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Central Arkansas housing market down in November, too

By: 22 December 2010 3 Comments

A Cooperative Arkansas Realtors MLS (CARMLS) report released Tuesday shows that central Arkansas housing markets struggled in November.

That’s the third housing market report released in the past week showing slumping sales last month. Last week, First Arkansas News released this report showing that sales in northwest Arkansas were down 41.9 percent last month. That report was followed by this one released by The City Wire showing sales in the Fort Smith area were down 19.56 percent last month.

The aforementioned CARMLS report showed that sales in central Arkansas — defined as Faulkner, Grant, Lonoke, Pulaski and Saline counties were down 31.25 percent in November compared to the same month last year. Click here for the PDF version of that report, which includes both month-to-month and year-to-year comparisons of the numbers of homes sold in central Arkansas, the average list and sales prices of those houses, median prices, the average number of days homes sat on the market before they were sold, the average price per square foot in the area and other data that demonstrates the housing market is still recovering in the area.

An abbreviated form of that report that shows only combined totals across the counties in the report is available at the bottom of this post. Scroll on down and have a look.

Springdale Realtor Eric Harris last week shed some light on factors influencing sales in northwest Arkansas. He pointed out that sales were strong throughout the first half of the year and fallen steadily throughout the latter half of 2010. What changed? Tax credits for first time and repeat buyers expired and the demand for homes declined shortly thereafter.

That decreased demand was clearly evident in central Arkansas in November when purchasers closed sales on 495 homes — down 31.25 percent from 720 sales in the same month a year ago. However, the average sales price in the area was $171,515 in November, up 3.93 percent from $165,024 a year ago.

Saline County, by the way, reported the largest average sales price in the area — $193,199. In November, 94 sales closed in Saline County and the average sales price was boosted by activity in Hot Springs Village. Part of that town is located in Saline County while the other part is in Garland County. On the Saline County side, 15 sales closed in November for an average price of $225,954.

The median sales price of $165,200 in Saline County last month represents an increase of 25.63 percent over the median of $131,500 in November 2009. It’s worth mentioning that all other counties in central Arkansas reported a jump in median sales prices, but Lonoke and Pulaski county both posted declines in average sales prices.

Sellers in the area received less than they asked for on their homes on average in November. The average sales price in the area was 95.8 percent of the list price, down from an average of 97.56 percent a year ago.

Average days on market — the amount of time a home is for sale — was up last month in all central Arkansas counties. On the whole, the average time a house sat on the market prior to selling was 85.65 days — up 19.47 percent from 71.69 days a year ago.

Meanwhile, the average size of a home sold in November in the area was 2.025.76 square feet — up 5.92 percent from 1,912.48 square feet a year ago. The average price per square foot of homes sold in November dropped slightly in central Arkansas to $82.20 compared to $82.94 a year ago.

Again, grab the full central Arkansas housing market report for November by clicking here. We’ll have the December/year-end housing market reports from central and northwest Arkansas posted here in the latter half of January.

Yuck!

About: Ethan C. Nobles:
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.

3 Comments »

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