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?
I don’t like to brag…but I predicted we would see an increase in sales in February and low and behold…we did. No, it doesn’t take a rocket scientist to recognize market patterns, but it is reassuring to know that the local real estate market is on a predictable course. We didn’t see a huge spike in pending sales or new listings come on the market in February so we probably won’t see a big jump in sales for March. However, historically we will see our biggest percentage of sales in the second and third quarter of the year so if you’re thinking about putting your Shreveport – Bossier area home on the market soon, NOW is the time to start preparing it for sale. Even though there are more sales, we will also see an increase in available homes for sale so competition increases; its imperative your home is “show ready”! If you need some pointers on staging your home to highlight its best features (and downplay its least desirable) give me a call and let’s start strategizing TODAY.
The Details: February 2019 Market Stats
The current inventory (number of residential homes listed for sale) in Shreveport – Bossier and surrounding areas is around 2,345, barely an increase from this time last month. There were 551 homes listed in February, while 246 either expired or were withdrawn from the market. A total of 339 homes were sold in February, a 15% increase from January sales. The significant increase in sales was a direct result of the significant increase in pending sales in January and February saw an increase as well. While 324 homes went pending in January, 357 went under contract in February – a 10% gain so we will continue to see sales increase into March. The average sale price in February was $173,418 or $88.83/sf (a nominal decrease from January). The average list price to sales price ratio increased to 95.8% meaning for every $100,000 the seller is asking for he actually receives $95,800. 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 82 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 – no significant change from January.
Check out the stats for a few of the more popular zip codes in the area:
71105: 31 homes sold in February with an average sale price of $188,150 or $93.95/sf. The average days-on-market is 96. Click here to see all of the available homes for sale in 71105.
71106: 26 homes sold in February with an average sale price of $237,684 or $99.40/sf. The average days-on-market is 100. Click here to see all of available homes for sale in 71106.
71115: 14 homes sold in February with an average sale price of $250,568 or $102.84/sf. The average days-on-market is 104. Click here to see all of the available homes for sale in 71115.
71118: 35 homes sold in February with an average sale price of $136,623 or $77.37/sf. The average days-on-market is 84. Click here to see all of the available homes for sale in 71118.
71111: 44 homes sold in February with an average sale price of $239,743 or $117.32/sf. The average days-on-market is 77. Click here to see all of the available homes for sale in 71111.
71112: 22 homes sold in February with an average sale price of $129,470 or $84.15/sf. The average days-on-market is 46. Click here to see all of the available homes for sale in 71112.
71037: 24 homes sold in February with an average sale price of $200,658 or $104.71/sf. The average days-on-market is 72. Click here to see all of the available homes for sale in 71037.
This elegant 2013 built home on 10 acres in Benton, LA has the distinguished honor of being the highest priced NWLA home sold in February. This beautiful country estate included 5 bedrooms and 4.5 baths with a spa-like master bath, craft room, study, and a sweet 2,400sf workshop. This home was originally listed in September of 2016 for $950,000 and spent the next couple of years on the market with several price reductions. The perfect buyer finally came along and it sold in February for $724,900 after 690 combined days on the market. The most expensive home listed in February is a stunning 2000 built traditional currently priced at $1,500,000 in Pierrewood in Shreveport. 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, Check out 4 Ways to Get Top Dollar for Your Home to get my best tips for home sellers.for a market analysis specific to your home and neighborhood. In addition to your detailed report, I can also provide information about 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.
Buying a Home
Interest rates are the lowest they’ve been in the last 10 months so now is a great time to start exploring home ownership. 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.offer mortgages with only and conventional loans are available starting at with some of these available with – a popular option for our area considering we’re the home of Barksdale Air Force Base – offer mortgages with 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.
Questions? Send me a message.