The market for homes selling in Little Rock most active areas show increases in the number of sales for 6 months in all areas that are followed except for the Jacksonville which was down. The areas of Little Rock without Cabot and Jacksonville increased by 11%. There was also an increase of number of listings that are on the market for sale, up 31%. So even though sales were up the Absorption Rate and Average Days on the market increased in all areas accept for the Chenal and west Pulaski County area which decrease. Even with this decrease this area remains with the highest Absorption Rate but still good news for that market.
What does this mean for buyers and sellers in our area? I think it shows that buyers are becoming more confident and are becoming more active. The number of homes on the market increasing is because of a lot of factors probably. Seller's seeing more sales are more confident to put homes on market, employment changes in our market, and a normal time of year when listings increase are all factors that may have contributed to the increase in listings. The trend had been down for active listings till this month. If this is a trend or just a one month adjustment will need to be followed at the end of July.
Absorption Rate Through June 2009
MLS | Solds | Avg. Solds | Active | Abs. Rate | Aver Days |
Area | 6 Mos. | Per Mo | Listings | in Mos. | on Market |
Maumelle | 181 | 30.17 | 167 | 5.5 | 83 |
Area 10 NLR | 101 | 16.83 | 101 | 6.0 | 90 |
LR Area 5 | 158 | 26.33 | 159 | 6.0 | 91 |
Sherwood | 219 | 36.50 | 221 | 6.1 | 91 |
LR Area 7 | 276 | 46.00 | 291 | 6.3 | 95 |
Area 11 NLR | 107 | 17.83 | 141 | 7.9 | 119 |
Otter Creek | 57 | 9.50 | 80 | 8.4 | 126 |
LRArea 3 | 100 | 16.67 | 142 | 8.5 | 128 |
LR Area 17 | 135 | 22.50 | 242 | 10.8 | 161 |
All Areas | 1334 | 222.33 | 1544 | 6.9 | 104 |
Last Month | 1197 | 200 | 1178 | 6 | 89 |
Cabot | 416 | 69.33 | 463 | 6.7 | 100 |
Jacksonville | 128 | 21.33 | 193 | 9.0 | 136 |
All w/C&J | 1878 | 313.00 | 2200 | 7.0 | 105 |
Chenal only | 81 | 13.50 | 134 | 9.9 | 149 |
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