Shreveport/Bossier City Housing Market Stays Steady in 2012

The recovery of the United States housing market continued in 2012. 

According to the research firm, CoreLogic, home prices have risen 6.3%, compared to the previous year.  Overall that is the biggest jump since 2006. 

Here locally we've been able to stay steady through the highs and lows and are prepared for another year in the market.

Over the past three years, Shreveport has seen new construction flourish in area.  In 2010, 274 new homes were built and sold.  That number rose to 291 in 2011 and 300 in 2012.  Those new homes went for affordable prices, with an average sale price of $174,000.

Overall, 3900 homes were sold in the Shreveport area in 2012.  Realtor Lisa Hargrove with Coldwell Banker says that while the nations housing market tends to fluctuate, that Shreveport tends to remain stable.

"Our Prices don;t have those large increases like some of those big cities across the nation, so we don't have that decline so our market when the economy was doing poorly across the nation, Shreveport remained very steady," said Hargrove.

Just across the Red River in Bossier City, the housing market has also seen homes, both new and old hit the market and being sold.

In 2012, 948 homes were sold with 114 of those being new construction homes.  Homes were selling at an average price of close to $198,000.  Those numbers were slightly up from 2011, when 941 homes were sold with 125 of those being new construction homes.  These homes were selling at average price of $191,000.

Broker and owner of Realty Executives, Mike Salter, says the success of the housing market in Bossier City can be attributed to the steady price appreciation of homes in the area.

"We've not had the big influx, big price increases like you had in Florida, Nevada, Arizona, California and other parts of the country but we've also not had the big decreases in values either," said Salter.

With both sides of the Red River prospering on the housing market in 2012, both Hargrove and Salter say buyers should cash in on this buyers market.

"I think it would be the biggest mistake they could make is to not own a home in 2013," said Salter.

"Interest rates are so low that it's a great time for first time home buyers, a great time for anybody to purchase a home," added Hargrove.

Another factor that has showed the stability of the local housing market is the low number of foreclosures, in both Shreveport and Bossier City.  Shreveport saw less than 10% of homes foreclosed on in 2012.  Those homes were mainly relegated to ones priced under $100,000.

In Bossier City, only 92 homes were foreclosed on, which is also less than 10%.