Bentonville Sales Figures February 28, 2020

/

I used to write these more often, especially on Facebook, trying to provide information to my clients. I have decided to post them here instead and link to it.

These figures are for the Bentonville market; if you live outside Bentonville, just drop me an email and I’ll provide the information you need.

The market here is just jaw-dropping, especially if you have been here for a while. The numbers continue to climb, and according to the experts, it will continue to do so.

There are currently 179 homes for sale in Bentonville today. The breakdown of listing and sales figures is as follows:

Price #currently listed #sold per month absorption rate - months of inventory

100,000-200,000 4 41 10 per week

200,000-349,000 59 80 3 weeks

350,000 - 499,000 60 33 2 months

500,000 - 749,000 27 13 2 months

750,000 - 999,000 13 3 4.5 months

1,000,000 + 15 1 15 months

Here are the average and median prices per square foot, listed and sold. Remember, median is exactly in the middle of all prices and average is adding all together and dividing by the total number

listed ave/median sold ave/median

100,000-200,000 140/142 116/115

200,000-349,000 146/134 130/125

350,000 - 499,000 168/140 138/133

500,000 - 749,000 236/180 167/154

750,000 - 999,000 233/234 193/191

1,000,000 + 615/247 190/196

So what does this tell us?

  1. Homes under 200,000 sell nearly immediately. Average days from list to close is 49. That’s fast. Anything under 175,000 will usually never make it 24 hours.

  2. Homes over 1,000,000 are hard to peg. The market is vary narrow and the prices shown reflect differences in acreage size and location.

  3. Homes between 200,000 and 350,000 are in demand. “Selling like hotcakes.” How well do hotcakes sell? The market has the ability to turn over every three weeks.

  4. Homes in the 350,000 to 750,000 range sell pretty well. We have two months’ inventory, which is not a lot. Not as brisk but still good.

  5. 750,000 to 999,000 has few listings and take a little longer to sell, as the market is narrowing as you go up in price.

What have we learned?

If you own a home in Bentonville and your home is in the 100,000 to 200,000 range, don’t sell it short. You make take a chance on it not selling immediately, but what’s that chance worth to you? Would rather sell it the first day or maybe price a little higher and sell it next week and make more money? When an agent shouts on social media, “SOLD IN 24 HOURS!!” what does that tell you? It’s a seller’s market, not a buyer’s market. If it sold in the first few hours, it was priced too low. Every. Single. Time. If you have too much money, send some my way. But I’ll bet you’d rather keep it in the family.

If you are considering listing your home or considering buying a home, give me a call. There are nearly 3000 agents in Northwest Arkansas but few of them have the 33 years experience in Northwest Arkansas real estate. Don’t hesitate to ask for help. Advice is free. 479-903-0328