State, Northwest Arkansas Real Estate Market Hot in January

Northwest Arkansas

by Talk Business & Politics ([email protected]) March 14, 2014 11:09 am 101 views 

The number of new and existing homes sold and the value of those sales statewide increased in January over the same month in 2013, and that increase was reflected in full in Benton County and in part in Washington County, according to statistics released Friday by the Arkansas Realtors Association.

State home sales grew by 8.7 percent, from 1,467 homes to 1,595, and total value increased to $232 million, up 9.9 percent from last year’s total value of $211 million.

In Benton County, the January-to-January comparison revealed predictable results — growth. Sales in the Benton County market increased by 14.8 percent, from 223 homes to 256. In Washington County, however, January home sales dipped from last year to this year by 8.9 percent, from 157 homes to 143.

The decline in home sales in Washington County is tempered by the fact that, at 143 homes, the county still had the third-highest overall number of sales in the state. By just three homes, Pulaski County had the most sales, at 259, followed by Benton County, at 256.

In terms of total value, Benton County ranked number one for January at $41.9 million, an increased of 7.1 percent over 2013’s total value of $39.1 million. At $25.6 million, the total value of January sales in Washington County was third best in the state — behind Pulaski County’s value of $40.3 million — and showed a 5.7 percent increase over 2013’s total value of $24.2 million.

Together, Benton and Washington counties out-performed Pulaski and Saline counties in terms of total sales and value, and in Faulkner County, real estate sales and value plunged by more than 30 percent.

Kim Minor, broker/owner at RE/MAX Real Estate Results of Bentonville and president of the Northwest Arkansas Board of Realtors, said the numbers are easy to interpret. Citing employment, entertainment, redevelopment of downtowns, infrastructure and education, she had this to say: “The time has come that Northwest Arkansas has surpassed central Arkansas as the hub. I’m not surprised.”