. Most of these first time buyers are using FHA financing to purchase their homes. Given the percentage of conventional and cash deals in the Point, there appear to be very few first time buyers moving into the area.

Algiers Point | Average Single Family Home Prices | September 2009

While there was a jump in the September average (due to one high end home selling), the year to date average home sale in Algiers Point is $225,431, up slightly from the 2008 average.

While the prices may be holding their own, the number of sales (see above) is down dramatically and apparently sellers are not getting the message. The majority of homes on the market in the Point are priced above $250,000 - the homes selling are generally not. As we move towards the end of the year, it may be time to review your pricing strategy to see if it still makes sense in today’s market.

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

Read more:

Algiers LA homes for sale

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Questions about the Algiers Point real estate market? Feel free to contact the West Bank Living Team. It would be our pleasure to assist you with any of your New Orleans area real estate needs.

Current real estate market activity in Algiers Point (single family homes):

20 homes for sale (active listings)

• High list price $699,000
• Low list price $169,000
• Average list price $330,340
• Median list price $304,950

5 pending sales, priced from $129,900 to $269,900

Based on the number of homes sold in March (1), there is a 20 month supply of homes for sale in Algiers Point, one of the highest inventories on the West Bank of New Orleans.

Algiers Point – Number of Homes Sold in March 2009

As of the 1st quarter of 2009, there have been only 3 sales of single family homes in Algiers Point, compared to 4 at the same time last year.  With so few sales, I’ll just go ahead and give a complete list of them:

• 541 Atlantic (fair condition) sold for $70,000
• 315 Eliza (excellent condition) sold for $251,000
• 422 Alix (excellent condition) sold for $370,000

For all of the owners of multi-family properties in Algiers Point who are interested in how their market is performing, please note that there has been only 1 sale so far this year (a 3 plex that sold for $330,000)

 

Algiers Point – Average Home Sale Price in March 2009

Year to date, the average sale price is just a smidge higher than the 2008 average, but with so few sales that number could swing drastically in the upcoming months.

I really, really wish I had a crystal ball to understand why houses in this beautiful, historic neighborhood are not selling, but I don’t.

The important thing for home sellers in the area to remember is that the competition for those few buyers is fierce and you have to be the best value in the best condition in order to even have a shot at a sale in today’s market. 

Getting Your Home Sold in This Market - 10 Steps to Success According to Professional Home Stagers

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

Related Reading:

Algiers Point real estate market updates

Algiers homes for sale

Find out what's going on in your West Bank neighborhood with a free online market analysis

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The West Bank Living Team provides local, professional real estate services to buyers, sellers and military relocations to and from NAS JRB New Orleans. It would be our pleasure to assist you with all of your real estate needs.

 

Algiers Point: Current real estate market activity

• There are currently 22 active listings in Algiers Point, priced from $149,900 to $699,000
• 2 sales are pending, priced at $185,000 and $269,900
• Based on the February 2009 sales (2), there is an 11 month supply of homes for sale in Algiers Point.

Algiers Point – February 2009 Number of Homes Sold

February 2009 ended with 2 home sales in Algiers Point, which were also the first recorded for the year in thecommunity. Active listings have remained steady with 19-21 homes on the market for the last 4 months at an average listing price of $281,800 or $126.27 per square foot.

Here is a quick comparison of January and February sales in Algiers Point for the period of 2005-2009:

# homes sold	2009	2008	2007	2006	2005
January	0	1	3	2	2
February	2	0	1	1	2

Algiers Point – February 2009 Average Home Sale Price

February home sales in Algiers Point ended with an average sale price of $220,000, right on par with the 2008 annual average. Note that this is substantially lower than the current average listing price of $281,800, indicating that some sellers may continue to have their homes priced too high for today’s buyers.

The 22 homes currently on the market have been listed for an average of 135 days, while the homes sold in February were on the market for an average of 49 days. What does this mean? Simply that homes that are priced the most competitively will be the first to sell.

Related Reading: 5 Dos and Don’ts for Home Sellers

If you need more information about buying or selling a home in Algiers Point or would like a professional market analysis of the value of your home, please contact the West Bank Living Team. It would be our pleasure to assist you.

• Algiers Point home sales
• West Bank Homes for Sale
• Find out what's going on in your West Bank neighborhood with a FREE online valuation

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

The West Bank Living Team specializes in representing home buyers and sellers on the West Bank of New Orleans. Please feel free to contact us with any questions about buying or selling your West Bank home.

The clocks are turning forward a little earlier this year and I love it! To me the day is over when the sun sets, so the more daylight the better.

You don’t want to forget to set your clock before you go to bed on Saturday night, or you might miss an hour of Friendship Day….the annual street party put on by the Algiers Irish Rebels and Friendship Club at the corner of Olivier and Patterson streets in Algiers Point this Sunday.

Friendship Day is always a fun event and it’s like an official rite of passage from winter into spring on the West Bank. Live music from 3 bands, including Outlaw Jim and the Whiskey Benders (all the way from Kansas City) and Chicken on the Bone (all the way from Algiers).

Green beer, free food and great friends go perfectly with the excellent weather forecast for this weekend. Don’t forget your sunblock!

Here are a few photos from last year’s event to get you in the mood:

Friendship Day starts at noon on Sunday, March 8, 2009 and the fun doesn’t stop until 5:00 pm. Bring your friends, bring your family, bring your mama and ‘em, and come pass a good time with us. See you there!

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Considering a move to Algiers? The West Bank Living Team provides professional, local real estate advice for home buyers and sellers across the West Bank of New Orleans. It would be our pleasure to assist you.

• Algiers homes for sale

• Find out what's going on in your West Bank neighborhood with a free Market Snapshot

Algiers Point Home Sales for 2008

Current real estate statistics for Algiers Point:

• 19 active listings, priced from $149,900 to $699,000
• 1 pending sale (still being shown) priced at $372,000
• 2 homes are under contract, priced from $75,000 to $185,000
• The average listing price in Algiers Point is $276,531
• The median listing price is $219,000
• Based on December 2008 sales (3), there is a 6 month supply of homes for sale in Algiers Point

Algiers Point - Number of Homes Sold 2008

At the beginning of 2008, I was very concerned about the lack of activity in Algiers Point. The Point was one of the very few areas of the West Bank that did not see an explosion in the number of home sales in 2006 after Hurricane Katrina, more than likely due to the almost 20% increase in prices in the community.

Thankfully, it appears that 2008 sales, while not exactly robust, are at least holding steady with the last couple of years. It seems like the new reality for Algiers Point will be fewer sales at lower prices.

The bargain hunters are out in force, with 20% of the sales in 2008 in poor, fair or average condition - ripe for renovation or investors.

Algiers Point LA - Average Home Sale Prices 2008

Algiers Point ended the year with an average sale price of $219,738, the lowest in the last 5 years. This is down 17% from 2007, compared to the average drop in West Bank sale prices of 10%.

Some of this decrease in price can be attributed to low selling prices on homes needing repairs or renovations. Some of it could also be that the market for higher end homes on the West Bank has weakened significantly.

In my opinion, the Point has been unfairly tagged as "not safe" by many people from outside of the area. Unfortunately, that perception is then spread to others, reducing demand and impacting sales prices. I've worked with several incoming military transfers this past year who said they don't want to live in Algiers Point because of the bad things they have heard from others. Despite my best efforts to show the positives of the community, it's still a hard sell to someone from out of town with a pre-conceived notion of the area.



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

Are you interested in selling your Algiers Point home? Contact Lisa Heindel. It would be my pleasure to assist and guide you through the realities of today's real estate market.



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