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Home Shreveport/Bossier Housing Market Statisti...

Shreveport/Bossier Housing Market Statistics October 2008

houses

As of October 31, 2008

2007 YTD

2008 YTD

% Change

Number of Homes Sold

4094

3486

-15%

Average Home Price

$ 151,081

$ 155,961

3%

Average Home Price per SF

$ 82.58

$ 83.44

1%

Median Home Price

$ 135,000

$ 139,900

4%

Median Home Price per SF

$ 86.23

$ 87.19

1%

Average Days on Market

56

68

21%

Median Days on Market

37

50

35%

Source Northwest Louisiana Association of Realtors MLS, Inc 10/9/2008.

Information believed to be accurate but not guaranteed.

Again this month the statistics show that the number of homes that sold this October compared to last is down 15%. Inventory is down over last year which is good, but sales are also down by about the same amount. So there is still about a 6 month supply of homes in the Shreveport market. It seems everybody is concerned with the economy and the housing crisis and rightly so.

Some people are waiting to see what shakes out before they make a move. That may be the wise thing to do. If you are in a position where you really must make a move, Shreveport is on of the best areas to do that. As inventory shrinks even farther, as it may during the holidays, the pendulum begins to swing from a buyer's to a seller's market.

So, I'll repeat what I said last month. Get pre-approved and start house hunting while the selection is good and the rest of the buyers are waiting for prices to go down.

Posted Tuesday Nov 11