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Little Rock, AR

Homes Sales Trend Slower in Little Rock Since November

Rusty Armstrong: Real Estate Agent in Little Rock, AR

After many months trending in a positive direction for the Little Rock home sale market, for the second month in a row it has reversed and moved back. In fact a the end of January the number of sold homes was down almost 20% as compared to the end of December 2009. From the end of November sold homes for the target areas are down about 26% as compared to the end of November. As sales go down, inventories of homes for sale increased, up about 6% since the last month. These numbers result in the Absorption Rate ( time for all homes to sale at the present sales rate per month) has increased back up to over a 6 month supply and increases the Average Days on Market to 97 days.

There are some factors which should be taken into consideration. After the holiday season it is normal for it to take a while for the increase activity in the to show up in these numbers. Also even though the First Time Buyer Tax Credit was extended till the end of April, there seems to be a lull in its effect after November 30 the original ending date. Another factor that may have contributed to the slower sales is the bad weather in the form of rain, cold and freezing precipitation has not made it conducive for home sales activity. It will remain to be seen if this increase activity and the continued tax credit programs will put the market back on the positive tend it was on for many months in Little Rock. All other factors such as interest rates and level home prices seem to be the same to encourage a positive tend in the market. It will interesting to see in the coming months.

January '10
MLS Solds Avg. Solds Active Abs. Rate Aver Days
Area 6 Mos. Per Mo Listings in Mos. on Market
LR Area 7 281 46.83 238 5.1 76
LR Area 5 194 32.33 179 5.5 83
Maumelle 175 29.17 173 5.9 89
LRArea 3 129 21.50 131 6.1 91
Sherwood 201 33.50 213 6.4 95
Area 11 NLR 127 21.17 142 6.7 101
Otter Creek 57 9.50 69 7.3 109
Area 10 NLR 91 15.17 112 7.4 111
LR Area 17 112 18.67 213 11.4 171
All Areas 1367 228 1470 6.5 97
Last Month 1699 301 1384 4.3 64
Cabot 424 70.67 423 6.0 90
Jacksonville 134 22.33 170 7.6 114
All w/C&J 1925 320.83 2063 6.4 96
Chenal only 61 10.17 102 10.0 150
Price Range
100-200 801 133.50 952 7.1 107
201-300 302 50.33 308 6.1 92
301-400 109 18.17 157 8.6 130
401-500 47 7.83 66 8.4 126
501-999 45 7.50 113 15.1 226
1000000+ 5 0.83 46 55.2 828

Holiday Season Slows Home Sales in Little Rock Arkansas Area

Rusty Armstrong: Real Estate Agent in Little Rock, AR

After months of a positive trend in the absorption rate of homes selling in the Little Rock area, the numbers show a slowing market at the end of December. All areas showed and decrease in number of sold homes and an increase in properties for sale on the market. Sold homes were down 6% and homes on the market increase by 8%. Looking at the numbers by price range. All price ranges slowed but the tend of the market below $400,000 being better than above that number continued to show a bigger gap. This change in the trend was to be some what expected since the holiday season is always the slowest time of the year for home sales. The absorption rate and days on market are still better than they were at the end of the first quarter of 2009. Most factors such as low interest rates, home buyer tax credits, and a good selection are still in place which helped to create the positive trend for most on 2009. Therefore it should be expected that the better sales will be seen again in January and the coming months.

What does this mean if you are thinking about selling your home or have it on the market at this time? It shows that it is till a very competitive market to get a home sold. The positive news is that there are still a lot of homes selling but you must be priced right,have it in excellent condition, and staged to show to sell. What we are seeing that homes meeting those conditions are selling way below average and those that are not take a long time to sale or do not sale at all.

December 2009
MLS Solds Avg. Solds Active Abs. Rate Aver Days
Area 6 Mos. Per Mo Listings in Mos. on Market
LR Area 7 367 61.17 226 3.7 55
Maumelle 255 42.50 164 3.9 58
LRArea 3 160 26.67 113 4.2 64
LR Area 5 234 39.00 168 4.3 65
Sherwood 229 38.17 183 4.8 72
Area 11 NLR 155 25.83 125 4.8 73
Area 10 NLR 102 17.00 95 5.6 84
Otter Creek 69 11.50 52 4.5 68
LR Area 17 128 21.33 258 12.1 181
All Areas 1699 283 1384 4.9 73
Last Month 1803 301 1284 4.3 64
Cabot 510 85.00 399 4.7 70
Jacksonville 150 25.00 168 6.7 101
All w/C&J 2359 393.17 1951 5.0 74
Chenal only 74 12.33 156 12.6 190
Price Range
100-200 898 149.67 550 3.7 55
201-300 330 55.00 286 5.2 78
301-400 100 16.67 184 11.0 166
401-500 30 5.00 85 17.0 255
501-999 28 4.67 108 23.1 347
1000000+ 5 0.83 44 52.8 792

Little Rock Sales Trends Continues To Be Positive

Rusty Armstrong: Real Estate Agent in Little Rock, AR

The absorption rate and average days on the market improved in all areas except west Pulaski County and Chenal, along with Otter Creek. Of the eleven areas that are look at all but three are at or under a 6 month absorption rate and at or under 90 days average on the market.Little Rock west of I-430 and Maumelle were the best markets with under a 60 day average market time.

