Real Estate in a Time of Social Distancing

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WHEW! We are recognizing what a difference a month makes and how your life can change nearly overnight! You can go back and compare the last month’s numbers with this month’s and see the changes. These numbers are for Bentonville only, which is my primary market. If you want numbers for your city, please email or text me.

  1. There are currently 202 homes for sale with Bentonville addresses. Average list price is $553,189 and the median is $409,900. Keep in mind that the large number of homes listed above $500,000 greatly swings the average home price upward. If you remove the homes above $500,000, the average home price drops to $346,457 and the median is $347,450. That price is much closer to the real average of homes in Bentonville.

  2. There are only five homes listed below $200,000; 67 homes between $201,000 and $350,000; 60 between $351,000 and $500,000; 44 between $501,000 and $750,000; 9 between $751,000 and $1,000,000; and 17 that are over $1,000,000.

  3. The 139 listings which have gone under contract in the last 30 days are 31 under $200,000; 55 from $201,000 to $350,000; 37 from $351,000 to $500,000; 11 from $501,000 to $750,000; 4 from $751,000 to $1,000,000; and only 1 above $1,000,000.

  4. I’m not listing what has closed because they were already under contract prior to the virus.

  5. Something that I think is relevant to the conversation is the number of contracts that are “falling out” or being cancelled for whatever reason; this can be from fears over the virus or a bad home inspection, there’s really no way to determine this. That number for the last week is 8. If you want to extrapolate this out, it’s about 35 a month. I’m guessing that this number will increase by the week.

  6. Listings by week - last week, there were 18 homes listed in Bentonville. 31 went pending, and 20 sold.

What can we determine from these numbers?

  1. There has been an increase in listings this month of 13

  2. Your home that is listed between 0 and $350,000 is quite valuable; the market is still incredibly volatile in that range. The $350,000 to $500,000 range is also good.

  3. Home are selling. The market is skittish but not nearly as affected as other bigger markets. People are still coming to Bentonville and they will continue to come as long as Wal-Mart needs them here.

  4. Realtors are still working, albeit now from home. They are still listing and selling, they can still show homes and close escrow. There are safety precautions that we can take in order to show you homes, be it online or in person. Your home can be just as easily listed this month as it was last month, and remember - most people shop online to find the right home first. We can get your home listed and marketed with ease. WE ARE NOT AFFECTED and will continue to serve you as needed.

So, in conclusion, Northwest Arkansas is FINE - so far. The real estate market continues to boom. Agents continue to work. If you need me, give me a call at 479-903-0328 or email me here.

Stay home and practice social distancing! This will begin to hit home as people you know are affected by the virus. Don’t panic, stay safe, and wash your hands. By next month, this post may look different, but it will soon go away and we’ll need to be back to business as usual as soon as possible. We’re here for you and looking forward to the purchase of your new home or sale of your old one.