Shreveport/Bossier Luxury Homes Market Report – October 2008

An article by a colleague in another state about the highest priced home that has sold in her market made me curious about the luxury homes for sale in the Shreveport area.  Needless to say, I couldn’t wait to do a little sleuthing of my own.  Well, compared to the $17M home that sold where she lives, the $1.45M home that sold in Shreveport and the $1.5M home that sold in Bossier over the past year seem like downright bargains.

Absorption rates for our area combine all homes above the $400,000 range.  In September there was a 16 month supply of homes in this price range.

There were 114 homes for sale in Shreveport/Bossier and in August, only 7 homes actually sold .  That’s over a 16 month supply of homes if no more homes come on the market.  However, in August, 19 homes came on the market at $400,000 and up.

But, let’s take a look at the higher end of that group of homes.  What really would be considered “luxury” homes.

Luxury Home Statistics as of October 30, 2008 – $750,000+

There are 18 homes in this range currently for sale:

• 12 in Shreveport

• 2 in Bossier City

• 3 in Benton

• 1 in Haughton

The  is $750,000 in Shreveport and the highest priced home is in Benton at a cool $2,000,000.

There is only 1 home currently under contract.  That’s Cedarcroft Plantation in Greenwood for $995,000.

As far as sales, none of these homes sold during October, and only 5 have sold in the last 6 months.  For those sales, the average number of days on the market was 86, with 12 days being the shortest time on market and 195 days the longest.  The average sales price was 89% of the average list price.

So, it looks as though if you’re in the market for a higher end luxury home the numbers are in your favor during this market correction.