YTD home sales in Northwest Arkansas largely mirror 2017 level

by Paul Gatling ( 445 views 

There were 5,769 homes sold through July this year in Benton and Washington counties, up less than 1% from 5,725 homes sold during the same period of 2017.

That is according to the latest data from the Matrix multiple listing service (MLS). The combined sales volume, however, is up 7% through the first seven months of the year — from $1.26 billion in 2017 to $1.35 billion in 2018.

Median selling prices — the middle price of the market — through July also continued to climb: $198,900 in Benton County, up 4.6% from last year, and $187,900 in Washington County, up 7.3% from 2017.

By county, home sales in Benton County totaled 3,635 through July for a combined sales volume of $867.37 million. Those numbers are up from totals of 3,581 (1.5%) and $814.58 million (6.5%) in the same period of 2017.

Realtors in Washington County combined to sell 2,134 homes through July this year with a combined sales volume of $490.57 million. That’s essentially flat from 2,144 homes last year, but up 7.9% from $454.7 million.

In July, home sales in the two-county area totaled 973, up 5% from 927 last year. Total sales volume was also up 5%, from $228.44 million last year to $240.02 this year.

Marcus Necessary, an executive broker with Weichert, Realtors-The Griffin Co. in Bentonville, said inventory in the market is beginning to rise, albeit slowly.

“We’re also beginning to see a little more [subdivision] development, some dirt being turned,” he said. “A handful, anyway. There’s going to be some pressure there because land is so expensive.”

Necessary also noted a pricing trend among sellers.

“Of the properties on the market, we’re seeing people have to come down on the [list] price,” he said. “I think a lot of folks hear all the time that the market is amazing and overshoot their asking price then have to adjust. We’ll see more of that going into the winter.

“There are actually more houses on the market, but so many are priced too high that it feels like less.”