Harvey LA: October 2008 Real Estate Market Report

By
Real Estate Broker/Owner with Crescent City Living LLC

Originally published at West Bank Living

Current real estate statistics for Harvey LA as of 11/5/2008:

  • 195 active listings, priced from $51,500 to $598,000
  • Average list price of $190,561
  • Median list price of $159,900
  • 6 pending but continue to show listings, priced from $129,900 to $227,000
  • 42 under contract listings, priced from $20,000 to $499,000
  • Based on October 2008 sales, there is a 9.75 month supply of homes for sale in Harvey

Harvey LA - Number of Homes Sold October 2008

Harvey LA Real Estate and Home Sales

The number of homes sold in Harvey LA continues to remain stable from month to month, although the inventory (number of homes for sale) still indicates a buyer's market in the community. There are a fairly substantial number of pending sales that are falling apart each month. Many times it is due to the fact that home sellers have not grasped that there is stiff competition for qualified buyers and they must be willing to be flexible - whether on price or on making necessary repairs.

Sellers who are "holding out" for their dream price may be left holding their house for a long time.

Harvey LA 2008 Home Sales

Harvey LA - Average Home Sale Price October 2008

Harvey LA Home Sales

What puzzles me is why the average listing price went UP from September to October. Home sellers who are keeping an eye on the market should know that real estate prices in Harvey LA have been on the decline for the last 2 years.

Rather than following the pack and pricing at or above what you neighbor is asking for their home, you should be realistically pricing your home based on real, comparable sales. This remains the best way to get it sold quickly - or if not quickly, at least faster than other competing listings.

Harvey LA Home Sales

All data provided by GSREIN and is deemed reliable, but not guaranteed.

These reports are intended to provide an overview of the real estate market in Harvey. Your particular neighborhood or subdivision may be experiencing something different. Don't guess at what your Harvey home is worth - use a West Bank real estate professional to determine the right price and the right plan to get you moving.

Related Reading:

Lisa Heindel New Orleans West Bank Real Estate Specialist

Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.

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Show All Comments
Rainmaker
908,616
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Lisa as usual another excellent market report for Harvey LA. It is great you continually keep everyone informed of what is going on in your market.

November 07, 2008 05:34 PM #1
Rainmaker
148,368
Judi Morgan
Kimberly Howell Properties - San Antonio, TX
San Antonio, TX Real Estate

Lisa, your Market Reports are so thorough.  Shows that you are thorough and professional when working with your clients. 

November 07, 2008 06:03 PM #2
Rainer
179,085
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

Lisa, I certainly agree with Bill.  Your Harvey LA Real Estate Market Report is filled with valuable information for local buyers and sellers.   

November 07, 2008 06:18 PM #3
Rainer
194,096
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

Sellers who are "holding out" for their dream price may be left holding their house for a long time.

 

This is a reality that sellers are having to face all over the country. I hope that they listen to your wise advice before it is too late. GBU!

November 08, 2008 09:52 AM #4
Show All Comments
Rainmaker
365,072

Lisa Heindel

New Orleans Real Estate Broker
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