Northwest AR Home Prices and Market Report for November ‘08

December 2nd, 2008 categories: Market Conditions

Turkey day with our families and the great month of November has come and gone so let’s see what Northwest Arkansas Home Prices did while the leaves fell.

Here is what you’ll find below…also make sure you check out the Third Quarter ‘08 Skyline Report.

Northwest Arkansas Home Prices

Bentonville Arkansas Home Prices

High dollar homes that take some time to sell skew Betonville’s market data somewhat for price and Days On Market (DOM). One thing to notice is the sold price per foot on sold homes of $84.01.

Rogers Arkansas Home Prices

A lot of what we see selling right now (especially since the credit crunch) are foreclosures. That is one of the reasons that the prices and price per foot on sold homes is so much lower that current homes.

Fayetteville Arkansas Home Prices

The price here is actually the List Price for the sold column as there are a couple or properties skewing the sold data. Fayetteville seems to have sold some higher priced properties last month but it’s current inventory has been on the market longer than other cities in Northwest Arkansas.

Springdale Arkansas Home Prices

Springdale is in a similar situation as the rest of NWA. Sold properties are mainly foreclosures and smaller single family homes under 2000 square feet. Notice the average Days on Market for Sprindale’s current listings.

Bella Vista Arkansas Home Prices

Bella Vista is a little more level when it comes to inventory vs. sold prices. High end homes haven’t really affected the sales data for this month. It is nice to see that the sold price is only about 95.8% of the list price here. It looks like Bella Vista residents are pricing their homes to sell. That is not to say that other towns aren’t, just that the data suggests Bella Vista residents have a good handle on the market value of their homes.

Northwest Arkansas Home Price Trends - Keeping Perspective

While home price performance and sales have not been stellar over the past month it is a slow sales month in the yearly cycle. I would expect sales to perk up in the coming months for two reasons: The bottom is either near or already happened, and the credit situation should be sorted out this month so that people on the fence can get money to buy a home. This is the first month for this data and you will see each subsequent month track back to previous months so that you can see how home prices are changing over time. This is all very general NW Arkansas market data. If there is a specific market, neighborhood or price range that you would like to see, I would be glad to post it here or send you a custom report based on your request. I hope this helps with your home purchasing and selling plans and if you have any questions always feel free to comment below or contact me directly. Everyone have a great rest of your holiday season!