Harvey, LA: April 2008 Home Sales and Real Estate Market Report

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The number of homes sold in Harvey, LA dropped dramatically from 29 in March to only 12 in April, while the number of listings remained steady.  There are apparently a large number of contracts being canceled since there were 59 purchase agreements pending sale at the beginning of April.  The most common cancellation reasons I have seen recently are issues during inspections and the difficulty in getting financing for some purchasers.

Based on April home sales, there is a 16.25 month supply of homes for sale in Harvey, almost 3 times the inventory in a balanced market.  Note:  this number will change almost daily based on sales closed and new listings coming on the market.

 

  • Active listings:  195
  • Average listing price:  $223,205
  • Pending but continue to show listings:  12  (Average list price $175,792)
  • Open predication listings:  1  ($349,000)
  • Under contract listings:  44  (Average list price $148,967)

 

Harvey, LA – Number of Homes Sold, April 2008

 

70058 units sold

 

 

Harvey, LA – Average Home Sales Price, April 2008

 

The average home sale price dropped to $118,246 in April, the lowest in over a year for the area.   Given that the average listing price is over $200,000, sellers in Harvey should be patient while the market continues to adjust.

 

70058 avg sale price

 

Remember, this report is for the entire 70058 zip code.  If you would like a detailed report on your Harvey neighborhood, please feel free to contact me or give me a call direct at (504) 616-6262.  I’d be happy to help you stay up to date with the changes in the West Bank real estate market.

 

Related Reading:

Harvey, LA: April 2008 Real Estate Absorption Report

5 Dos and Don’ts for Home Sellers

 

Lisa Heindel

 


Copyright 2008.  Lisa Heindel, All rights reserved.

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