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The Market at a Glance


March 2021
Posted: April 21, 2021 by Sheryl Garcie

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


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

 

Sales:  Strong sales momentum continued through March with another record month.  There were 534 closed sales this March versus 429 in March last year and compared to a 5 year trailing average of 393.   It was a record breaking month on all accounts.  Looking at the data tables below, you will see that sales in both Caddo and Bossier continued their strong start to the year and fished Q1 well ahead of last year.  Sales in Desoto parish are lagging behind though. This is likely due to the very low inventory available for sale in Desoto Parish.   Currently, there are only 26 available listings on the market in all price ranges in Desoto parish.   This same scenario will likely begin to damper sales activity in Caddo and Bossier parishes as well if the supply of new available listings is to slow down.

 

Unit Sales YTD by price range vs. last year:



Inventory
:  As homes continue selling at a record pace, inventory levels have continued to fall to a new record low.  There are currently 776 homes actively listed for sale on the market versus 1,791 at this time last year.  That is –57% fewer homes for sale right now than this time last year.  Due to the shortage of available listings, homes are selling faster than ever, prices are rising, and sometimes there are multiple offers in the first few days.  Median days on the market for Q1 was 62 versus 90 last year.  With 534 homes sold in March and only 776 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes fell again last month from 1.8 to 1.6.   This is unbelievably low for the Shreveport Bossier market.  Just 12 months ago, the monthly supply was 4.5, and three years ago it was 5.5.   In the $100k-$200k and $200k-$300k price ranges, there were more sales in March than we currently have actively available on the market.    This means we must have ample new inventory coming on the market each month or we will run out of homes for buyers to buy.   There were 675 new homes that came on the market in March but most were put under contract shortly after hitting the market.   This will be a very interesting metric to watch as this year progresses.

 

Prices:    With the drastically lower inventory and continued strong sales activity in the higher price ranges, the average home price has continued to rise.  The average home price in Q1 was $213,771 versus 189,383 last year.  On a price per square foot basis, sale prices in Q1 averaged $104.77 per sq.ft. versus $96.12 last year.  

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





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

The following figures are through the month of March 2021

 

Currently, there are 776 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 475 homes have sold per month on average.

That’s a 1.6 month supply of homes if no more homes come on the market.

Last month 675 homes came on the market.

 

Currently there are 224 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 2.6 month supply of homes if no more homes come on the market.

Last month 113 homes came on the market in this price range.

 

Currently there are 193 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.

Over the last 12 months, 177 homes have sold per month on average in this price range.

That’s a 1.1 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 114 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.

Over the last 12 months, 131 homes have sold per month on average in this price range.

That’s a 0.9 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 86 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.

Over the last 12 months, 50 homes have sold per month on average in this price range.

That’s an 1.7 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 58 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 3.4 month supply of homes if no more homes come on the market.

Last month 40 homes came on the market in this price range.

 

Currently there are 101 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 7.0 month supply of homes if no more homes come on the market.

Last month 72 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 4/12/2021 
Author: Brad Gosslee of Coldwell Banker Gosslee 
Information believed to be accurate but not guaranteed.

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