About New Orleans' Algiers Point

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.

• The most expensive home sold in the Point was a 5 bedroom, 5.5 bathroom Victorian that sold for $450,000 in September, 2009.
• 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

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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!

After Katrina, with the city in turmoil and everyone uncertain about the future, my family seriously considered relocating to another state.  We even started looking for houses in a couple of locations that appealed to us because they were close to family and possible jobs. 

The one thing that stood out to me when house hunting was that most of the homes were pretty much the same from neighborhood to neighborhood.  There seemed to be about a half dozen floor plans that all looked the same from the outside and were all finished the same on the inside.   I mean, really, how many times can you look at the same old, same old and get excited about the thought of putting your roots down there?  I even asked the agent who was helping us “where are the houses that have some character?”

If you are looking for a home that goes beyond the traditional subdivision and isn’t part of the McMansion set that seems to be the rage in new construction, consider expanding your search to a home in one of the historic neighborhoods on the West Bank of New Orleans.

There are certainly pockets of older homes sprinkled across the area, but the biggest concentration of historic housing on the West Bank is in Algiers Point and the City of Gretna.  Homes with beautiful wood floors and original pocket doors.  Homes with fancy trim and brackets and columns framing front porches that are made for sitting and people watching.  Homes that were built with pride by craftsmen, not by a construction crew waiting for the whistle to blow and end the day.

Owning an older home certainly comes with its own challenges.  If you can’t stand the thought of a drafty window or can’t live without a double car detached garage, then you might not be happy with a house that is living, breathing, and needs to be loved and maintained.  If, on the other hand, you swoon over transoms and fireplace mantles and gingerbread trim…a historic property might be just the right place for you to call home.

Are you relocating to or from the New Orleans area or NAS JRB New Orleans?  The West Bank Living Team would love to assist you with any of your real estate needs.  Different by design, we offer the services of both buyer and seller specialists who are dedicated to representing you and only you during your purchase or sale.  Contact us for more information about homes for sale on the West Bank or for a free, confidential market analysis of your home.

Current real estate market activity for Algiers Point:

30 homes are currently for sale in the Point

• High list price $425,000
• Low list price $123,500
• Average list price $264,562
• Median list price $262,000

4 homes are under contract or pending sale, priced from $250,000 to $399,000

Based on the number of homes sold in November (4), there is a 7.5 month supply of homes for sale in the area

Algiers Point | Number of Homes Sold | November 2009

There was a spike in home sales in Algiers Point in November, bringing the year to date total to 18 successful single family sales, down from 32 at this same time last year.

What sold in November?

** Bank owned property

Obviously, the biggest challenge that the Point is facing is the record low number of buyers who are choosing to call it home. While prices have slipped (see below), the problem for sellers has become attracting interest in the historic neighborhood.

Algiers Point | Average Home Sale Price | November 2009

With so few homes selling (an average of 2 per month), the monthly average prices have jumped all over the chart. Year to date, the average single family home is selling for $207,617, down about 5.5% from 2008. We will address multi-family sales in another report at the end of the year. If you need this information sooner, please contact Lisa for a personalized market analysis.

The good news is that all of the currently pending sales are for homes priced above this year’s average sale. Odds are good that they won’t all make it to a successful closing, but at least it indicates some interest in the higher end properties that have been so difficult to sell this year.

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

Algiers LA Homes for sale
New Orleans West Bank homes for sale

Home buying tips
Home selling tips

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

The West Bank Living Team offers professional real estate services on the New Orleans West Bank. Contact us for information on how our dedicated buyer and seller agents can assist you with any of your real estate needs.

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:

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Home Buying Tips

Home Selling Tips

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

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.