The number of homes selling per month in the Little Rock area increase from the end of February to the end of March in most areas, but the number of listings on the market also increased. So for sellers it remains a very competitive market.
The areas with the most expensive properties tend to have the longest average days on market. Chenal and the western part of Pulaski County have the longest absorption rate with average days of market of 296 days. The areas with the lowest market times are Little Rock from University to I-430, Sherwood and Maumelle all with average days on the market of under 100 days. In the Little Rock area there is a little over an 8 month supple of homes for sale and an average day on market of 124 days, down from 126 days at the end of February. The National Association of REALTOR economist says that there needs to be under an 8 month supply of homes in a market for prices to start increasing. In most our areas prices are flat for now. Of the 11 areas studied all but 3 were at 8 months are below. Sellers must understand to compete for buyers their property must be price strategically, be in top showing condition and be marketed using all of today’s technology tools.
Now that spring is here, low interest rates, and the First Time Buyers stimulus incentives, the homes sale market should continue to improve