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It’s a Seller’s Market: Summer 2020 Market Update

It’s currently a Sellers Market in the Shreveport/Bossier area. 547 Homes SOLD in the month of June 2020 up from 480 homes sold in June 2019. That’s an increase of 14% over last year and an increase of 124 homes from May 2020.  Summer time sales seems to be in full swing and in fact we did not see a single month in 2019 with sales this high. All of this in the midst of the COVID-19 pandemic.

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It’s a Seller’s Market

The average days on market to sell a home was 78 days during the month of June 2020 which doesn’t seems to fluctuate much from previous months.  Obviously that number is different for different price ranges of homes sold.  For example, for the homes priced from $150,000 to $250,000, the average days on market was 66 days in June while in the more luxury market, say homes listed over $400,000, the average was 141 days in June.

The important stats  about Shreveport/Bossier’s real estate market is  the supply of homes available for sale is down to 1624 residential homes. This is a decrease of 28.9% from June 2019 inventory. Overall, we have an average 3 months supply of homes for sale with that varying in different price categories from 2 months supply for homes priced between $150,000 to $250,000 and as high as 6 months supply of homes for homes priced greater than $400,000.

What does all this mean?  It means that we’re in the midst of a Sellers Market. If you’re thinking of selling your home or have tried to sell your home before and weren’t successful, now could very well be an opportune time to put your home on the market.  When the number of homes selling is reaching record breaking levels, you can use the market to your advantage.  Low inventory and crazy low interest rates makes it a virtual perfect storm to sell a home.

The Chris Hayes team has buyers actively looking for homes. Get an updated market conditions report and detailed Comparative Market Analysis CMA of your home. Just follow the link to submit your information: Contact Us.

If you’re ready to list your home today, follow this link. Sell Your Home Today.

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