Arkansas February Housing Stats
The total number of homes on the market in Northwest Arkansas went down from 5518 in January to 5423 in February. Mostly because the number of sold and pending properties went up dramatically. This is both because there are more foreclosures on the market and because sales tend to cycle up in February. This increase in pendings and solds is definitely a good sign that absorption rates should get lower in the coming months. The average sale price in Benton and Washington counties was a whopping $137,521. Again, this number is skewed significantly lower because of the high rate of foreclosure sales in our area right now. You can begin to understand what I mean when you see the difference in the price per square foot ($/sq.ft.) of Current homes at $110.22 vs. the sold price per square foot (Sold $/sq.ft.) for Sold homes at a mere $75.40.
And from the Cabot, Arkansas area, the Cabot Real Estate Blog has this summary, with more details to follow:
This Feb. homes sales in Cabot were down substantially compared to the last two years. This Feb. there were 42 homes sold in the Cabot area. That is 40% decrease from this Feb. compared to last Feb. and a 37% decrease in 2009 compared to 2007.
And here are mortgage rate stats.