We’ve sold over 10,000 Houses in the Northwest Arkansas Market this year. A supply/demand imbalance has been with us all year, and it has driven our prices higher and higher across the NWA region. The average sale price in October ’21 was 17.7% higher than last year’s October average. And we’ve maintained a Median Sales Price above $270,000 for the last 5 months.
The Month’s Supply is almost exactly the same as last month, still hovering around 0.82 months of inventory (That means if we had no more homes enter the market, we’d sell through all the available homes in about 25 days!)
With the continued demand from Buyers, and a continued lack of homes in the market, we should see these Higher Prices continuing for the rest of this year, potentially cooling a little in this 4th quarter. But aside from a possible seasonal slowdown, I don’t foresee prices falling dramatically in the near future. It seems the market has settled into a new, higher pricing level that promises to be around for a while.
You can see from the chart below that this summer’s “Peak” number of homes in the market is actually lower than the 2019/2020 Winter Season, which is usually the time with the fewest number of homes on the market. In fact, it took until August and September for inventory to exceed that ’19/’20 Winter Season. This is highly unusual. Add on top the fact that our “Sales” are exceeding last years numbers, and I still expect more upward pressure on home prices this year, going into next year.
In June, our average sale price reached a new record high of $338,877 (revised). In July, we slipped back from that peak, down slightly to $331,283. In October, we stayed in a similar range at $326,261. The Median pulled back slightly from September’s $278,048 to $273,963 in October, settling into a new higher range for Median Prices.
It seems these higher prices are here to stay across Washington and Benton Counties. We are maintaining the upward trajectory of the last 5 years.
What it all Means for You
If you’ve been thinking of selling your home, right now is a historically good time to do so. These market forces continue to push prices higher and higher across our region.
And even though the prices are already high, my clients have been using my Preparation Plans and Top-Notch Marketing, and have been getting offers at $10,000, $20,000, even $30,000 over the average sales prices for their neighborhoods.
To see the strategies we’ve been implementing, Watch my “Pre-Listing Price Accelerator” Guide Here and see How To Maximize Your Home Sale. It will walk you through everything I’ve been doing to get these amazing results for my home sellers.
But then you run into the problem of finding your next place. 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. And that’s the big issue, the main problem to solve this year.
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. Let’s see what we can find together!
Just click here to learn all about the “Hidden Homes” Move-Up Program!