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
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.
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
Copyright 2008. Lisa Heindel, All rights reserved.
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