Are Home Prices Coming Down? Probably Not, but Future Construction May Be More Affordable

By
Real Estate Agent with Keller Williams Market Pro Realty

If you are in the market for a big, beautiful home with all the upgrades you can imagine, now is a good time to start some serious shopping. There is a glut of expensive homes available, especially in Bentonville, but also throughout all of Northwest Arkansas. 

In the first quarter of 2006, there were 2,084 complete but unoccupied new houses in Benton County. That’s an increase of 160 percent in available complete inventory from the first quarter of 2005, with a 63 percent increase in the most recent quarter alone. Washington County experienced a smaller inventory increase of 71 percent over the past year – still a sizable increase. 

Excluding the completed homes, there were 19,206 lots in the 269 active subdivisions in NW Arkansas in the first quarter of 2006. Using the most recent annual absorption rate implies that the supply of remaining lots in NW Arkansas active subdivisions is sufficient for 35.9 months (or 3 years). There were an additional 19,200 residential lots that have been at least preliminarily approved in NW Arkansas communities.  

For the complete post on market conditions in NW Arkansas, go to my main blog site at:

http://nwarealestateblog.blogger.com

For more information: 

http://www.nwaonline.net/articles/2006/05/07/business/01cleansing.txt

 

http://www.nwaonline.net/articles/2006/05/09/business/01skylineresidential.txt

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Judy Luna

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