Shreveport – Bossier Area Real Estate Market Report – January 2019

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?

We had a typically slow January – completely expected when you consider how few homes actually went under contract in December. Inventory has remained around the same over the past few months while sales have dipped. I can see the beginning of the hot Spring selling season just on the horizon with a significant increase in pending sales. If you’re thinking about putting your Shreveport – Bossier area home on the market soon, now is the time to start getting it ready. If you need some pointers on preparing your home for sale, give me a call and let’s start strategizing. 

The current inventory (number of residential homes listed for sale) in Shreveport – Bossier and surrounding areas is around 2,319. There were 533 homes listed in January, compared to just 277 in December so we are definitely seeing signs of the market ramping up for spring. 301 homes were withdrawn or expired from the market in January. A total of 294 homes were sold in January, a 15% decrease from December sales however while only 56 homes went under contract in December, we had 324 homes go pending in January so we will definitely see an increase in overall sales in February. The average sale price in January was $173,542 or $88.65/sf. The average list price to sales price ratio is 94.5% – in other words, for every $100,000 the seller is asking for he actually receives $94,500 – a 1% drop from December. 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 78 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 119 – barely any change from December.

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

71105: 20 homes sold in January with an average sale price of $171,215 or $92.56/sf. The average days-on-market is 87. Click here to see all of the available homes for sale in 71105. 

71106: 24 homes sold in January with an average sale price of $307,287 or $111.22/sf. The average days-on-market is 109. Click here to see all of available homes for sale in 71106. 

71115: 13 homes sold in January with an average sale price of $254,552 or $106.66/sf. The average days-on-market is 128. Click here to see all of the available homes for sale in 71115. 

71118:  25 homes sold in January with an average sale price of $139,040 or $82.99/sf. The average days-on-market is 79. Click here to see all of the available homes for sale in 71118 

71111:  34 homes sold in January with an average sale price of $222,577 or $116.07/sf. The average days-on-market is 47. Click here to see all of the available homes for sale in 71111. 

71112:  33 homes sold in January with an average sale price of $147,804 or $95.27/sf. The average days-on-market is 48. Click here to see all of the available homes for sale in 71112. 

71037:  20 homes sold in January with an average sale price of $205,541 or $115.02/sf. The average days-on-market is 55. Click here to see all of the available homes for sale in 71037.

SB Market Tidbit

The honor of highest priced sale in January goes to a stunning 1929 built 4 bedroom, 7 bathroom home with nearly 6,600 square feet located in the historic Fairfield District in Shreveport. This home is a masterpiece with handcrafted woodwork and ornate hand-painted ceiling. The home has been a fixture in Shreveport since the ’20s and it’s thrilling to see its legacy maintained.  The original list price was $1,600,000 and after just 16 days on the market, the home sold for $1,200,000. The most expensive home listed in January is currently priced at $1,450,000 in Woodlake Ridge in Benton, LA. Check it out here.

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.

Holly is amazing! I’ve seen first-hand how hard she works to help her clients present the most fabulous version of their home to the world. She gives it everything she’s got and then some. She’s the best! ~Shannon Palmer

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.

My husband and I were playing with the idea of buying a home. Holly happened to be the realtor for the first home we looked at. We ended up passing on the house but keeping Holly. Holly is very knowledgeable in her field and worked hard to find us our perfect home. Our home needed just a little bit of TLC, and Holly helped us to see it’s potential. You can trust Holly to get the job done! ~ Kandace Jones Baker

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.

Have questions? Contact me.

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.

 

Post a Comment