I was in Atlanta last week for our yearly Keller Williams Convention. It was great to be around such a great group of agents that were so up beat and realistic about our market. We are really lucky in our Central Arkansas Housing Market. Our sales are only down 6.3 % from 2006 -2007. We have actually seen a rise in our average sales price of 3.16%. And our total sales Volume in Pulaski County was only down 3.39%. (2006 1.01 Billion and 2007 982.55 million)
Little Rock Home values have been buffered from the extreme highs and lows of other parts of the country. We have never seen double digit appreciation so our adjustment in our market was only minimal. Below is a copy of an email summarizing the current state of our market and how we arrived in our current situation?
The 10-year run-up in real estate that began in the early 1990s, led to an environment in which homes were no longer affordable, lenders were willing to take unreasonable risks and inventory rose to record levels. This chain of events led to mortgage lenders pulling back, followed by a credit squeeze, increased inventory, dropping prices, rising defaults, slipping consumer confidence and reluctant buyers.
This is so true, we have seen the national media just hammer the real estate market, but they forget not everyone lives on the East and West coast. We are still seeing an increase in the inventory of homes for sale in our January numbers, however I really think when we close our this month we will see an adjustment...below is some Market Statistics I found interesting.
Year Homes Listed Homes sold 30 days Sold %
Pulaski County Jan 07 885 316 36 %
Pulaski County Jan 08 896 261 29%
Hillcrest/Heights Jan 07 364 130 36%
WLR,Maumelle
NLR,Chenal Midtown
Chenal Jan 08 389 123 32%
Little Rock Real Estate is seeing an increase in pending sales for the month of February. Will that translate to higher closings? Will the increase in FHA loan limits improve the ratio of pending to closed homes? I think we will....IF you are thinking of buying or selling now is the time. Go to my website at http://www.kerryellison.com/ for a free report on the value of your home and homes in your area....
This information was derived from CARMLS and is specific to certain market areas.
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