The monthly Shreveport – Bossier Area Real Estate Market Report highlights the current 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 home and neighborhood, contact me directly at 318-754-7039.
What’s Happening in the Northwest LA Real Estate Market?As the year winds down, the Shreveport – Bossier real estate market traditionally slows down with it and 2018 is no exception. Inventory has decreased and the number of sales decreased from October to November. We are still ahead of 2017 in total sales by a small margin and will likely see 2018 sales outpace 2017 when the final tally is calculated. Don’t let the lower sales deter you from listing in the winter if you need to sell your Shreveport – Bossier area home now. Check out this article about selling during the fall and winter.
The current inventory (number of residential homes listed for sale) in Shreveport – Bossier and surrounding areas is around 2,345 which is down slightly from this time last month. There were 20 more homes listed for sale in November than in October and 252 homes were withdrawn or expired from the market. A total of 350 homes were sold in November, a whopping 20% decrease from October sales – but typical of the market for this time of the year. The average sale price in November was $182,714 or $92.73/sf; an increase of over 7.5% from October and over 10.5% from November 2017. The average list price to sales price ratio is 95.4% – in other words, for every $100,000 the seller is asking for he actually receives $95,400 – a 1% drop from October. 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 (DOM) before it went under contract (before buyer and seller agree on price and terms) is 66 and the average actual number of days (ADOM) a home was on the market until the sale was finalized (seller receives the money and the buyer receives the keys) is 103 – a slight decrease over October.
Check out the stats for a few of the more popular zip codes in the Shreveport – Bossier area:
71105: 23 homes sold in November with an average sale price of $160,500 or $85.98/sf. The average days-on-market is 80. Click here to see all of the available homes for sale in 71105.
71106: 36 homes sold in November with an average sale price of $257,815 or $116.26/sf. The average days-on-market is 78. Click here to see all of the available homes for sale in 71106.
71115: 17 homes sold in November with an average sale price of $210,107 or $106.00/sf. The average days-on-market is 40. Click here to see all of the available homes for sale in 71115.
71118: 26 homes sold in November with an average sale price of $136,457 or $79.88/sf. The average days-on-market is 57. Click here to see all of the available homes for sale in 71118.
71111: 49 homes sold in November with an average sale price of $218,214 or $110.97/sf. The average days-on-market is 53. Click here to see all of the available homes for sale in 71111.
71112: 40 homes sold in November with an average sale price of $151,324 or $94.99/sf. The average days-on-market is 51. Click here to see all of the available homes for sale in 71112.
71037: 19 homes sold in November with an average sale price of $212,958 or $115.88/sf. The average days-on-market is 52. Click here to see all of the available homes for sale in 71037.
Interesting Market Tidbit
The highest priced sale in November goes to a 1999 built 4 bedroom, 4.5 bathroom home with nearly 4,400 square feet located on a 3 acre lakefront lot in Black Bayou Lake Acres in Benton, LA. This home lives up to the hype with 700 feet of lake frontage, a cool screened patio with inground pool, hot tub, and kitchen, boathouse, exercise and media rooms, incredible landscaping, and 3 car attached garage. The final sales price was $978.750 and the buyer paid CASH! The most expensive home that came on the market in November is currently priced at $1,899,000 in Railsback Ridge in Shreveport. Check it out here.
Selling Your HomeAre 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
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.
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.
Low Down Payment Loan Programs
You DON’T have to have 20% down to purchase a home. 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 considering we’re the home of Barksdale Air Force Base - 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.
Holly Roca is a licensed REALTOR with Keller Williams Realty NWLA in Shreveport, Louisiana. As a Shreveport – Bossier Real Estate Agent, I specialize in residential Northwest LA real estate. If you have any questions about real estate in Shreveport, Bossier City, Haughton, Benton, Stonewall, Keithville, Greenwood, Bethany, Blanchard, or surrounding areas call or text me at 318-754-7039 or send me a message.