Average Days on Market Continues to Improve in Little Rock Area in March

Homes continue to take less time to sale in the most active areas of Little Rock. At the end of February the sales rate to sale all homes on the market was 8.5 months and an average market time of 126 days. At the end of April these numbers have gone down to 7.7 months and a average market time of 115 days. The areas that continue to be the best markets are Little Rock from University to Mississippi, Maumelle, North Little Rock west of John F Kennedy Boulevard, and Sherwood. These area have an average days on the market of 81 to 96 days. The most competitive area to sale homes continues to be Chenal and western Pulaski County with an average days on market of 232 days. That is decrease form 255 at the end of February.Buying activity has increase, especially in with first time home buyers which have been motivated by the First Time Buyer Tax Credit and low interest rates. The areas that are moving the best are the areas that have price ranges that appeal to first time buyers. The area that are moving slower are areas with the more expensive properties. Housing prices usually remain stable with the absorption rate is under 9 months and most of the area are at 10 months are below. Overall sales numbers remain about the same while number of homes have decreased over the last 2 months. Hopefully these trends will continue over the next few months.

The Arkansas REALTORS Association has published the sales numbers for the state along with average sales prices in all areas of the state. A good analysis of those numbers can be found at ShootingStright.com.