February 13, 2020
Even as we find ourselves in the middle of winter, the NWA Real Estate market is still very hot right now, especially in the metros. We’re seeing multiple offers and quick sales. Prices are rising and buyer demand is strong coming into the Spring.
In fact, January only had 3,728 homes in the market. This was the lowest inventory number since January 2015. And the number of sales (792) is over 60% higher than it was back then (486). We are currently running at 4.7 Months of Supply, which means we are in a seller’s market, even in the dead of winter. Lookout this Spring!
Average Sale Price and Days on Market
With those lowered inventory levels, we’ve seen prices continue to climb. We hit an all time high in December 2019 at an average sale price of $255,315. This was averaged across all the sales in our NWA Multiple List Service, covering Washington and Benton Counties.
Overall, the days on market just continue their decade long, downward trend. There was a slight reversal coming into the winter, with homes sitting on the market longer on average, but they’re still selling faster than during any other winter season in over decade.
Number of Monthly Sales by Zip Code
Median Sale Price by Zip Code
What it all Means for You
If you’ve been thinking of selling your home, it’s probably never been worth more than it is right now, and it will probably sell very quickly. That’s the good news!
The more complicated challenge will be finding your next place, and winning the contract on it. For that, we will need to get creative to find you the best deal. But no worries, that’s what I’m here for!
I book Free Strategy Sessions for all my clients. No pressure or obligation, but I’d be happy to help you put a solid plan in place to get you into the home you’ve been dreaming of.
Would it make sense to chat for a few minutes?
Just send me the General Information on your particular scenario HERE , & provide a couple options for times to meet.
or, just give me a call today! (479) 200-4718