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

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

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