Shreveport Bossier Area Real Estate Market Report October 2018

This monthly Real Estate Market Report highlights the real estate market conditions in Northwest Louisiana including the Parishes of Caddo, Bossier, Desoto, Bienville, and Webster and the cities of Shreveport, Bossier, Haughton, Benton, Stonewall and surrounding areas. All data is from the NWLAR MLX (Multiple Listings Exchange) and is believed to be accurate but not guaranteed. For a detailed market report for your particular area, contact me directly.

What’s Happening in the Northwest LA Real Estate Market?

In spite of the scary national headlines, the residential real estate market in Shreveport – Bossier and surrounding areas has continued its usual trajectory of slow yet steady increases, with a few corrections along the way. Year-to-date the market is ahead of where it was this time in 2017. Interest rates are steadily creeping up so if you are considering a move you may want to start preparing now. A 1% increase in interest rates could mean a 10% increase in your monthly payment.

The current inventory (number of homes for sale) for residential homes in Shreveport – Bossier and surrounding areas decreased slightly from what it was a month ago. There were 135 fewer homes listed for sale in September compared to August and 282 homes were withdrawn or expired from the market. A total of 390 homes were sold in September, a 20% drop from August sales. The average sale price in September was $175,799, or $89.78/sf. The average asking price to sales price ratio is 96%; in other words, for every $100,000 the seller is asking for he actually receives $96,000. This percentage doesn’t include seller contributions to buyers closing costs or other costs to the seller. The average amount of days a home was on the market before it went under contract (buyer and seller agree on price and terms) is 69 and the average actual number of days a home was on the market until the sale was finalized (seller receives the money and the buyer receives the keys) is 106.

Check out the stats for a few of the more popular zip codes in the area:

71105: 28 homes sold in September with an average sale price of $148,225 or $86.89/sf. The average days-on-market is 61. Click here to see all of the available homes for sale in 71105. 

71106: 37 homes sold in September with an average sale price of $266,413 or $104.72/sf. The average days-on-market is 83. Click here to see all of available homes for sale in 71106.

71115: 24 homes sold in September with an average sale price of $248,617 or $109.92/sf. The average days-on-market is 79. Click here to see all of the available homes for sale in 71115.

71118:  36 homes sold in September with an average sale price of $140,699 or $78.84/sf. The average days-on-market is 50. Click here to see all of the available homes for sale in 71118.

71111:  45 homes sold in September with an average sale price of $237,491 or $119.12/sf. The average days-on-market is 45. Click here to see all of the available homes for sale in 71111.

71112:  39 homes sold in September with an average sale price of $160,171 or $89.57/sf. The average days-on-market is 69. Click here to see all of the available homes for sale in 71112.

71037:  27 homes sold in September with an average sale price of $203,676 or $107.35/sf. The average days-on-market is 85. Click here to see all of the available homes for sale in 71037.

Interesting Market Tidbit

The distinction of highest priced sale in September goes to a 4 bedroom, 5.5 bathroom home with over 5,000sf located on the golf course in the gated country club community of Southern Trace in Shreveport. This home includes a 3 car garage, in-ground pool, outdoor entertaining area, formal dining, game room, and home theater room. The final sales price was $745,000. The most expensive home currently for sale in Northwest LA is priced at $2,900,000 in South Highlands in Shreveport. Check it out here.

Low Down Payment Loan Programs

The myth of the 20% down payment for a home loan has endured for some reason despite the prevalence of low down payment programs. FHA Loan Programs offer mortgages with only 3.5% down payment and conventional loans are available starting at only 3% down payment with some of these available with no monthly mortgage insurance. VA Loan Programs – a popular option for our area - offer $0 down payment mortgages with no monthly mortgage insurance to eligible military active duty and veterans and $0 down payment rural development loans are available for eligible homes outside the city limits. Low- to median-income and first time borrowers may qualify for down payment assistance through special loan programs.

Selling Your Home

Are you curious about how much your home is worth? This Real Estate Market Report is a good start, but if you’re interested in the market values in your particular area, contact me for a market analysis specific to your home and neighborhood. In addition to your detailed report, I can also provide information about seller closing costs and contributions to buyer’s closing costs (a common practice in our area) to give you the true cost of selling your home. I will also prepare a net proceeds worksheet so that you’ll have an estimate of your bottom line. Preparing to Sell is critical if you want to get top dollar for your home. I believe it is vitally important to advise sellers on which improvements will help to deliver the highest price in the shortest amount of time.

Buying a Home

If you’re ready to purchase a home but aren’t sure where to start, contact me for a needs analysis so that we can determine what type of home and area is the best fit for your situation. I can also help you find a reputable local lender that will determine which loan programs are best for your particular financial situation. If you’re not sure if you qualify a quality lender will work with you to remedy any issues with your credit and get you on the path to home ownership. Check out 5 Tips for Buying a Home and Dealing with Financing for more insight into the home buying process.

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