Arkansas – Excited Homebuyers, Happy Realtors
It’s a basic law of physics – what goes up must come down. Luckily for Arkansas, the Natural State’s home prices didn’t climb as high as other states’ did during the boom (like California and Florida, to name a few), so its home values didn’t plummet as far when the housing bubble burst. That means homeowners here have more latitude to sell now, without the fear of being trapped by underwater mortgages…
…And that has realtors around Arkansas smiling!
In fact, the number of homes for sale in Arkansas has been climbing steadily since 2011. By the end of 2012, the total value of home sales here accounted for more than $228 million. That’s 25% more than what sellers were getting in 2010, so the housing market here is clearly headed in the right direction!
Out of Arkansas’ most populated areas, the city seeing the biggest strides is Jonesboro. Between November 2011 and November 2012, the number of home sales in Jonesboro went up more than 18%. Realtors in northeast Arkansas were especially-happy to close out 2012 with strong numbers, since the 4th quarter is typically the slowest time of year. Instead, though, the number of end-of-year sales here were higher than they’ve been in a long time!
Realtors over in northeast Arkansas have been busy, too! In fact, the number of home purchases in 2012 in Washington and Benton counties totaled more than one billion dollars in sales for the first time since 2008.
Ft. Smith had a rougher go of it in 2012. Thanks to a number of job losses – including the closing of Whirlpool – “economic stability” wasn’t the name of the game here. However, realtors in Ft. Smith say the local housing market fared better than you might think. The number of home sales was down, but residential construction is moving forward. So, expect to see a variety of new homes for sale in Ft. Smith in 2013!
So, how are things going in Arkansas’ biggest city, Little Rock?
Not only are more homes selling in Pulaski County, but they’re selling faster than they have in years past. According to realtors in central Arkansas, the quality homes for sale in the Little Rock area are getting scooped up by buyers within 30 days of being listed.
As an added benefit, these homes are also selling for higher prices! Realtors in central Arkansas compare the upswing in buying almost to a “cabin fever” of sorts. Since people have been so afraid to buy homes for so long – and may not have been able to afford new homes for so long – they’re excited to go out and do it now.
And, hopefully, that trend will continue!