NOLA Westbank Housing Market Stats 2010 vs 2009 - How Did We Start 2011 ?

On the Westbank, we started January 2011 with similar number of listings on the market as January of 2009 & 2010.  Number of Sales, for the month of January, are slightly higher with 84 solds in 2011 compared to 77solds in 2009 and 74 in 2010.  Sellers appear to becoming more realistic in asking price with the overall average listing price in January 2009 at $196,247 to $188,174 in January 2010 until now in January 2011 at $169,366. 

Although, the average listing price of the homes that actually sold were still much lower as the chart below shows comparison of January 2009, 2010 and 2011:

(Click on any chart below to enlarge)

This table below compares statistic totals for all of 2009 to 2010 for Single Residential Homes on the Westbank:

This chart above shows in % the following:

• Only ↑ 1.5% # Listings in 2010 over 2009
• Average Listing Price of All Listings ↓ 9.3% 2010 over 2009
• # Sales ↓ 8.6% 2010 over 2009
• Average Listing Price of Sold Listings ↓ 5.9% 2010 over 2009
• Average Actual Sold Price↓ 6.2% 2010 over 2009
• DOM (Days on Market) ↓ 7.4% 2010 over 2009

The overall inventory of homes on the market, measured in number of months, were very similar in 2010 @15 months to 2009 @ 14 months.

The following charts show the month to month comparisons of statisitcs for Single Residential Home Listings and Sales on the Westbank:

 

 

 

 

 

Overall, it appears buyers are continuing to be very cautious, and spending at an average less on a home than in the past.  Therefore, the lower priced homes are selling the fastest and overpriced homes don't have a very good chance of selling...  although, the market still continues to stablize.  It is predicted by many experts that an abundance of foreclosures are going to be dropped into the market later this year and that another wave of mortgage tightening in on it's way.  If this is the case, and you have been waiting for the right time to sell a home, now is the time to do so.

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WESTBANK SINGLE HOME SALE STATS AS OF OCTOBER 2010

See charts below for Westbank Single Family Home Statistics and compare 2009 numbers to 2010 as of October (Click each Chart to Enlarge):





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Southshore Home Sale Statistics & Homeowner Advantages

How are Home Sales on the Southshore this year compared to last year?  Let's go over some facts before finding out.  Everyone is worried about the economy now days.  So much so that some very qualified Buyers are afraid to take advantage of the lowest interest rates in years and some very low home prices.  The fact remains that this will not last forever and if you are one of the people with a steady job, good credit, with the need or desire for a new home, it is time to seize the market!  Don't believe you can afford a home?  Don't know if your credit is good enough?  Well, what will it hurt to find out!  Here is a link to my list of preferred lenders - you can call one of them to find out if you are ready now, or if not, how far are you from getting there and what to do: CLICK Here for MORTGAGE LIST. 

First, let's look at the statistics.  Most of the statistics I've been posting are for the Westbank, but this time I will give you the Home Sale numbers for the whole Southshore (Click on Chart below to enlarge for Detail):

It appears that as the tax credit incentive disappeared, so did buyers.  Soon after we started out the year, we were above last year's numbers, but we have been going more down hill ever since July.

There are still plenty reasons to buy a home now.  With interest rates being at an all time low, buying now will put more money in your pocket than if you wait to buy later when rates shoot up.  Click Here to find out Why this is a Great Time to Buy a Home. 

Read this article below to find out about Homeowner tax advantages:

                                                                                                                                                                      



7 Homeowner Tax Advantages

When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership. Read

Below are more articles for your information on tips to improve your credit and determining how much home you can afford:

• 

  4 Tips to Determine How Much Mortgage You Can Afford

  By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
• 

  7 Tips for Improving Your Credit

  Here’s how to clean up your credit so you get the least-expensive home loan possible. Read

Remember, If you have any questions about any information provided here or if you need to weigh your options, feel free to give me a call.  I am here to help.

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WESTBANK HOME SALE STATS AS OF AUGUST 2010

Statistics as of August 2010:

Announcement:

                New Orleans Westbank Realty Team has a new name.  We have re-structured and are now NOLA WESTBANK HOMES     But...  Our Blog name will stay the same.

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National Housing Trends

June housing sales were up for the 10th month in a row as closed units were up 11.4 % over June 2009 while prices climed 8.8% for the same period.  All regions of the country were up in both units closed and average prices.  The main reasons are believed to be the continued impact of the tax credit and low interest rates.

