Northwest Arkansas Home Prices and Market Report - March 2009 Finally ladies and gentlemen…some decent news! As spring thaws out the ground, trees, and home buyers of Northwest Arkansas, we are beginning to see a change in the trend of absorption rates, sale prices, and number of homes going under contract. Check out this month’s uplifting and hopeful Residential Real Estate Market Report for Northwest Arkansas. Northwest Arkansas Home Prices and Housing Market Report
For the first time in months, the average sale price of a home in Northwest Arkansas has increased from just under $140,000 in February to around $150,000 in March. Pending home sales have skyrocketed as well going from 526 pending sales last month to a staggering 1092 homes pending this month. That will bring the sold figures for April up significantly. Compare the chart (and entire article) with January and February 2009. If you are on the fence about listing your home…My professional opinion is that Buyers are OUT in force this spring and they are hungry to make a deal. Check out this graph of the real estate “bounce” that is going on right now…
Here are the March numbers broken down by major city:
Hardcore data fans can cross reference the table above with the last few months to see some of the startlingly good news of increased sales, cities with lower inventories, and generally higher sales prices. For all the visual learners‌.see the graphs below. Northwest Arkansas Pendings, Solds, and Expireds by Month for 2009
Look at the jump in Pendings!!! Current Inventories in each Northwest Arkansas City by Month
Every major city in Northwest Arkansas saw inventories fall from February to March. Basic supply and demand theory says that as supply drops and demand increases, price will increase accordingly. Average Days on Market by City
Days on Market lags behind the rest of the indicators a little bit but you can see them begin to trend downward. We’ll know for sure when we see the DOM for all cities drop in April. Absorption Rates by Price Range
I calculate these rates on a three month average so these rates are more normalized than other indicators. It’s pretty easy to see by the graph that the number of months to absorb current inventories is falling. Again, another couple of months should see the rates drop significantly. Remember that you heard it here at EXITrealestate540.com first. With just a couple of unremarkable exceptions, every number and indicator and graph that I have seen shows that the housing market is bouncing the right direction for home owners. Buyers need to see that the BOTTOM has probably happened. I say, “get while the gettin’s good” and get out and buy yourself a house for a steal of a deal while they are still available. I don’t foresee a major price increase over the next few months in homes or interest rates…but I do see a gradual appreciation that will support more home sales. This supports a decrease in absorption rates and inventories. Overall…a good month for the Northwest Arkansas Housing Market. April looks to be even better.