Coldwell Banker Gosslee

The Market at a Glance


August 2017
Posted: September 19, 2017 at 12:00 AM by Sheryl Garcie

Residential Real Estate Sales

August 2017 Market Overview

Shreveport/Bossier, LA – (Caddo, Bossier, Desoto Parishes only)


August Summary: Sales are up.  Prices are not.  Inventory is plentiful.

 

Sales:  There were more homes sold in August 2017 than we have seen in 10 years.    August 2017 posted 470 home sales compared to 387 in August last year.   That is a 21% year over year increase.   While August is always a strong month, we haven’t had 470 homes sell in August since 2007 before mortgage crisis.   In fact, the average for August sales over the past 5 years has been only 378.    This uptick in sales is completely isolated to homes priced under $300k and is primarly attributed to the recent loosening of lending standards which is allowing more buyers to qualify for a loan.   This brings unit sales YTD to 3090 versus 2950 at this time last year (up 5%).   

 

As you can see in the numbers below, home sales are ahead of last year in all price segments except the Over $500k market which is only down by 3 homes versus last year.  

 

Unit Sales YTD by price range vs. last year:

 

Price                            2016 YTD        vs        2017 YTD        % Change

Under $100k               662                              746                  13% 

$100k - $200k             1202                            1215                1%

$200k - $300k             726                              756                  4%

$300k - $400k             226                              239                  6%

$400k - $500k             66                                69                    4%

Over $500k                 68                                65                    -  4%

Total                            2950                            3090                4.7%

 

Inventory:   Inventory levels appear to have peaked in August and should now be in a seasonal decline for the rest of the year.  There are now 2,273 homes available on the market versus 2,303 at the end of last month and 2,149 at this time last year.    With 470 homes sold in August and 2,273 currently on the market, the Monthly Supply (using the 12 month trailing average) of homes is now at 6.1 which is down from last month’s 6.3 but is exactly where it was at this time last year.  This is an all around healthy market for both buyers and sellers in most price ranges.   For homes over $400k, sales are consistent with year’s past (average 8 sales per month for $400k—$500k and 7 per month for Over $500k) but we still have too many luxury homes on the market for the amount of homes that are selling each month.   This is good for buyers but a difficult environment for sellers.

 

Prices:    The average home price for August was $181,035 which is lower than last month ($185,592) and is down considerably compared to last year ($188,415).    On a price per square foot basis, sale prices in August averaged $93.16 per sq.ft. versus $94.18 last month and $94.28 last year.  Year to date, the average sale price is now $182,645 versus $186,076 last year and the average price per sq.ft. is currently $92.41 versus $93.11 last year.

August 2017 Comparative Market Statistics

Shreveport/Bossier, LA – (MLS Zones 1-27 only)


August 2017 Absorption Rates

Shreveport/Bossier, LA – (Caddo, Bossier, & Desoto Parishes Only)

The following figures are through the month of August 2017


Currently, there are
2273 total homes for sale in Shreveport/Bossier.

Over the last 12 months, 371 homes have sold per month on average.

That’s a 6.1 month supply of homes if no more homes come on the market.

Last month 728 homes came on the market.


Currently there are
483 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 5.7 month supply of homes if no more homes come on the market.

Last month 200 homes came on the market in this price range.


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

Over the last 12 months, 151 homes have sold per month on average in this price range.

That’s a 5.4 month supply of homes if no more homes come on the market.

Last month 259 homes came on the market in this price range.


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

Over the last 12 months, 93 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 162 homes came on the market in this price range.


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

Over the last 12 months, 28 homes have sold per month on average in this price range.

That’s an 8.1 month supply of homes if no more homes come on the market.

Last month 58 homes came on the market in this price range.


Currently there are
121 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 15.0 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
148 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 20.9 month supply of homes if no more homes come on the market.

Last month 24 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 09/11/2017

Author: Brad Gosslee of Coldwell Banker Gosslee

Information believed to be accurate but not guaranteed.


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