New Orleans West Bank Real Estate

West Bank market update for Harvey and Marrero

October sales volume (number of single family homes sold) has declined from the 2006 level of 118 homes sold to 62 homes sold in October of 2007, a 47% decline in the total number of homes sold during the month.

The number of homes sales decreased from 66 homes sold in September 2007  to 62 sold in October 2007, a very small decrease contradicting the national media reports of continuing massive drops in home sale activity.

• Conventional loans remain the preferred method of financing a home purchase, accounting for 60% of the home purchases in 2007, down from 73% in 2006.

Average sale prices in Harvey and Marrero have increased from $172,177in October 2006 to $178,810 in October 2007, an increase of 4% in average sold price. Again, this contradicts the national forecast for continuing drops in housing costs.

• Average days on market for October 2007 was 75, an 42% increase over the 53 day average in 2006.

If you would like to receive an updated report of homes for sale and recently sold in your West Bank neighborhood, please request your Free Market Snapshot here.

Your West Bank Real Estate Specialist

Copyright 2007. All rights reserved. Lisa Heindel, Realtor®