While the real estate market is in the dumps in much of the country after so many adjustable-rate mortgages blew up on people, the market situation is stronger in Shreveport-Bossier.
Demand for homes has fallen a bit since it peaked in 2005 but Realtor Brad Goslee of Shreveport said the market here is "stable" -- sometimes to buyers' surprise.
"Buyers are coming in and oftentimes making low-ball offers, expecting the seller to be in a desperate situation to sell their home -- and that's not correct," Goslee said.
The real estate market is gauged by the number of days it takes a house to sell.
In 2000, it took an average of 69 days in Shreveport. That number reached a low of 48 days in 2005. In 2007, it took 59 days on average to sell a house.
The current national average is 270 days.
"The median home price in this market is $135,000 versus the national median price, which is about $210,000, so we're still a very undervalued market when it comes to the rest of the U.S," Goslee said.
That's one reason why Goslee believes the foreclosure crisis hasn't hit as hard in this area.
Home prices didn't spike as much and the area isn't as over-built as in larger cities, he said.
But attorney Lee Aronson, who has been handling a lot of foreclosure cases, has reservations.
"I think they're going to be getting worse in the near future," he said.
So far this year, sales are down 18 percent compared to this time last year, but the average sale price and price-per-square-foot are both up.
Where are the hottest real estate markets in Shreveport-Bossier?
In Bossier Parish: Stonebridge, Forest Hills and Dogwood South are described as the hottest areas. Sales are down in neighborhoods in the Benton area.
In Caddo Parish, sales are strong in the Ellerbe Road area as well as Greenwood, Broadmoor and Pierremont. Houses aren't moving as well in Brunswick Place, The Haven, the Cross Lake area and areas of northwest Shreveport.
Existing homes are also out-selling new home construction by far, Realtors said.
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