Spring has Sprung here in Northwest Arkansas! The Real Estate market is also blooming now. We’ve seen more homes coming into the market and more closings as well.
We are still at 0.66 Months of Supply in the market. (This means if we had no more homes enter the market, we’d sell through all the available homes in less than 3 weeks!) But that’s with about 6% more closings and 5% more active listings than how we started in April.
This is continuing to put more upward pressure on home prices this year. In fact, over the last 5 years, we’ve added over $100,000 to our Average and Median Home Prices.
In April, our average sale price dipped a little from the previous month to $290,066. With a Median of $249,787, we are still on trend toward higher prices across Washington and Benton Counties. This month’s pricing dip reflects a few more homes closing in April that were in the traditionally “affordable” price ranges.
What it all Means for You
These market forces continue to push prices higher and higher across our region. Understandably, many potential home sellers have decided to stay put because they don’t think they’ll be able to find their next home with so few on the market.
Now, typically you would assume this is great news for home builders. And it is, because they’ve seen a lot of sales coming their way lately. However, lumber prices have skyrocketed over the last several months. That along with higher land prices has forced many builders into charging higher prices to keep their margins safe.
If you’ve been thinking of selling your home, right now is a historically good time to do so. You’ll sell quickly with a high price. But then you run into the problem of finding your next place. And that’s the big issue, the main problem to solve this year.
Remember the “Hidden Homes” Move-Up Program!
The single biggest problem with Real Estate over the last year has been a lack on homes in the market. So many people would love to move into a new home that better suits their needs, but they’re afraid to sell their current home. It’s tough to make that transition if you don’t know what else you’re going to move into.
For this reason, I’ve put together a program to find “Hidden Inventory, Off Market Homes” for my clients.
This is my #1 Strategy to get you and your family out of your current home and into your dream home. My clients are having great success with it.
Let’s see what we can find together!
Just click here to learn all about the “Hidden Homes” Move-Up Program!