Bentonville Market Update for August

Bentonville Market Update: 8/14/18
Bentonville addresses make up a total of 558 listings currently on the market. In the last week, 25 were listed, 34 went under contract, and 27 closed. At that rate, we're selling everything we list, statistically. 
The average list price of a Bentonville home today is $157 per sqft, although the sales prices are $119 per sqft. 
The average is so high because there are several homes listed at nosebleed prices per sqft and that is skewing the numbers upward. 
The median number is more reliable, at an asking of $128, pending at $121, and selling at $116. These numbers still reflect an artificially inflated price per square foot asking, which is in turn reflected in the selling median at $116. 
The six-month figures may be more revealing of a trend here:
Listing prices over 180 days have been 157 average, 128 median
sold listings over 180 days have been 119 average and 114 median. 
842 homes have sold in 180 days, or about 140 a month. 
In essence, we are seeing a slow climb in sales prices, with $114 per sqft sales price over six months but $116 per sqft over the last 30 days. 
The over a million dollar market is still very soft. There are 22 properties in this range and only 3 that have sold in the last 6 months, or a 3 1/2 years supply currently. 
750k to 999k - 24 currently on market and 2 sold in 6 months, that's a supply on hand of 6 years
From 500k to 750k the market edges up a little. There are currently 83 on the market, 13 under contract, and 47 have closed in 6 months. That's a 10-month supply.
From 250k to 500k - this is our bread and butter at this point, and those lower in price. 
There are currently 335 homes on the market in this range, there are 81 under contract, and 322 have sold in the last six months. So we have a 6-month supply. 
From 100k to 250k - 102 currently on the market. 466 sold in 6 months. That's a 1.3-month supply. 
There are currently NO homes listed below 100k. When they are listed, they have a life span on-market of about 4 hours. 
The least expensive home in Bentonville is 133K. 
So that's the market summary. The high end market is glacial. The 250 to 500k range has a lot of construction in the price range, more than a few months back. Sales have slowed since my last report. 
The least expensive range, 100-250k is booming and in demand, but there aren't as many homes being built in that range, or if there are they are selling quickly. 
If you have any questions, see any mistakes, or want to talk about the housing market, feel free to call me at 479-903-0328...
Larry Horton