12 August 2009

Home Prices Continue Rise Throughout Jefferson Parish

After reaching their highest average selling price since May 2006 in June, home prices on the East Bank of Orleans Parish dropped nearly 12.5 percent in July and were down compared with last year. Meanwhile, prices have risen consecutively since April throughout Jefferson Parish.

Year-over-year homes prices dropped in all but three areas in the New Orleans area in July; the East and West banks of Jefferson Parish and St. Bernard Parish, according to statistics from the Gulf South Real Estate Information Network.

Homes on the East Bank of Orleans Parish were selling for an average of $215,457, down from $263,458 in June and $246,313 a year ago. However, properties were selling faster at 102 days compared with 113 a month ago and 108 last year.

St. Bernard Parish saw a slight increase to $111,226 from $110,375 a year ago, but that figure was down from $118,847 in June. However, only 27 homes were closed on in July compared with 32 in June and 28 a year ago, while the average time spent on the market surged to 139 days compared with 92 a month ago and 82 days last year.

The East Bank of Jefferson Parish has seen the average selling price steadily rise 8.4 percent since April to $239,429 in July, up from $238,129 a month ago and $224,203 last year. Other market figures were also encouraging, with 159 properties sold, more than 156 in June but fewer than the 163 a year ago. Homes also sold faster at 83 days, compared with 86 a month ago and 88 last year.

The West Bank of Jefferson Parish also continued to see home prices rise for the third straight month to $155,355 in July, representing a 20.8 increase since April. July's average selling price was up from $146,068 in June and $148,601 a year ago. Properties for sale sat for an average of 71 days, fewer than 77 days a month ago and 85 days a year ago, while 72 properties sold, fewer than 87 last year.

The story was the same on the West Bank of Orleans Parish, which has seen its average selling price increase 20 percent since April. Homes were selling for an average of $179,477 in July, up from $177,762 in June but down from $185,665 a year ago. More homes were sold month over month -- 30 compared with 26 -- but fewer than last year, when 34 properties were closed on.

Prices throughout St. Tammany Parish were also down, with the eastern part of the parish seeing a 10 percent month-over-month drop and the western part seeing a 5.3 percent drop.

Homes prices in eastern St. Tammany Parish were down $185,189 from $191,472 in June and $206,307 a year ago, while the number of homes sold was also down to 74 from 90 a month ago and 99 last year. Properties were also moving slower at 110 days compared with 79 in June.

Western St. Tammany Parish also saw prices drop to $264,441 from $270,763 in June and last year's average of $279,328. More homes sold in July compared with June -- 142 over 137 -- but that was still less than last year, when 173 properties were closed on. Properties also moved slower in July at 102 days, compared with 84 in June and 85 days a year ago.

In the River Parishes, which is comprised of St. Charles, St. James and St. John parishes, the average selling price dropped after a three-month rise to $172,979 from $212,581 in June. July's price also was down from $192,643 a year ago. Fewer homes -- 64 -- were sold than the 66 in June and the 72 a year ago. However, properties were more stagnant longer, sitting on the market for 110 days, up from 105 a month ago and 108 a year ago.

neworleanscitybusiness.com 8/11/2009

No comments: