The winter weather has broken, here at the beginning of March. We’ve had some beautiful days, lately. Our NWA Real Estate market is carrying strong momentum coming into the Spring.
Inventory Levels
In February, we only had 3,753 homes in the Northwest Arkansas market. This was just a few homes above our January number, which was the lowest inventory number since January 2015. The number of sales for February (763) is just slightly less than the January number of (797). We are currently running at 4.9 Months of Supply for our Residential Inventory. This Spring should turn into an even faster moving Seller’s Market.
Average Sale Price and Days on Market
These lower inventory levels have been supporting higher sale prices. We hit an all time high in December 2019 at an average sale price of $255,315, across Washington and Benton Counties. January saw an average Sale Price of $244,713, and February’s was $243,519. We haven’t seen this average drop below $240,000 since we crossed that line in May 2019. Usually, we expect a seasonal price adjustment, but this year we’ve maintained higher prices even through the winter months.
Days on Market have dropped back below 100, down to 98. Since that number includes the time to build new construction homes and the 30-45 day closing period for resale homes, we’re in a very fast moving market. They’re selling faster than any other winter season in over decade. In fact, in several neighborhoods I researched this month, the homes were averaging only a few days on the market before receiving a contract.
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 book a FREE Strategy Session with me Here to block out your own time on my calendar.
You could also Send me a message or give me a call today! (479) 777-3379