In todays negative economic environment it is hard to find some positive news. I thought I would share some surprising news with you!!!
I was reading a Forbes blog dated 1/7/09 and it featured Little Rock as one of America's 25 top housing market. Little Rock's housing market is predicted to only drop 1%. In Pulaski County average sales price dropped 2.2 % from 2007. The higher priced areas of Pulaski County dropped 2.3 %. However, the most impressive figure is our listing inventory is down 15.5 % which means we are selling the backlog of homes. Little Rock's foreclosure rate is 1 out of 200 where the nation's rate is 1 out of 54. Click on the link to read the full article.....
This article is published by the National Association of Realtors..
Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West. Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007.
What does this mean to our local market? Are attitudes changing? Is it a good time to buy? The answer is yes! That is why it is called a buyer's market.
If the stimulus package is passed with a $15,000 tax credit the market will go crazy. There was a decline in listings by 1600 (15.7%) homes in Pulaski County and in our higher dollar areas were down by 561 (12.1%) homes. We are still experiencing a decrease in units sold, but we are not continually adding inventory. If you have had your home on the market or have been considering selling, feel free to contact me for an up-to-date value of your home KerryEllison@kw.com.
I will be updating my blog with the 5 year trends in listings and units sold, please log onto my website Your Market Expert.