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Market at a Glance


May 2020
Posted: June 29, 2020 by Sheryl Garcie

Residential Real Estate Sales
May Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)

May 2020 Residential Real Estate Market Report for Shreveport/Bossier City, LA.

May Summary:  Sales were down.  Average price was down.  Inventory levels at all-time low.

 

Sales:  With the Covid-19 shelter-in-place order having begun in mid-March and continuing all throughout April, it is May that will be the most negatively affected month for closed home sales numbers.  Closed sales were down –16% in May with 403 closed compared to 477 last year.   This is expected to be the bottom though as pending contracts in May saw a significant increase year over year (609 in May’20 vs 480 in May’19) which will result in a strong June for closed sales when those numbers come in.  With sales being down –16% in May, following being down –10% in April, closed sales are now down –5% versus last year (1808 this year versus 1889 last year). This isn’t too bad considering the situation.  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 down only –2%.  .

 

Unit Sales YTD by price range vs. last year:



Inventory:   Inventory is the real story right now.  Current inventory levels are well below typical market levels for this time of year.  There are currently 1567 homes actively listed on the market versus 2097 at this time last year.  That is –25% fewer homes for sale right now than last year.  With this shortage in supply and not that much fall off in demand, we are seeing homes in the most popular neighborhoods and price ranges receive multiple offers in their first weeks on the market.   This has not shown up in the pricing numbers yet but it will begin to push prices higher if inventory levels remain at these levels and demand stays strong.   With 403 homes sold in May and 1567 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes fell again last month to from 4.2 to 4.0.   This is the lowest I have ever seen this metric since I started tracking it 13 years ago.   Last year at this time the monthly supply was 5.4, and three years ago it was 6.2. 

 

Prices:    With the slow-down in May in the upper price ranges, the average home price fell in compared to last year. The average home price this May was $174,644 compared to $191,495 last month and $199,325 in May of last year.  Year to date, the average price is now $186,158 vs $183,789.   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 May averaged $91.46 per sq.ft. versus $96.57 last year. 


May 2020 Comparative Market Statistics
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes Only)





May 2020 Absorption Rates
Shreveport/Bossier, LA – (Caddo, Bossier, & Desoto Parishes Only)

The following figures are through the month of May 2020

 

Currently, there are 1567 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 396 homes have sold per month on average.

That’s a 4.0 month supply of homes if no more homes come on the market.

Last month 596 homes came on the market.

 

Currently there are 273 homes priced below $100,000 for sale in Shreveport/Bossier.

Over the last 12 months, 83 homes have sold per month on average in this price range.

That’s a 3.3 month supply of homes if no more homes come on the market.

Last month 104 homes came on the market in this price range.

 

Currently there are 529 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.

Over the last 12 months, 153 homes have sold per month on average in this price range.

That’s a 3.4 month supply of homes if no more homes come on the market.

Last month 208 homes came on the market in this price range.

 

Currently there are 356 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.

Over the last 12 months, 102 homes have sold per month on average in this price range.

That’s a 3.5 month supply of homes if no more homes come on the market.

Last month 160 homes came on the market in this price range.

 

Currently there are 180 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.

Over the last 12 months, 36 homes have sold per month on average in this price range.

That’s an 4.7 month supply of homes if no more homes come on the market.

Last month 74 homes came on the market in this price range.

 

Currently there are 98 homes priced between $400,000 and $499,999 for sale in Shreveport/Bossier.

Over the last 12 months, 13 homes have sold per month on average in this price range.

That’s a 7.7 month supply of homes if no more homes come on the market.

Last month 18 homes came on the market in this price range.

 

Currently there are 131 homes priced above $500,000 for sale in Shreveport/Bossier.

Over the last 12 months, 9 homes have sold per month on average in this price range.

That’s a 14.3 month supply of homes if no more homes come on the market.

Last month 26 homes came on the market in this price range.



Important Note: A 6 month supply is considered to be a balanced market.

Under 6 months is a seller’s market.

Over 6 months is a buyer’s market.


Data Source: Northwest Louisiana Association of Realtors MLS, Inc 06/10/2020

Author: Brad Gosslee of Coldwell Banker Gosslee

Information believed to be accurate but not guaranteed.

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