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The Market at a Glance


February 2021
Posted: March 15, 2021 by Sheryl Garcie

February 2021 Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)

February Summary:  Sales up.  Average price up.  Inventory levels reach another new all-time low.

 

Sales:  Strong sales momentum continued through February.  While it wasn’t a record sales month as the last 7 have been, February was still outstanding.  There were 365 closed sales this February versus 300 in February last year and compared to a 5 year trailing average of 307.  Looking at the data tables below, you will see that sales in both Caddo and Bossier have continued their strong start but Desoto is lagging behind. This will likely balance out over the next few months but it is interesting to note. 

 

Unit Sales YTD by price range vs. last year:



Inventory:  As homes continue selling at a record pace, inventory levels continue to fall, putting us at another new low.  There are currently 842 homes actively listed on the market versus 1,813 at this time last year.  That is –54% fewer homes for sale right now than this time last year.  Due to the shortage of available listings, homes are selling faster than ever. Median days on market were an incredible 24 days in February vs 60 last year.  With 365 homes sold in February and 842 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes fell again last month from 1.9 to 1.8.   This is unbelievably low for the Shreveport Bossier market.  This is the lowest this metric has ever been since I started tracking it 14 years ago.   Just 12 months ago, the monthly supply was 4.5, and three years ago it was 5.5.   If you look at specific price ranges, it is even more drastic.   Homes between $200k—$300k are now at a 1.0 month supply versus 3.8 just 12 months ago.   The sellers certainly have the advantage right now when it comes to homes priced under $500k.

 

Prices:    With the drastically lower inventory and continued strong sales activity, the average home price has continued to rise.  The average home price this February was $214,150 versus $192,747 last year.  On a price per square foot basis, sale prices this February averaged $105.43 per sq.ft. versus $98.04 last year.  As a point of reference, the average price for all of 2020 finished up at $200,619 and the average price per square foot finished at $100.08. 


February 2021 Comparative Market Statistics
Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes Only)




February 2021 Absorption Rates
Shreveport/Bossier, LA – (Caddo, Bossier, & Desoto Parishes Only)

Currently, there are 842 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 466 homes have sold per month on average.

That’s a 1.8 month supply of homes if no more homes come on the market.

Last month 414 homes came on the market.

 

Currently there are 227 homes priced below $100,000 for sale in Shreveport/Bossier.

Over the last 12 months, 86 homes have sold per month on average in this price range.

That’s a 2.6 month supply of homes if no more homes come on the market.

Last month 80 homes came on the market in this price range.

 

Currently there are 253 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.

Over the last 12 months, 174 homes have sold per month on average in this price range.

That’s a 1.5 month supply of homes if no more homes come on the market.

Last month 138 homes came on the market in this price range.

 

Currently there are 132 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.

Over the last 12 months, 128 homes have sold per month on average in this price range.

That’s a 1.0 month supply of homes if no more homes come on the market.

Last month 126 homes came on the market in this price range.

 

Currently there are 70 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.

Over the last 12 months, 48 homes have sold per month on average in this price range.

That’s an 1.5 month supply of homes if no more homes come on the market.

Last month 25 homes came on the market in this price range.

 

Currently there are 64 homes priced between $400,000 and $499,999 for sale in Shreveport/Bossier.

Over the last 12 months, 17 homes have sold per month on average in this price range.

That’s a 3.8 month supply of homes if no more homes come on the market.

Last month 20 homes came on the market in this price range.

 

Currently there are 96 homes priced above $500,000 for sale in Shreveport/Bossier.

Over the last 12 months, 14 homes have sold per month on average in this price range.

That’s a 6.9 month supply of homes if no more homes come on the market.

Last month 25 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 3/09/2021
Author: Brad Gosslee of Coldwell Banker Gosslee
Information believed to be accurate but not guaranteed.

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