Straight Shooting Real Estate

Over the past three months, we’ve seen a bit of a trend developing in the four markets monitored in the weekly average/median list prices and inventories report — there’s downward pressure on prices in the larger markets, but upward pressure on list prices in smaller markets.

For the purposes of this discussion, it might be helpful to download a copy of the current weekly/average median prices and inventories report. Grab a PDF of the document by clicking right here. If you want to get a macro view of how the market trends are playing out in the areas covered in the report, then go right here.

The largest housing markets in terms of activity in Arkansas are undoubtedly in central and northwest Arkansas. Over the past three months, we’ve seen prices fall by around $7,000 in northwest Arkansas (Benton and Washington counties) and by about $3,000 in central Arkansas (Faulkner, Grant, Lonoke, Perry, Pulaski and Saline counties). Meanwhile, inventories in those two areas has increased slightly over the past three months.

In the smaller markets covered in the report, however, we’re seeing average prices go up a bit as inventories fall. In the Jonesboro area (Craighead County), inventories have hovered around 650-700 homes for sale all year long, and the Fort Smith/Van Buren market (Sebastian and Crawford counties) has experienced fluctuating inventory levels this year. Over the past three years, we’ve seen healthy average list prices in both areas — sellers are asking for about $8,000 more for their homes than they were three months ago in the Fort Smith/Van Buren market and around $11,000 more in the Jonesboro area.

While our weekly report only covers four markets, the trends established in it seem to hold up fairly well throughout the state in that there’s downward pressure on list prices in larger markets and upward pressure in larger ones. Potential buyers in those larger markets may well find a bargain these days, or at least sellers willing to negotiate on prices.