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January central Arkansas housing market report a mixed bag

By: 25 February 2011 No Comment

In what’s becoming a common occurrence, another housing market report for central Arkansas offers up mixed results.

The report, released Thursday by Cooperative Arkansas Realtors MLS, shows there were 354 homes sold in January in Faulkner, Grant, Lonoke, Pulaski and Saline counties. That figure represents a 4.42 percent increase over 339 sales in January 2010, but a drop of 9.92 percent from 393 sales in the same month in 2009. In other words, sales are improved compared to a terrible year for real estate sales and down compared to one that was merely bad.

Average prices, meanwhile, came to $178,794 in January — up 1.08 percent from $176,881 In the same month last year and up from an average of 18.19 percent from $151,274. Meanwhile, sellers realized an average of 93.98 percent of their asking prices in January, compared to an average of 95.60 percent in the same month a year ago in 2010 and 96.58 percent in 2009. Homes sat on the market  for an average of 91.82 days in January — up from both 78.32 days on market in 2010 and 89.01 days in 2009.

The average sales price per square foot in central Arkansas in January was $74.89 — up slightly from $74.46 last year and down from $75.59 in 2009. The average size of central Arkansas homes sold in January was 2,054.95 square feet size, down a bit from 2,100.52 square feet in the same month last year and up from 1,853.2 square feet in 2009.

The long and short of it is that the housing market is still recovering. The national Mortgage Bankers Association, however, made a prediction that’s encouraging — purchase mortgage originations are forecast to increase to $615 billion nationally this year from $473 billion last year.

Click here to download a complete housing market report for January 2011. Check in here at First Arkansas News in a day or two to have a look at the January report for northwest Arkansas.

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

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