Northwest Arkansas Home Prices and Market Report – June 2009
July 16th, 2009 categories: Market Conditions
Some interesting numbers (that’s not an oxymoron is it?) this month in the Northwest Arkansas Housing Market. As the days continue to get hotter so does the housing market. Prices have remained steady from last month and most other indicators point to a market making a slow comeback. Check out June 2009’s Home Prices and Housing Market Report for Northwest Arkansas…
Northwest Arkansas Home Prices and Housing Market Report
It looks like numbers have remained fairly steady month-over-month for Northwest Arkansas. It also looks like some of the frenzy associated with the first-time homebuyer’s tax credit has worn off, creating a more modest number of pendings for the month.
Average Home Prices for Sold Properties in Northwest Arkansas
It’s nice to see home prices stabilize somewhat. June’s average home sale came out to $169,160 just slightly above May’s average sales price. It will be interesting to see where prices go for the rest of the summer and into fall. I’m suspect that they’ll stay leveled off without any major changes but you never know what the economy or the government holds.
June Numbers by City
Again, no astounding news here. Numbers for the rest of the summer should remain fairly even. It’s good to know the Sp/Lp (or Sale Price to List Price) ratio if you are listing your home. Check out a recent article I wrote about the 10 most important real estate numbers to know when selling a home.
Northwest Arkansas Pendings, Solds, and Expireds by Month for 2009
Wow, the number of pending sales went down drastically this month. Like I said before, I think that is most likely because of the tax credit as well as the cyclical nature of home purchases. Everybody rushes to view homes in the spring and buy in the early summer. I expect the number of pendings to start to level out some.
Current Inventories in Each Northwest Arkansas City by Month
Inventories for the month of June remained very steady with some cities seeing a slight rise and some a slight fall in homes on the market.
Average Days on Market By City
It looks like most cities are now bouncing around between the 140 and 160 days on market range. Make plans for this if you have a specific timeline for selling your home. While it’s easy to miss in the shuffle of all those colorful lines, notice the purple line that is the average of all homes in Northwest Arkansas… it looks to still be creeping up some to me.
Absorption Rates by Price Range
Ah, my favorite number. If this isn’t an indicator of an improving market, I don’t know what is. We’ve had a steady drop in the number of months of inventory on the market since the ‘bottom’ in February. Lower supply means more demand for the homes currently on the market. This will increase prices and decrease the number of days it takes to sell your home. Good stuff to know.
That’s about it for the June 2009 Home Prices and Market Report for Northwest Arkansas. If you would like a copy of the report in an easy to read PDF because you like paper or because you want to keep it for your records you’ll have to contact me and I’ll send you one by email.
Thanks for coming back and reading if you are a regular informed homeowner, and welcome if you are a newbie to the report. You can always find all of my market reports in the market conditions category of my site. Have a great month and enjoy the summer.
