When someone talks about the market in terms of a "Seller's Market" or a "Buyer's Market" you may wonder what it's all about. Here's the breakdown for Bentonville, and it's pretty comparable for the NWARK Metro area as a whole.
There are currently 393 listings for Bentonville residential properties. There have been 110 similarly listed properties sold in the last 30 days. This means that there is a roughly 4 months supply of homes on the market - meaning if no one listed any more homes, the ones currently on the market would last almost 4 months before we ran out of homes to sell. This is all based on selling price and the particulars of the home. Some will never sell at their current price for one reason or another.
A further breakdown shows more details in the following price ranges:
0-100k homes - 0 are listed, 3 have sold - Hottest market
101-200k homes - 36 are listed, 24 have sold - Next best - 6 weeks supply of homes
201-300k homes - 110 are listed, 34 have sold - roughly 3 months supply
301-400k homes - 123 are listed, 28 have sold - 5 months supply
401-500k homes - 55 are listed, 11 have sold - 5 months supply
over 500k homes - 69 are listed, 10 have sold 6 months supply
This provides you with a lot of information if you are selling or considering selling your home, and also if you are buying. It is plain to see that the market for homes under 200k is hot. Few that have been listed have not sold. And that's not to say that the more expensive homes aren't hot, they just have fewer buyers and take longer to sell.
If you are looking for your next home or considering selling, these numbers are the most important thing in determining that your price is low or high in compared to the market, unless you are willing to wait several months.
Please call me if I can help you with your home purchase or sales. It's a complicated market and you don't need to go it alone!