This N' That

MARCH SALES: The Greater Central Louisiana Realtors Association (GCLRA) reports the sale
of 11 residential properties in Grant Parish last month. There were 14 sales in March 2016, a
year earlier. Residential sales year-to-date 2017 still trail year-to-date 2016, 25 to 33. a 24%
decline.

March 2017 sales were:

Bentley
101 Sherman Laird/$97,000
259 Rob Wallace/$53,063
Colfax
124 Maxwell Rd/$114,000
429 Parsonage Rd/$56,900
Georgetown
580 Smart St/$119,500/($5,000)
Montgomery
1335 Johnson Circle/$100,500/($4,357)
Pollock
1944 Dyson Creek/$315,000
189 Price Rd/$211,900
106 Harvest Hill/$210,000
200 Hughart Rd/$187,500/($2,434)
411 Walker Ferry/$140,500/($5,000)

The numbers in parens represent Seller concessions to the Buyer, typically a contribution
toward Buyer's closing costs, and reduce the net revenue received by the Seller.

There were four (4) GCLRA-reported sales of unimproved property in Grant Parish in March.
An eight-acre parcel on Roberson Rd, Pollock, sold for $82,000, or $10,250 an acre, a 1-acre
parcel on Seals Rd, Dry Prong, sold for $19,000, 2.33 acres on Hwy 167, Dry Prong (directly
across from Grant High School), sold for $16,000, or $6,866 an acre, and a 14.6-acre parcel at
111 Corley Rd, Colfax, sold for $55,000, or 3,767 an acre.

IMPOSSIBLE TASK? I recognize it must sound self-serving when a real estate agent tells a
Buyer that, "If you see something you like, you should consider making an offer on it because
there is a good chance it won't be there tomorrow." But take a look at the facts for a moment.

The supply of homes for sale hasn't been this low in 20 years. In February 2017, the number
of homes for sale stood at 1.75 million, the lowest it had been since 1999, and down 6.4% from
a year earlier. At the present rate of sales this inventory would last only 3.5 months. A normal
market would have approximately a 6-month supply of homes.

Builders are not replenishing the stock of new homes fast enough, and are now building
homes at 65% of historic rates.

Despite the scant supply, U.S. home sales are expected to rise this year, fueled by job growth,
pay raises, and still low loan rates. In January 1916, 16.5% of all the homes on the market were
sold. It was 19 percent in January 1917.

Ed Stewart lives in Grant Parish and is a licensed real estate agent in Louisiana. He is associated
with Keller Williams Realty Cenla Partners in Alexandria and can be reached on his cell (318-201-
3991) or office telephone (318-619-7796). Each Keller Williams Realty office is independently
owned and operated. Send your real estate questions to Ed via email at edstewart@kw.com or
chronicle1876@yahoo.com.