Coldwell Banker Gosslee

Coldwell Banker Gosslee's October Housing Market Report


Everything You Need To Know
Posted: November 25, 2019 by Jessica Wimberly

LOTS OF PLUSES IN OUR HOUSING MARKET

I’ve been doing these blogs for more than a year now and am amazed at how geeked up I get over stats. I’m not a math gal, so my husband laughs every time I come home talking like an economist.

I can’t tell you how excited I am when I see “+” signs in the national housing reports and our Coldwell Banker Gosslee Residential Real Estate Market Report. And this month, we’ve got a lot of pluses!

I’m going to start by sharing findings from Attom Data. They are a national research firm with real math people and they found that 79% of the 155 U.S. metropolitan areas they covered had home prices that were above their top pre-recession prices. Can you guess which market was third on the list with the greatest recovery?

SHREVEPORT!

Yup, our housing prices are 84% above where they were before the Great Recession. Only Kennewick, WA (99%) and Greeley, CO (89%) have fared better than us!

That is just one of the pluses. Check out our strong report card so far for this year in Caddo, Bossier and Desoto Parishes:

 

2018

Through 10/31/19

% Change

Home Sales

4,074

4,152

+2%

Median Home Price

$165,000

$175,000

+6%

Avg. Sales/List Price Ratio

96%

98%

+2%

 

According to the National Association of Realtors, we were one of 93% of the studied markets (they review 178 each quarter) that saw home prices increase in the third quarter. Again, another plus!

Now onto this month’s update comparing us to the U.S.

NAR recently shared its Existing Home Sales Report and there were a lot of pluses nationally for October. Homes sales were up 4.6% equating to a projected 2019 figure of 5.46 million homes sold. The median price (the middle of all of those homes which sold last month) was $270,900, up 6.2%.

So that’s the national picture. What about for us great people living in Northwest Louisiana?

In our three parishes, there were 425 homes sold in October, a 9% increase over last year. What is even more impressive is that our five-year October average is 365, so we were up a whopping 16.4%. It definitely appears that many took advantage of the low interest rates we had last month.

The median price of the homes sold in October here was $164,000, up 3 3% from last year.

And while I would never tell you to “time the market,” we might be in store for low mortgage rates into next year. Freddie Mac and the Mortgage Bankers Association predict mortgage rates will come in at between 3.5-3.6% in 2020.

The surge in sales is definitely having an impact on the supply of homes on the market. While we are nowhere near the low 3.9-month supply seen in the U.S., our inventory is down to just a 5-month supply (1,991 available homes), the lowest in Northwest Louisiana in the last 10 years.

The number of available homes in the mid-range $200,000-$299,999 has the tightest market with just a 4.2 month supply. Take a look at this breakdown:

 

# of Listings

Month Supply

Less than $100,000

415

5.0

$100,000-$199,999

694

4.4

$200,000-$299,999

430

4.2

$300,000-$399,999

176

5.4

$400,000-$499,999

122

10.5

$500,000+

154

16.2

 

Remember, the lower we get from a 6-month supply, the theory is that sellers have a negotiation advantage.

But we are not seeing that here. Agents and their sellers continue to do a great job in correctly pricing homes for sale. The average list-to-sales price ratio is 98%, meaning a home priced at $300,000 will likely sell within $6,000 of that figure.

I haven’t done this in a while, so I thought it would be fun to take an even closer look at what is happening in a variety of Shreveport and Bossier neighborhoods over the last six months via the incredible community pages on cbgosslee.com

 

Neighborhood

Community

# of Homes Currently For Sale

# of Sales over the last 6 months

Median Sales Price

 % of Listing Price you might expect to pay

% Who Own vs. Rent

Shreveport

Broadmoor

111

97

$167,422

97%

64% vs. 36%

Ellerbe Forbing Corridor

29

41

$243,096

97%

70% vs. 30%

Highland

55

36

$110,635

96%

50% vs. 50%

North Shreveport

120

102

$152,003

96%

59% vs. 31%

 

Shreve Island/Anderson Island/Island Park

26

45

$127,622

97%

48% vs. 52%

 

South Cross Lake/Yarbrough

36

30

$164,717

98%

80% vs. 20%

 

Southern Trace

23

11

$508,045

96%

92% vs. 8%

 

Southland & Pierremont

135

75

$224,652

96%

60% vs. 40%

 

Southwest Shreveport/Southern Hills

87

131

$154,975

98%

65% vs. 35%

 

Spring Lake

35

19

$323,113

95%

60% vs. 40%

 

Town South & The Haven Village Green

86

97

$194,720

97%

70% vs. 30%

 

West Shreveport/Huntington & New Castle

35

45

$160,741

99%

64% vs. 36%

 

 

 

 

 

 

 

Bossier City

Central Bossier

63

73

$96,082

95%

43% vs. 57%

 

Elm Grove/Sligo Road/Lake Bistineau

31

18

$103,201

93%

79% vs. 21%

 

North Bossier City

153

209

$258,194

98%

64% vs. 36%

 

Northeast Bossier City

73

103

$258,256

98%

85% vs. 15%

 

South Bossier City

93

159

$169,770

98%

63% vs. 37%

 

Stonebridge

12

11

$430,455

95%

73% vs. 27%

 

 

I hope you are enjoying these articles. You can dig deeper into the number with our Coldwell Banker Gosslee Residential Real Estate Report.

I hope you have an amazing Thanksgiving and a great start to the Holiday season.

If you have any questions, please ask any of our 150 agents in Shreveport and Bossier City or reach out to me at jessica@cbgosslee.com

 

 

 

 

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