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Market at a Glance


June 2020
Posted: July 27, 2020 by Sheryl Garcie

June 2020 Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)


June Summary: Sales were up big. Average price was down. Inventory levels at new all-time low.

 

Sales: Four months now into the Covid-19 epidemic, homes continue to sell….and that’s exactly what they did in June. June had the highest number of monthly closings we’ve seen in 2 years and was the best June we’ve seen since 2006. There were 508 closed sales this June versus 452 in June last year. This was a catch-up month for the market which now brings total unit sales to 2319 through June compared to 2343 this time last year, putting us down only –1% year over year. Looking at the data tables below, you will see that activity in the 3 parishes have not been consistent. Caddo Parish is down –3% while Bossier is flat and Desoto is up 15%.

 

Unit Sales YTD by price range vs. last year:

 


Inventory:
Inventory continues to be the story right now. Current inventory levels are far below typical market levels for this time of year. There are currently 1439 homes actively listed on the market versus 2066 at this time last year. That is –30% fewer homes for sale right now than last year. With this shortage in supply and not 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 508 homes sold in June and 1439 currently on the market, the Monthly Supply (using the 12-month trailing average) of homes fell again last month from 4.0 to 3.6. 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: Even with the shortage in demand, the average home has held steady. The average home price this June was $198,336 compared to $174,644 last month and $207,699 in June of last year. Year to date, the average price is now $188,837 vs $188,382. 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 June averaged $96.75 per sq.ft. versus $99.48 last year.

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




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

The following figures are through the month of June 2020

 

Currently, there are 1439 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 401 homes have sold per month on average.

That’s a 3.6 month supply of homes if no more homes come on the market.

Last month 662 homes came on the market.

 

Currently there are 265 homes priced below $100,000 for sale in Shreveport/Bossier.

Over the last 12 months, 85 homes have sold per month on average in this price range.

That’s a 3.1 month supply of homes if no more homes come on the market.

Last month 115 homes came on the market in this price range.

 

Currently there are 461 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.

Over the last 12 months, 155 homes have sold per month on average in this price range.

That’s a 3.0 month supply of homes if no more homes come on the market.

Last month 243 homes came on the market in this price range.

 

Currently there are 310 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.

Over the last 12 months, 103 homes have sold per month on average in this price range.

That’s a 3.0 month supply of homes if no more homes come on the market.

Last month 168 homes came on the market in this price range.

 

Currently there are 177 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.

Over the last 12 months, 34 homes have sold per month on average in this price range.

That’s an 5.2 month supply of homes if no more homes come on the market.

Last month 69 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 7.2 month supply of homes if no more homes come on the market.

Last month 28 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, 10 homes have sold per month on average in this price range.

That’s a 13.9 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 07/15/2020

Author: Brad Gosslee of Coldwell Banker Gosslee

Information believed to be accurate but not guaranteed.

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