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Northwest Arkansas homes sales down in March

By: 27 April 2011 One Comment

After a couple of months of solid sales, northwest Arkansas finished the first quarter of the year on a down note as sales dropped 3.05 percent in Benton, Carroll, Madison and Washington counties in March.

Last month, Realtors sold 477 single-family residences in northwest Arkansas — down 3.05 percent from the same month last year. The average sales price in March was $144,051 in March, down 2.05 percent from $147,042 in the same month a year ago. March came as a disappointment after an improved January and February. Those months were strong enough that sales for the quarter stood at 1,156 homes — up 10.52 percent from 1,046 sales through March 2010.

Scroll down to the end of this post for a more detailed housing market report.

Harris

Eric Harris, an agent with Weichert Realtors — Downum Group in Springdale, said potential home buyers may find a few things to like about the March report.

“It is definitely still a buyers market with prices eroding year over year,” he said. “If you look at the year to date numbers however they are better than where we were in 2010 at this time even with the home buyers tax credit that is not available this year.”

That credit, which expired for homes that weren’t under contract prior to May 2010, offered qualified first-time buyers up to $8,000 from the IRS to first time buyers and up to $6,500 for repeat buyers. Harris pointed out the credits served as strong incentives to purchase homes, adding that he is pleased that the first quarter of the year stacked up nicely against the same time in 2010 even in the absence of the credit.

Harris said sellers may also find something to like about the March report and current market conditions in northwest Arkansas.

“Mortgage rates are still at great levels to purchase a home and sellers must remember that, if you are selling your home, be willing to budge on price,” he said. “You quite possibly will make up the loss on your home with a good purchase price on your new residence.”

First Arkansas News will have a March report covering central Arkansas homes sales as soon as the numbers are available. Meanwhile, scroll down a bit for the detailed March and year-to-date report for northwest Arkansas.

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

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