[StBernard] Average home price up 25 percent on Orleans East Bank

[Westley Annis]

Average home price up 25 percent on Orleans East Bank
by CityBusiness staff reports
Published: July 11th, 2011

The average selling price of homes in the New Orleans area was up in all
areas except two when comparing month-over-month figures but split when
looking at year-over-year numbers, according to statistics from the Gulf
South Real Estate Information Network released today.

The average selling price of homes in the New Orleans area in June was up
slightly more than 3 percent compared with last year, from $226,356 to
$233,467. Fewer homes were sold this year at 811 compared with 873 in 2010.

The East Bank of Orleans Parish saw the sharpest month-over-month increase
at 25 percent, while East Jefferson and St. Bernard Parish and West St.
Tammany saw increases around the 11 percent mark. The Algiers-English Turn
area saw the biggest year-over-year jump at 58.6 percent, followed by East
Jefferson at 16.86 percent. St. Bernard, meanwhile, posted the biggest drop
over 2010 at 12.2 percent, followed by East St. Tammany at 10.3 percent and
the River Parishes, down 9 percent.

Here's how the average selling price measured up by area in June:

- East Jefferson: $253,343, more than the $228,225 average in May and the
$216,801 average in June 

2010;
- West Jefferson: $129,661, up slightly from the $129,354 average in May and
from the $124,501 average a year ago;

- Orleans East Bank: $329,392, more than the $263,607 in May and the
$305,726 a year ago;

- Algiers-English Turn: $166,558, up from $158,145 in May and from $105,006
a year ago;

- Plaquemines: $309,200 (nine homes sold), up from $215,150 in May, when
eight homes were sold and from $226,700 a year ago, when nine homes were
sold;

- St. Bernard: $107,203, up from $96,439 in May but down from $122,143 a
year ago;

- St. James, St. John and St. Charles: $168,582, up from $155,201 in May but
down from $185,268 a year ago;

- East St. Tammany: $168,274, down from $177,557 in May and from $187,651 a
year ago; and

- West St. Tammany: $259,899, more than the $234,503 average in May but less
than the $283,079 figure a year ago.

Properties sat on the market for an average of 90 days last month compared
with 87 days in June 2010.