• CHANGE RESULTS VIEW
  • SORT BY

Email Post to a Friend: Coldwell Banker Gosslee's October Housing Market Update

The information you provide on this form will not be used for anything other then sending the email to your friend. This feature is not to be used for advertising or excessive self-promotion.
November
29

We are coming to the end of the year and I hope everyone had an incredible, relaxing and joyful Thanksgiving. As I sat around the Thanksgiving table with my family, I definitely paused a bit to reflect on this past year. The pandemic has changed our lives, behaviors and values. It also brought about one of the most enjoyable and hectic years in my career. There has been absolutely no letdown in the pace of housing sales and activity.

And while normally at this time of year, we would be able to gather our breath and relax, this is not a normal year.

If you have considered selling your home, I urge you to speak with any of our 150-plus agents. While the holidays are usually a slower time in real estate, this was not the case last year nor will be this year. I can't tell you how many conversations I've had recently with those who are considering putting their home on the market simply because of the increase in prices leading to increased equity. While you might be hesitant to sell during the holidays and you might not have your next home picked out yet, our agents can guide you properly on how best to proceed.

You are going to see throughout this article that we do not have enough supply of available homes to meet demand. Thus prices continue to rise. We are still seeing multiple bids. And for those considering selling before Spring, there is no doubt that your home will attract even greater interest in months once described as "quiet."

To show how different a real estate market we are in, Coldwell Banker Gosslee hit the milestone of $500,000 million in sales volume earlier than ever. And we will set a record by the end of December! Sales volume is the combined sales price of every home we were involved with on the buy or sell side. This success shows not only how great our agents are, but also how busy the real estate market has been.

Want more proof? October was the seventh month this year that had more than 500 combined home sales in Caddo, Bossier and Desoto Parishes. There were 526 sales which is dramatically higher than the rolling five-year October average of 419. This equates to about a 25% increase in October sales activity in Northwest Louisiana. But here is an odd fact. We were actually down 1% in October sales over last year! That is because last year at this time the housing market was in the midst of taking off as all-time low mortgage rates, desire for more space and amenities along with work-from-home options had so many looking to buy.

But just because we had 5 fewer sales than a year ago, it would be incorrect to assume that home prices have leveled off. In fact, our median price for a home here – the middle price of all 526 sales – was $218,500, up 14% over a year ago. This is a stunning increase.

The reason is the continued supply vs. demand imbalance. While mortgage rates have risen a bit, they remain at near historic lows. Therefore, demand remains strong. But buyers currently have only 911 homes to choose from here, an incredible 24% reduction over October 2020 when there were 1,193 available homes. Back in 2017, we had 2,240 homes for sale, about 150% more than today. And homes sold extremely quickly in October – 10 days! That is a 63% decline over last year's already fast pace!

What I just shared is a look at October only. Now let's take a look at the entirety of 2021 through the first 10 months. There have been 5,107 homes sold in our three parishes, an increase of 13% over 2020 and 23% over 2019. And that includes Desoto Parish which is down a total of 19% in sales largely because of its incredible shortage of available homes (only 32 on the market today). It also includes a 15% decrease in sales of homes at $100,000 or less.

But these numbers don't tell the entire story. So many have taken advantage of all-time low mortgage rates, along with equity in their home (how much they have made since they bought it minus what they owe), to "move up." This is why we have seen a 52.7% increase in sales in the $300,000-plus levels, a total of 1,024 sales or 20.0% of the entire market. Bossier Parish is even stronger in the upper-end with a 66.0% increase. The $300,000-plus market has made up 26.6% of all Bossier sales.

Our supply of homes remains really low but it appears we hit the bottom back in May when there were only 774 homes for sale. Our current 911 figure is about 30 more than last month, but almost 280 fewer than 2020 and 2019 at this time of the year. Our month supply is just 1.8 months. This means that if no homes came on the market, there would be nothing available in that short time frame. This is incredibly low! A year ago we sat at 2.8 months and were at 5.0 months in 2019.

It doesn't appear that things will improve dramatically anytime soon. There were 574 homes that came on the market in October. With so many of those being gobbled up quickly and another nearly 700 homes in the sales process, demand will likely outweigh supply for a while. This is another reason why those interested in selling should consult with one of our agents.

