Bentonville Market Update December 2018

Time for the December Market Update - The Plateau Continues

Total Bentonville residential listings - 507

Bentonville sales last 30 days - 97

6 months sales - 812

The cheapest price in Bentonville is $133,000

Average price - $127 per sqft Median - $123 per sqft (outside of downtown)

months

Price Range # available average median supply

0-200 47 112 111 1.4

200-350 214 142 125 6.48

350-500 147 156 132 6.39

500-750 72 191 163 10.28

750+ 37 320 228 9.25

And here are the sold figures for this month

Price Range # sold average median

0-200 33 104 104

200-350 32 111 111

350-500 21 121 125

500-750 7 147 138

750+ 4 150 152

So what does this tell you? There's still a terribly hot market for homes under 200,000. If you were to take out the group of homes two miles west of Vaughn that are inexplicably located in Bentonville, the cheapest house in town is 149,000. If you have a correctly priced house in that range you are sure to sell it.

All levels above that amount are crowded and possibly overpriced, at least in comparison to what is actually selling. I can't make a blanket statement without slighting some better than average homes in those ranges, but still, if you're middle of the market listing at 163 bucks a sqft and the houses selling are listed at 138 bucks a square foot, you're sure to get your feelings hurt.

Maybe you think, " well 7 sold homes in a month is too little to compare." OK let's look at 6 months sales:

Price Range # sold average median

0-200 299 109 109

200-350 321 119 118

350-500 149 132 128

500-750 53 154 138

750+ 5 218 166

So if you're looking at the median prices between June and December, prices for homes are decreasing below 500k and even between 500 and 750k.

Homes selling in the 0-200 range have dropped $5 per sqft over the last 30 days. 200-350 have dropped $7.

The average square footage of a home that sold last month was 1475. So that's $7375 less than before. 2280 is the average for homes 200 to 350, or a loss of nearly $16,000 over the previous 6 month period.

Remember - any of the Three Thousand Two Hundred and Eight members of the Northwest Arkansas Board of Realtors can list your home. (plus any other agent in Arkansas) but listing isn't selling. I prepared a price analysis the other day and after listing all of the comparison sales over the last year, they listed with another agent who listed it at 230% over market value. Does anyone remember that these properties have to appraise? Is someone going to get upset over waiting and waiting for it to sell?

Call me and I can help, buying or selling.

479-903-0328