So What’s Up?
So What’s Up with the Arkansas Real Estate Market?
Recent numbers from the Arkansas REALTORS Association show a good increase during the month of September 2011 over September 2010. Pulaski County saw an almost 19% increase, and Saline county experienced over 35% increase in the number of units sold. Not bad. Of course, if the number of units sold increased, then so did the overall valuation of total homes sold accordingly. As for pricing, the average sales price of homes in Arkansas has stayed relatively flat, with fluctuations +/- 1%.
When looking at the YTD numbers compared to 2010, we are a little behind where we were last year. Pulaski County is down 6% in units sold compared to YTD 2010, but statewide we are down just under 2%. 2010 was the lowest real estate year since 1997, and we are sitting slightly below 2010 right now. But, remember that 2010 included an incentive, cash, for buyers through April of last year.
I think we will end the year slightly ahead of 2010, and begin to see moderate, but steady, increases throughout 2012. With the ‘perfect storm’ sitting on our housing market, buyers will begin to get back in the game due to the extremely low interest rates that will begin to increase, higher inventory of homes available now that will begin to stabilize, and stabile but slightly increasing home prices. We are experiencing ‘lifetime’ lows for interest rates. It will be safe to say that rates will never be this low again in the lifetime of anyone capable of reading this. Whether you are looking for a place to call home or an investor, the opportunities of a lifetime are available in the Arkansas housing market….RIGHT NOW.
\nBy: on November 2nd, 2011 Category: Uncategorized