Our first chart this month shows how we compare to the rest of the U.S. after the National Association of Realtors released its Existing Home Sales report:

 

U.S.

(change over Oct. '20)

Northwest LA

(change over Oct. '20)

Median Price

$353,900/+13.1%

$218,500/+14%

Number of Sales

6.34 million/-5.8%
(annualized)

526/-1%

Inventory

1.25 million/-12.0%

911/-24%

Months' Supply

2.4/2.5

1.8

Median Days on Market

18

10

 

You can see that the most glaring differences we face in our amazing part of the country compared to the nation is in the supply. While the U.S. is down 12% in the number of homes on the market, we are down 25%. And homes here are selling 44.4% faster than they are nationally! And – here is a stat we can really be thankful for – our median home price is $135,000 less than the national number!

This chart shows what is occurring with our supply. Notice how tight things are in the mid-range where we have seen only minimal increase in supply over recent months. Also note in that range how sales better supply (or are really close):

Price Range

# Homes That Came on the Market in October

October Sales

Current Inventory

Month Supply

Total

574

526

911

1.8

$100,000 & less

104

78

254

3.3

$100,000-$200,000

218

158

296

1.6

$200,000-$300,000

145

181

151

1.0

$300,000-$400,000

57

53

84

1.5

$400,000-$500,000

26

30

44

1.8

$500,000-$600,000

24

26

83

4.6

 

Now that we've addressed supply, let's talk about demand. This next chart shows how many more homes we are selling today. Outside of the $200,000-or-below price point, our sales are dramatically higher today than in 2017:

Price Range

October 2021

October 2019

October 2017

Total

526

425

391

$100,000 & less

78

122

107

$100,000-$200,000

158

148

170

$200,000-$300,000

181

97

82

$300,000-$400,000

53

38

17

$400,000-$500,000

30

10

8

$500,000+

26

10

7

 

And here is how these sales break out for the year in each of our three parishes. Outside of Desoto Parish, you see a lot of large percentage increases especially at the mid-to-higher end:

Price Range

YoY Number of Home Sales NW LOUISIANA
(% change over 2020

YoY Number of Home Sales in Bossier Parish (% change over 2020

YoY Number of Home Sales in Caddo Parish (% change over 2020

YoY Number of Home Sales in Desoto Parish (% change over 2020

Total

5,107 (+13%)

2,038 (+12%)

2,913 (+17%)

158 (-19%)

$100,000 & less

759 (-15%)

167 (-18%)

567 (-13%)

25 (-43%)

$100,000-$200,000

1,828 (+9%)

589 (-3%)

1,185 (+16%)

54 (+8%)

$200,000-$300,000

1,496 (+19%)

739 (+9%)

727 (+40%)

     32 (-44%)

$300,000-$400,000

582 (+40%)

347 (+62%)

209 (+28%)

26 (-35%)

$400,000-$500,000

259 (+62%)

128 (+71%)

115 (+55%)

16 (+45%)

$500,000-
$600,000

83 (+32%)

     39 (+44%)

43 (+23%)

1 (0%)

$600,000+

100 (+82%)

29 (53%)

67 (+86%)

4 (400%)

 

I know I've given you a lot of numbers, but there is one stat that really makes me smile. Coldwell Banker Gosslee will finish the year as the top real estate company in Northwest Louisiana. This will make it 29 straight years! While there is no way to know it, this has to be one of the longest streaks of any company in any market in the U.S. And it happened because of you and our agents.

We celebrate our clients who have put enormous trust in us. Your home is likely your largest asset. But more importantly, it is the epicenter of your life. That is why we continue to invest time, energy and resources to provide the best-of-the-best for our agents so they can exceed your expectations.

Our Coldwell Banker Gosslee agents are truly amazing. Not only do they consistently go above-and-beyond in assisting their clients, but they are immersed in their businesses. They want to learn and consistently engage with our training team. They never hesitate to learn new skills. I've marveled at how they have met the demands of today's market and achieved so much!

 

On behalf of my dad Jimmy Gosslee, our managers Kris Darwin, Jeff Free and Sarah Drysdale and our entire support staff, I want to once again THANK YOU for your trust as we also thank our agents for being the VERY BEST!

If you have any questions about buying or selling a home, please reach out to any of our amazing agents or give me a shout at BGosslee@cbgosslee.com.

Login to My Homefinder

Login to My Homefinder