Coldwell Banker Gosslee

The Market at a Glance


March 2017
Posted: April 18, 2017 at 12:00 AM by Coldwell Banker Gosslee

Residential Real Estate Sales
March 2017 Market Overview
Shreveport/Bossier, LA – (Caddo, Bossier & DeSoto Parishes only)

March 2017 Residential Real Estate Market Report for Shreveport/Bossier City, LA.

Summary: Sales are flat.  Prices are up slightly. Inventory is climbing (especially over $400k).

Sales:  After lagging behind in January & February, home sales had a “catch-up” month in March.   March home sales (396 units) outpaced last year (359 units) by 10%.   That brings unit sales through Q1 2017 to 889 compared to 883 last year.

As you can see in the numbers below, the most activity is in the $100k—$300k price range while $200k—$400k is the price range that is outpacing last year.   All other price ranges are consistent with last year or down slightly.

Unit Sales YTD by price range vs. last year:

Price                            2016 YTD        vs        2017 YTD        % Change

Under $100k               240                              221                  -  8%   

$100k - $200k             366                              353                  -  4%

$200k - $300k             194                              222                  14%

$300k - $400k             48                                61                    27%

$400k - $500k             16                                15                    -  6%

Over $500k                 19                                17                    - 11%

Total                            883                              889                     0%

Inventory:   This is the area of focus this year and it is a becoming a story of two different markets.  Inventory is climbing this time of year in all price ranges as it normally would in the spring listing season.   However, we are seeing a significant increase in homes over $400k hitting the market, causing this already oversupplied segment to reach inventory levels we have never seen in our market.   When you look at an aggregate of all price ranges, we have a very balanced market. There are now 2,149 homes available on the market versus 2,072 at the end of February and 2,093 at this time last year.    With average home sales of 359 per month and 2,149 currently on the market, the Monthly Supply of homes is now 6.0 versus 5.9 last year at the end of March.    This is right where a balanced market should be as the benchmark for a balanced market is a 6 month supply.    However, when you drill down and look at the $400k—$500k and the Over $500k segments, the story is very different.   These price ranges have far too much inventory for the amount of current monthly sales.   These segments are now at a 14.2 month and 20.0 month supply respectfully.   This puts these price ranges heavily into a buyer’s market.  Thus making it a difficult time for sellers right now but it is a great time for “move-up” buyers to sell their current home and take advantage of still historically low interest rates and get a great deal on the bigger house they have always wanted.     

Prices:    The average price in March was $169,820 compared to $180,231 last month and $171,848 last year.   On a price per square foot basis, sale prices in March averaged $88.67 per sq.ft. versus $91.82 last month and $88.86 last year.  Year to date, the average sale price is now $176,317 versus $174,686 last year and the average price per sq.ft. is now $90.10 versus $88.83 last year.

Overall the market is healthy so far in 2017 but the growing inventory will be the number to watch as the year progresses.

March 2017 Comparative Market Statistics
Shreveport/Bossier, LA – (MLS Zones 1-27 only)




March 2017 Absorption Rates
Shreveport/Bossier, LA – (Caddo, Bossier, & Desoto Parishes Only)

The following figures are through the month of March 2017

 

Currently, there are 2149 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 359 homes have sold per month on average.

That’s a 6.0 month supply of homes if no more homes come on the market.

Last month 734 homes came on the market.

 

Currently there are 448 homes priced below $100,000 for sale in Shreveport/Bossier.

Over the last 12 months, 76 homes have sold per month on average in this price range.

That’s a 5.9 month supply of homes if no more homes come on the market.

Last month 121 homes came on the market in this price range.

 

Currently there are 769 homes priced between $100,000 and $199,999 for sale in Shreveport/Bossier.

Over the last 12 months, 148 homes have sold per month on average in this price range.

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

Last month 294 homes came on the market in this price range.

 

Currently there are 471 homes priced between $200,000 and $299,999 for sale in Shreveport/Bossier.

Over the last 12 months, 92 homes have sold per month on average in this price range.

That’s a 5.1 month supply of homes if no more homes come on the market.

Last month 169 homes came on the market in this price range.

 

Currently there are 206 homes priced between $300,000 and $399,999 for sale in Shreveport/Bossier.

Over the last 12 months, 27 homes have sold per month on average in this price range.

That’s a 7.4 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 110 homes priced between $400,000 and $499,999 for sale in Shreveport/Bossier.

Over the last 12 months, 8 homes have sold per month on average in this price range.

That’s a 14.2 month supply of homes if no more homes come on the market.

Last month 33 homes came on the market in this price range.

 

Currently there are 145 homes priced above $500,000 for sale in Shreveport/Bossier.

Over the last 12 months, 7 homes have sold per month on average in this price range.

That’s a 20.0 month supply of homes if no more homes come on the market.

Last month 48 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 04/10/2017

Author: Brad Gosslee of Coldwell Banker Gosslee

Information believed to be accurate but not guaranteed.

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