In both our region here in the South and the Midwest, June 2010 housing units rose 8.5% over June 2009.  The highest increase is in the Northeast which rose 28.3% over June 2009, the strongesat results for any region for the sixth consecutive month.

The increase in housing sales for the 10th month in a row where housing sales for the present month were above the same month from the prior year; and price increases just hit their 7th month in a row on the same basis.  Housing sales for the entire year are expected to be above the level of 2009 in the range of 4-7% even with a decline in this year's second half.  Home prices will continue to strengthen for at least the next three months but may level out thereafter.  The upper price end  of most housing markets remains soft at this time with no significant recovery in sight at this time.

Below are charts with more information graphs showing Home Sale trends including Housing Inventory, Mortgage Rates and Affordability nationwide:

In my post to come I will give you an update of the local housing sale statistics.

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Updated Westbank Statistics to include May 2010

Last week I gave you Westbank Statistics of Single Residential Home Sales for 2009 vs 2010.  I now have in the results for last month in May and added this to the charts below.  May is showing that the Inventory of homes on the market took a dip,while the average sales price is only slightly higher but the number of homes sold is more. Click on the charts for a larger image:

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Price your Home Correctly to Sell - How are Home Sales in 2010 vs 2009?

Price your Home Correctly to Sell

To those of you who own a home, you probably realize that your home is special to you.  For most people, even when it comes time to sell a home for whatever reason, they can think of many reasons why their home is worth more than their neighbor’s home.  You may be moving because your home is becoming too small for your family, or maybe it is getting too big as your children grow older and move out.  Maybe you feel it is time to move up to a nicer home, or maybe you need to move for a different reason like a job transfer.  Whatever is the reason for selling your home, you most likely have it customized to your own likes and needs.  So when it comes time to put a price tag on it, many people believe the value of their present home to be much higher than it really is.

When you price your home, you need to compare homes similar to yours that sold recently in your neighborhood.  This can be hard for many people to do accurately on their own.  Neighbors sometimes do not report accurately to you what their home really sold for.  Or you may just be remembering what the home listed for instead of the real selling price.  Then people tend to put the actual cost of upgrades they had done on the home on top of the sold price of their neighbor’s home.  In actuality, the value is not going to be dollar for dollar when it comes time to sell.  Then your favorite color for your walls and carpet may not be as attractive to many buyers as it is to you.  For these reasons, you need to seek the help of a professional and listen to their advice.  The statistics I will show you here will prove why this is so important.  These statistics also show that too many people are still pricing their homes too far above market value.

How are the sales so far in 2010 compared to 2009? Let’s take a look…

We are still in a Buyer’s Market, which means we have more supply of homes on the market than we have buyers.  All statistics below are for Single Family Residential Homes on the Westbank only, and are compiled from actual figures provided by the New Orleans MLS (Multiple Listing System) used by the Realtor Association in our area:

Above shows that on the Westbank, 10% less homes sold so far this year compared to the same time period last year.  The Average Price of homes on the Westbank for all of 2009 was $156,235 while the year to date Average for 2010 is slightly lower at $151,841 (2.8% lower). 

But look at the Average Listed Prices - The overall Average List Price of All listed Homes are much higher than the Average List Price of the homes that actually sold! 

In 2009, the overall Average Price of Homes Listed was 18% higher than the Average List Price of the Homes that actually Sold.  As of the end of April 2010, this amount decreased to 14%.

This next Chart shows How many homes actually sold in both 2009 and 2010 compared to how many listings there are on the market:

When you need to sell your home, you want your home to be in the best possible position for a Sale.  This means pricing it correctly for the condition it is in.

The following Chart shows a comparison of Homes Sold in 2009 vs 2010:

The following Chart shows the Average Number of Days on the Market of Homes that Sold and compares 2009 to 2010:

This Chart shows the amount in Inventory of Homes on the Market measured in Months.  This is found by dividing the amount of homes we have on the market by the number sold in any given time period.  This is called the “Absorption Rate”:

Even though there are a few less sales so far this year compared to last year, overall the amount of inventory we have is very similar.  We are also noticing that the amount of time on the market of the Sold Homes is dropping.  This shows signs of a slow stabilization of the market.

So if you have a Home to sell, give your Professional Realtor a call to help you determine how to get your home in the best condition you can, set the best price and get it Sold!

To see these charts clearer in a larger scale, visit our website and get a closer look at these statistics and more as we make it available.  Click on our weblink below to get to our Website:

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