Home Sales Stay Strong

Northwest Arkansas home sales are on track to beat last year’s total.

Realtors sold 458 homes in Benton and Washington counties in November, up from 414 homes a year earlier, according to MountData, a real estate marketing firm.

Year-to-date sales have been running just above last year, but pending sales are ahead of last year, said Paul Bynum, MountData owner and principal broker.

“Pending (sales) are a rough leading indicator of future sales,” he said in his monthly real estate report. Pending sales are those that did not close in the month and should count as sales the following month.

Bynum said there were 423 pending sales at the end of November compared to 390 last November.

George Faucette, an owner of the local Coldwell Banker franchise, said sales at his firm are up from last year.

“Our company is even ahead of where the country is,” he said.

Faucette expects to beat last year’s numbers and said he thinks the home sales market will continue to improve.

“It may take five, six, seven years before we are all the way back, but we are looking strong,” he said.

Area year-to-date sales are only slightly above last year, but the accumulated sales value is up 17.6 percent, Bynum said.

The 5,593 sales this year totaled $974.29 million. Sales of 5,426 units through November 2011 were valued at $828.57 million.

The value increase comes on the heels of a price jump. The median sales price last month was $148,505; it was $127,500 last November.

Benton County’s home market is much more active than Washington County. In the past three months Benton County posted 931 sales. Washington County had 489 sales.

The shift of activity to Benton County took place about the year 2000 as Walmart grew, Bynum said. He said in the 1980s and 1990s a large percentage of real estate activity was happening in Fayetteville and Springdale.

“Now in terms of median sales price, Benton County has Washington County beat,” Bynum said.

The median price of sales between September and November was $149,000 in Benton County and $140,000 in Washington County.

The number of homes on the market at the end of last month was identical to October at 3,456. That’s about half of the high mark of 7,192 in August 2007.

“There is no doubt the decrease in inventory is helping the market,” Bynum said. “All in all, November continued to build on a good year.”

By The Numbers

Regional Home Sales

The recorded home sales in Benton and Washington counties the past three Novembers.

Year Value Of Homes Sold Units Median Price

2010 $59.51 million 360 $129,250

2011 $69.75 million 414 $127,500

2012 $81 million 458 $148,505

Source: MountData

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