Arkansas Home Sales Report: August sales jump almost 15% in state’s four largest markets

by Talk Business & Politics staff (staff2@talkbusiness.net) 1 views 

After a brief respite in July when home sales were up just 0.59% in Arkansas’ four large markets, August sales jumped up almost 15%, with year-to-date sales up almost 11% in the four markets.

The number of homes sold in Arkansas’ four large markets totaled 17,569 in the first eight months of 2016, up 10.92% compared to the same period in 2015. The eight-month tally was above the pre-recession 2005 high when 16,787 homes were sold in the same eight-month period.

The combined value of homes sold in the January-August period was $3.17 billion, up 15.5% compared to the same period in 2015 and up 31.14% compared to the same period in 2014, according to the Arkansas Home Sales Report.

The Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties within its four largest metro areas – Central Arkansas, the Fort Smith area, Jonesboro/Northeast Arkansas and Northwest Arkansas. The report, which records closed sales, accounts for between 70% and 75% of total Arkansas home sales. The report is produced by Talk Business & Politics and is sponsored by El Dorado-based Deltic Timber and Fayetteville-based Arvest Bank.

Sales price per home in the first eight months averaged out at $180,281, up 4.13% compared to the same period in 2015 and up 9.43% compared to the same period in 2014. The average price per home sold ranges from $212,697 in Northwest Arkansas to $140,460 in the Fort Smith metro.

homesalessponsorboxThe January-August 2016 home sales were up 7.6% in central Arkansas, up 6.17% in the Fort Smith metro, up 9.4% in the Jonesboro metro and up 16.87% in Northwest Arkansas. Benton County in Northwest Arkansas and Pulaski County in central Arkansas continue to be the state’s busiest in terms of home sales. Of the 17,569 home sales in the January-August period, 7,850, or 44.68%, were in the two counties.

The value of home sales for the first eight months was up 8.25% in central Arkansas ($1.339 billion), up 9.48% in the Fort Smith metro ($203.113 million), up 13.1% in the Jonesboro metro ($242.116 million), and up 25.06% in Northwest Arkansas ($1.385 billion).

AUGUST SALES RISE IN ALL FOUR MARKETS
Home sales in Arkansas’ four largest markets totaled 2,486 in August, up just 14.93% compared to August 2015 and up 19.06% compared to August 2014.

The value of combined August home sales in the four markets was $460.9 million, up 21.29% compared to August 2015 and up 31.3% against August 2014. The average home price in August in the four markets was $185,398, up 5.53% compared to August 2015.

The average days on market in August was 71.06, down from 80.21 in August 2015 and down from 86.58 in August 2014.

The August 2016 home sales were up 10.1% in central Arkansas, up 30.22% in the Fort Smith metro, up 16.27% in the Jonesboro metro and up 16.87% in Northwest Arkansas.

The value of August home sales were up 13.3% in central Arkansas ($181.742 million), up 38.78% in the Fort Smith metro ($34.378 million), up 16.27% in the Jonesboro metro ($35.634 million), and up 28.98% in Northwest Arkansas ($209.145 million).

THE REGIONAL PICTURE: January-August 2016
Central Arkansas — Home sales
Jan.-August 2016: 7,869
Jan.-August 2015: 7,341
Jan.-August 2014: 6,907

Fort Smith area — Home sales
Jan.-August 2016: 1,446
Jan.-August 2015: 1,362
Jan.-August 2014: 1,333

Jonesboro area — Home sales
Jan.-August 2016: 1,711
Jan.-August 2015: 1,564
Jan.-August 2014: 1,517

Northwest Arkansas — Home sales
Jan.-August 2016: 6,513
Jan.-August 2015: 5,173
Jan.-August 2014: 4,904

The top five counties in terms of January-August 2016 home sales:
Benton — 4,061, up compared to 3,504 in January-August 2015
Pulaski — 3,789, up compared to 3,356 in January-August 2015
Washington — 2,452, up compared to 2,069 in January-August 2015
Craighead — 1,381, up compared to 1,282 in January-August 2015
Saline — 1,240, down compared to 1,246 in January-August 2015

Link here for a PDF document of the August 2016 data.

THE 2015 PICTURE
Home sales in Arkansas’ four largest markets were up almost 10% in 2015, and marked five consecutive years of gains in the number of homes sold and four consecutive years of gains in the total value of the homes sold.

Home sales in Arkansas’ four largest markets totaled 24,125 in 2015, up 9.86% compared to 2014 and up 14.6% compared to 2013. The 2015 gains were driven by a a double-digit annual gain in Northwest Arkansas.

2015 home sales were up 8.66% in central Arkansas, up 6.22% in the Fort Smith metro, up 3.57% in the Jonesboro metro and up 14.7% in Northwest Arkansas.

The value of home sales was up 11.62% in central Arkansas ($1.832 billion), up 8.66% in the Fort Smith metro ($312.801 million), up 11.14% in the Jonesboro metro ($316.576 million), and up 13.55% in Northwest Arkansas ($1.573 billion).

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