Much happened in January, a presidential inauguration, a tough economy, a slow realization by the American public that we’re not quite out of the woods yet. As the coldest of winter slides behind us so to does the worst of housing crisis, or so we hope. Foreclosures made up a fair percentage of property sales in January as evidenced by the numbers. Below is the January 2009 Northwest Arkansas home prices and market report from EXITrealestate540.com, Bon Appetito.
Northwest Arkansas Home Prices
There are currently some 5500 homes listed for sale in northwest Arkansas with an average Days on Market of 176. It looks like 208 properties sold in the month of January and 277 went pending. The fact that the number of homes pending is higher by a third than the number of homes sold is a good sign that there is some additional buying activity going on. The average sale price for all of Washington and Benton Counties combined was $162,050 at an average sale price per foot of $84.40. That’s a far cry from the list price of $109.98 of the properties currently for sale. This may mean that many of the home sales have been lower end properties and foreclosed or distressed homes.
Here are the January numbers broken down by major city:
Please notice the Avg SP (Average Sale Price) of each town in Northwest Arkansas. For January, Fayetteville is the winner with an average sale price of $222,538 out of it’s 27 sold properties. Springdale is on the low end this month with it’s average sale price of $140,938 on it’s 43 sold properties.
Notice the average DOM for current properties is lowest in Springdale at 153 days and highest in Rogers at 181 days. It looks like a saleable listing will take, on average, some where on the order of six months to sell in today’s market.
Compare these numbers with those of other months in 2008 and 2009 in our market conditions category.
If you are curious what your Northwest Arkansas property is worth, contact me for a complete neighborhood analysis and accurate home evaluation.
Other Great Reads:
- Northwest AR Home Prices and Market Report for November ‘08 (52.553)
- Northwest Arkansas Housing Market Report for 2008 (45.765)
- The Skyline Report - Northwest Arkansas Residential Real Estate Market Report for Third Quarter 2008 (36.924)
- White Elephants Tough to Sell in Northwest Arkansas (23.317)
Click here for original at EXITREALESTATE540.com:
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