Drop in home inventory creates ‘sellers’ market’ for Arkansas
LITTLE ROCK — Arkansas Realtors experienced a slight downward trend in the number of homes sold statewide during February, according to a report released April 21 by the Arkansas Realtors Association; however, statewide valuations and average sales prices continue to show improvement.
“February numbers in Arkansas are not necessarily unexpected, following the typical seasonal decline as people recover from the holidays,” said Maurice Taylor, 2017 president of the ARA.
“These past few months, we have seen some fluctuating data as we are not only coming off a very unprecedented [presidential] election, but the installation of a brand-new administration that may shake up some of our previously predictable housing-market trends,” he said.
The number of homes sold across the state this February dropped about 0.70 percent from last February, from 2,129 units in 2016 to 2,114 units this year. Year-to-date totals continue to show improvement, however, with a 1.00 percent total increase in homes sold during January and February.
February figures showed an increase of 7.72 percent in statewide valuations over the same time period last year, and the average price of homes sold in Arkansas increased by 8.48 percent, up to $167,209 this February, compared to $154,135 last year.
“There is a decline in housing inventory, which typically points to a sellers’ market,” Taylor said. “Although the ‘microwave society’ of sellers we sometimes encounter today may be in a hurry to ‘get it sold quick,’ we also realize the buyers can be ready to move on quickly, too.”
Taylor offered the following advice to sellers to make the most of the state’s current real estate market.
“Listen to your Realtor, make the needed repairs or be prepared to make a monetary allowance for the repairs, and price it right the first time,” he said. “Be motivated! Buyers are savvy, have done their homework and have access to a lot of great information online and through their Realtors.”
A portion of the report appears here. To download the full report, visit the ARA website, www.arkansasrealtors.com, and select “Publications,” then “Housing Market Reports.”