Good News For New Orleans Property Owners!

N.O. area home prices up 8 percent in January

POSTED: 03:15 PM Wednesday, February 10, 2010
BY: CityBusiness staff reports

The average selling price of homes throughout the New Orleans metro area in January was up 8 percent compared with last year, from $186,681 to $201,659.

Meanwhile, fewer homes were sold over the year, at 363 compared with 440 in 2009, according to statistics from the Gulf South Real Estate Information Network.

All areas except St. Tammany Parish saw the average selling price increase over the year, with the East Bank of Jefferson Parish leading the way with a 27.3 percent increase, followed by the West Bank of Orleans Parish at 26.5 percent, the East Bank of Orleans Parish at 22.6 percent and the West Bank of Jefferson Parish at 15.8 percent. The eastern portion of St. Tammany Parish saw prices tumble 29 percent, while western St. Tammany parish posted a 10.4 percent drop.

On a month-over-month basis, the metro area was almost evenly split. The West Bank of Orleans Parish led the gainers with a 26.1 percent increase over December, followed by St. Bernard Parish at 22.5 percent. Plaquemines Parish, where one home sold in January, posted the largest decrease at 44.3 percent, followed by the East Bank of Jefferson Parish at 8.5 percent and St. Tammany East at 7.9 percent.

Here’s how the average selling price measured up by parish in January:

– Jefferson Parish East Bank: $236,433, down from $258,278 in December but up from $185,720 a year ago;

– Jefferson Parish West Bank: $143,455, up from $140,538 in December and from $123,846 a year ago;

– Orleans Parish East Bank: $241,202, up from $234,998 in December and from $196,695 a year ago;

– Orleans Parish West Bank: $184,339, up from $146,235 in December and from $145,680 a year ago;

– Plaquemines Parish: $263,000 (one home sold), down from $472,150 in December but up from $243,333 a year ago;

– St. Bernard Parish: $103,133, up from $84,159 in December and from $91,169 a year ago;

– St. James, St. John and St. Charles parishes: $178,748, slightly up from $178,576 in December and from $155,238 a year ago;

– Eastern St. Tammany Parish: $163,183, down from $177,237 in December and from $230,317 a year ago; and

– Western St. Tammany Parish: $220,628, down from $237,628 in December and from $246,320 a year ago.

Now is a great time to buy a home, with low interest rates in the 5% range, 1st-time homebuyer tax credit, and a local market on the upswing.