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

5 Dos and Don’ts for Home Sellers

 

 

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Copyright 2008.  Lisa Heindel, All rights reserved.

Harvey, LA: April 2008 Real Estate Absorption Report

Look at Harvey, LA go…  Home sales for the last 90 days have reduced the projected supply of homes for sale to 8.7 months across the entire 70058 zip code -  and some price ranges are posting numbers that scream seller’s market!  The spring selling season has begun in earnest across the West Bank of New Orleans.

• Most homes under $120,000 are continuing to sell at a very quick pace
• The $250,000-$300,000 is doing surprisingly well, with a fairly balanced supply and demand
• Homes in the over $300,000 range are continuing to sell at a slower pace, but this is typical for the price range on the West Bank

Remember, a balanced real estate market has a 5-6 month supply of homes for sale.  More means a trend to a buyer’s market, less means a trend to a seller’s market. 

 

Harvey, LA

as of 4/24/2008

 

        

 

Before you sell your Harvey home, be sure to talk to an experienced West Bank REALTOR® about how to properly prepare, price and market your home for sale.

 

Related Reading

Selling Your Home Is A Business - Run It Like One!

5 Dos and Don’ts for Home Sellers

Harvey, LA: March 2008 Home Sales and Real Estate Market Update

Harvey, LA Real Estate Market Reports

 

 

Copyright 2008.  Lisa Heindel, All rights reserved.

Harvey, LA: March 2008 Home Sales and Real Estate Market Update

With the 1st quarter of 2008 complete, here are current (4/6/2008) and historical real estate sales information for Harvey, LA:

• 192 active listings, priced from $40,900 to $1,400,000
• 10 pending listings (contract accepted, but continuing to show), priced from $117,500 to $429,000
• 49 under contract listings, priced from $20,000 to $399,000

Harvey, LA: Number of Homes Sold

 

March showed a nice increase in the number of home sales in Harvey, with 29 closings, up from 15 in February.  While still well below the 43 sales recorded in March 2007, it looks like spring has sprung in the Harvey market this year.

A total of 57 sales were recorded in the 1st quarter of 2008, compared to 82 at the same time in 2007.

 

Harvey, LA: Average Single Family Home Prices

 

The March average sale price of $158,461 was down quite a bit from the February average of $216,820, but the first quarter of 2008 ended much higher than 4th quarter 2007.  Hopefully, this is the beginning of a trend for home sellers.

With 192 active listings, there is currently a 6.6 supply of homes for sale in the area - a balanced market based on recent sales!  Buyers who are interested in homes in the Harvey area should be ready to write those offers when they find the right home, since the oversupply of listings has disappeared.

 

This is terrific news for Harvey home sellers!  With spring being the traditionally “hot” time to buy or sell a West Bank home, I expect the good news to continue for at least the next couple of months. 

If you are interested in selling your Harvey home, now is the time to get it on the market with an experienced West Bank agent who has a great marketing plan.  Feel free to give me a call, drop me a line, or leave a comment below with any of your real estate questions.