Looking a the market by price range continues to show homes priced under $400,000 to improve and the market for homes above $500,000 to be getting slower. Both these trends have remained the same over the last few months. Improved financing terms in the Jumbo loans would greatly help this market

October
MLS Solds Avg. Solds Active Abs. Rate Aver Days
Area 6 Mos. Per Mo Listings in Mos. on Market
LR Area 7 380 63.33 236 3.7 56
Maumelle 242 40.33 154 3.8 57
LR Area 5 221 36.83 178 4.8 72
LRArea 3 161 26.83 129 4.8 72
Sherwood 251 41.83 218 5.2 78
Area 11 NLR 144 24.00 145 6.0 91
Area 10 NLR 106 17.67 111 6.3 94
Otter Creek 65 10.83 73 6.7 101
LR Area 17 142 23.67 227 9.6 144
All Areas 1712 285 1471 5.2 77
Last Month 1681 280 1522 5.4 81
Cabot 541 90.17 405 4.5 67
Jacksonville 147 24.50 198 8.1 121
All w/C&J 2400 400.00 2074 5.2 78
Chenal only 84 14.00 120 8.6 129
Price Range
100-200 757 126.17 479 3.8 57
201-300 376 62.67 280 4.5 67
301-400 145 24.17 160 6.6 99
401-500 54 9.00 73 8.1 122
501-999 53 8.83 127 14.4 216
1000000+ 4 0.67 52 78.0 1170

September Home Sales Numbers Trends Remain on Positive Direction in Little Rock Arkansas

Rusty Armstrong: Real Estate Agent in Little Rock, AR

The residential sales trends for the Little Rock, Arkansas area continue to move every slowly in a positive direction in most all areas at the end September. Homes that are in good condition and price right are selling in a reasonable time.. Supply continues to move slowly down ward and sales move upward slowly which has been a trend over the last few months.The absorption rate remains under six months for the total area and of the eleven areas monitored all but four had an average days on market of under 90 days. The areas with the longest absorption rate continue to be West Pulaski County and the Chenal area, along with the Jacksonville are both with a eight to nine month supply of homes on the market. Both these areas continue to see improvement on earlier months numbers.

September
MLS Solds Avg. Solds Active Abs. Rate Aver Days
Area 6 Mos. Per Mo Listings in Mos. on Market
Maumelle 235 39.17 161 4.1 62
LR Area 7 370 61.67 257 4.2 63
LR Area 5 211 35.17 170 4.8 73
Sherwood 245 40.83 221 5.4 81
LRArea 3 145 24.17 130 5.4 81
Area 11 NLR 146 24.33 145 6.0 89
Otter Creek 69 11.50 76 6.6 99
Area 10 NLR 107 17.83 128 7.2 108
LR Area 17 153 25.50 234 9.2 138
All Areas 1681 280 1522 5.4 81
Last Month 1614 269 1546 5.7 86
Cabot 500 83.33 418 5.0 75
Jacksonville 140 23.33 191 8.2 123
All w/C&J 2321 386.83 2131 5.5 83
Chenal only 89 14.83 125 8.4 126

Looking at how the market is doing by price range shows two different markets. In prices from $100,000 to $400,000 absorption rate is under five months and above $400,000 it is just under 14 months. Some factors causing this gap are financing for loans over $415,000 is getting better but is still at a higher rate and more difficult to get than loans under that amount. First Time Buyer Tax Credit continues to help make sales good below the $250,000. Time will tell how the market is affected if the tax credit is not extended past the November 30 end date.

Price Range
100-200 882 147.00 621 4.2 63
201-300 394 65.67 327 5.0 75
301-400 143 23.83 180 7.6 113
401-500 53 8.83 85 9.6 144
501-999 60 10.00 126 12.6 189
1000000+ 5 0.83 54 64.8 972

At Your Service

09-18-09
Kevin Riley
Kevin Riley: Real Estate Agent in Little Rock, AR

If you or anyone you know is looking to buy and/or sell a home, give me a call! Professional and knowledgable service is what you will get. Shoot me a message with your number and I'll give you a call. I'm not a stranger to challe...nges, so let me help you with your situation. - Your CENTURY 21 Professional