New Orleans West Bank Real Estate

As the West Bank real estate market continues to slow, I took the time to research long term real estate trends in Harvey and Marrero.  Due to overlapping MLS areas, I could not completely separate Harvey and Marrero statistics, but I was able to divide them based on their location East of Barataria Blvd. and West of Barataria Blvd.

Harvey and Marrero Home Sales as of 11/29/2007

East of Barataria Blvd.

East of Barataria Blvd. there has been a more than 47% reduction in the number of homes sold in 2007 when compared to 2006.  This is the largest decrease in sales on the West Bank with the exception of Belle Chasse, which decreased by more than 49% and is the lowest number of home sales in 15 years.  Additionally, the average sales price declined by .04%.  As homes remain on the market for longer times, pressure is being placed on home sellers to reduce their prices in order to appeal to the limited number of qualified buyers shopping in the area. 

An absorption report can be a valuable tool in taking a bird’s eye look at the current market conditions and determing where to price your home to maximize it’s appeal.

West of Barataria Blvd.

West of Barataria Blvd. there has been a 10.74% increase in sales prices, but a decrease of over 33% in the number of homes sold.  Homes in this area have historically been very reasonably priced.  However, the double digit increases in average sales prices for the last 4 years, in addition to tightening lending requirements and increased insurance costs, are having a negative effect on the number of homes being sold. 

Buyers have an amazing amount of choices in today’s market and are quickly moving on from overpriced listings and purchasing homes where the seller is flexible on pricing and/or willing to provide assistance with closing costs and insurance premiums.

An experienced selling agent will not only educate you about average sales prices, they will also provide you with an adjusted sales price based on seller paid concessions such as closing cost assistance or repair allowances as part of the market analysis on your home.

If you have any questions about the information contained in these reports or would like a more in depth analysis of your particular neighborhood, please contact Lisa Heindel, Realtor®. or feel free to leave a comment!

Your West Bank Real Estate Specialist

When buying or selling a home on the West Bank, you deserve professional, local expertise and advice.  Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.  Please visit my website to view homes for sale or get a free online home evaluation of your West Bank property.

Copyright 2007.  Lisa Heindel, All rights reserved.