Westwego, Avondale and Bridge City, LA: What’s Selling on the West Bank?

I recently posted the 2006 and 2007 home sales information for Westwego, Avondale and Bridge, LA here:

Westwego, Avondale and Bridge City LA: 2007 Home Sales Market Report

An overview of the Westwego, Avondale and Bridge City home sale market is a helpful tool, but I like to go a little deeper and take a look at the individual price ranges and how they are performing.  This opens a window into the recent activity by home buyers in the area, a chance to see what they are looking for.

A review of the absorption report for zip code 70094 shows that there is an overall 8.9 month supply of homes for sale.   A healthy real estate market has, on average, about a 5 to 6 month supply of homes for sale.  While Westwego, Avondale and Bridge City currently has an above average number of homes for sale, the area is performing better than several other New Orleans West Bank zip codes. The weakest price point in the market is in the over $200,000 price range.  Fortunately, the majority of homes for sale in Westwego, Avondale and Bridge City fall below that price point.

What does this mean for Westwego home sellers?

In order to grab the attention of the buyers that are looking in your market, it is critical that your home is priced right and shows well.  As you can see from the chart below, there is a lot of competition for those buyers, and they will simply move on from an overpriced home rather than trying to haggle with a seller who is holding out for a higher price.  With only 13.7 homes per month selling, what are you doing to make yours stand out?

What does this mean for Westwego home buyers?

You have the greatest number of choices in homes for sale right now, in a wide variety of price ranges.  While sellers may be flexible in prices and terms, they will not entertain offers from buyers who have not taken the time to visit their mortgage lender to get pre-approved.  The first step in your home buying process is to meet with a reputable (and preferably local) lender who can explain all of your financing options and help you narrow down your price range to one that you are comfortable with.

Westwego, Avondale and Bridge City, LA

Home Sales in Zip Code 70037

(as of 1/5/2008)

Reports like the one above can also be prepared for individual neighborhoods.  If you would like more information on buying or selling a home in Westwego, Avondale or Bridge City, LA, please contact Lisa Heindel, REALTOR®.  I would be happy to prepare a personalized report for you or provide you more in depth information on the market in your neighborhood.

When buying or selling a home on the West Bank of New Orleans, 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.

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