Harvey and Marrero LA: 2007 Home Sales Market Report

As we close the calendar on 2007 and enter a new year, take a look back at the historical trends for home sales in Harvey and Marrero, LA. 

Harvey and Marrero East of Barataria Blvd.

428 homes were sold in 2007, a decrease of over 44% from the number of homes sold in 2006.   This puts the number of home sales in the same range as the 2004 market. 

• 73% of the homes sold in 2007 had a list price of less than $200,000.
• Days on market for homes sold was an average of 73 days
• As of 1/2/2008, there are 265 active listings and 57 homes with accepted offers that have not closed yet.  Based on 2007 sales, this amounts to a 7 month inventory in the 70053 zip code if no more homes are listed.

                   

• Average home sale prices decreased slightly from the 2006 average of $186,849 to $184,222, a 1.41% increase.  Combined with the decrease in average sale prices, the dramatic reduction in the number of sales more than likely signals the end of the post Katrina housing boom on the West Bank.  

                  

Harvey and Marrero West of Barataria Blvd.

412 homes sold in 2007, a decrease of over 28.5% from 2006 sales volume.  This is the smallest number of home sales in the area since 1994.

• 78% of the homes sold in 2007 had a list price of less than $200,000
• Average days on market for homes sold in 2007 was 62 days
• As of 1/2/2008, there are 269 active listings and 58 homes with accepted offers that have not closed yet.  Based on 2007 sales, this is a 7.8 month supply of inventory if no more homes are listed.

                  

• Average home sale prices increased from $146,464 in 2006 to $162,414 in 2007, an increase of over 10%.  This continues a 10 year trend of increasing home values in the area, but the dramatic reduction in the number of sales indicates that there are fewer buyers for these homes.

                 

 

What do these numbers mean for home sellers?

My advice to anyone considering selling their Harvey or Marrero home is to consider your motivation.  Why are you selling?

If you are selling due to a job transfer or relocation, you more than likely don’t have time to sit on an overpriced home.  Hire a professional Realtor® who can assist you with guidance to the preparation of your home for sale, aggressive pricing and getting the most exposure for your home in our current market.  For more information, read 7 Keys to Selling Your House When Sales are Slow.

If you are selling for any other reason, this may not be the best time to enter the market.  You will be competing with a large number of other homes for sale in the same area and likely within your own neighborhood or subdivision.  Additionally, changes in mortgage lending guidelines have reduced the number of qualified first time home buyers and the criteria for qualifying for a mortgage is expected to become even stricter in March, 2008.

What do these numbers mean for home buyers?

You have an unprecedented number of homes to choose from, in a wide variety of price ranges.  Sellers are becoming more flexible in their prices and terms the longer their homes are on the market.  However, you must be prepared before you begin your home search.  As lending criteria has become stricter, a reputable lender can guide you through the process of pre-qualification and assist you in determining the correct price range to begin your home search in.  I have a team of local, professional lenders that I routinely work with and would be happy to provide referrals if you need them.

The West Bank real estate market is as unique as the New Orleans area.  If you need assistance in determining if now is the right time to buy or sell your West Bank home, please give me a call.  I’ll be happy to answer any of your questions.

 

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 Copyright 2008. Lisa Heindel, All rights reserved.