Housing markets in northwest Arkansas, Jonesboro up in 2011
The numbers are in and show that real estate markets improved last year in both northwest Arkansas and the Jonesboro area. In a nutshell, both average sales prices and the number of units sold improved in the Jonesboro area while more homes were sold in 2011 than in 2010 in northwest Arkansas, but the sales price dropped.
We’ll take a look at northwest Arkansas first. For the purposes of this report, northwest Arkansas is defined as Benton, Carroll, Madison and Washington counties which make up the extreme northwestern corner of the state. In those four counties, Realtors sold 6,082 single-family residences in 2011, up 7.72 percent from 5,646 homes in 2010. The average sales price for the year was $152,388 — down 4.32 percent from $159,261 in 2010.
Homes sat on the market an average of 157 days before closing in 2010, up from 152 days in 2010. Seller, on average, received 94.97 percent of their list prices last year, on par with a list-to-sales price ratio of 95 percent in 2010. The average sales price per square foot last year was $71.50, down 4.7 percent from $75.03 in 2010.
Click here for a copy of the northwest Arkansas year-end housing market report.
Eric Harris, an agent with Weichert Realtors — Downum Group in Springdale — pointed out the improved sales are encouraging, but expressed some concern about the increased number of days houses were on the market before they were sold in December and recovering sales prices. He added that record low interest rates are a major incentive for potential buyers to purchase homes. BankRate.com puts the national average interest rate for a 30-year mortgage at 4.18 percent.
“2011 was a strong year compared to 2010,” he said. “It is definitely still a buyers market with interest rates remaining at record lows and also good inventory still available.”
Meanwhile, a report from Fred Dacus Associates, a real estate company in Jonesboro, shows the market in Craighead County in northeast Arkansas improved last year in terms of the number of homes sold and average sales price. There were 1,430 homes sold in Craighead County last year, up 4 percent from 1,375 sales in 2010. The average sales price in 2011 was $129,469 — up 6.28 percent from $121,821 in 2010.
Homes in Craighead County sat on the market for an average of 103 days last year, the median sales price was $115,700 and buyers realized 95.6 percent of their list prices on average in 2011.
Click here for the year-end housing market report from central Arkansas.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.