April Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)
April Summary: Sales were down. Average price was up. Inventory declined.
Sales: With the Covid-19 shelter-in-place order beginning in mid-March and continuing all throughout April, homes sales in April were down as anticipated but not as much as many expected. Closed sales were down –10% this April with 378 closed compared to 420 last year. Pending activity was down as well in April but also not as bad a many had anticipated. There were 452 pending contracts written in April compared to 479 last year which is only a -5.6% YOY decline. This was expected to be more like a 20% - 30% decline due to the shut-down. It will certainly be interesting to see what percentage of these pending contracts from April become closings in May. With sales being down –10% in April, year to date sales have now fallen behind last year just barely with 1406 this year versus 1413 last year. Looking at the data tables below, you will see that activity in Caddo and Bossier parishes have not been consistent. Caddo Parish is down –8% year to date while Bossier is still up 8%. .
Unit Sales YTD by price range vs. last year:
Inventory: Inventory levels continued to decline in April as a direct result of Covid-19. Many “would-be” home sellers are leery to list their home for sale as they do not want to open their homes to strangers for showings. Current inventory levels are now well below typical market levels for this time of year. There are currently 1676 homes actively listed on the market versus 1791 last month and 2136 at this time last year. That is –22% fewer homes for sale right now than same time last year. With 378 homes sold in April and 1676 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes declined again last month to from 4.4 to 4.2. Last year at this time the monthly supply was 5.4.
Prices: With the continued sales activity in the upper price ranges, the average home price was up again in April compared to last year. The average home price this April was $191,495 compared to 184,638 last year. Year to date, the average price is $189,839 vs $178,882 at this time last year. As a point of reference, the average price for all of 2019 finished up at $192,000. On a price per square foot basis, sale prices this April averaged $98.36 per sq.ft. versus $95.68 last year.
Data Source: Northwest Louisiana Association of Realtors MLS, Inc 05/15/2020
Author: Brad Gosslee of Coldwell Banker Gosslee
Information believed to be accurate but not guaranteed.