Can’t believe it’s already time for another monthly statistics update for NWA…It felt like July flew by! After hitting the record-high in total sales dollars in NWA in June, we saw a 20% drop in total sales for July. Or to put it another way, almost a $100M reduction in sales volume. This tightly corresponds to the 14.5% decrease in the number of closed residential transactions last month.
Outside of those 2 metrics, the other statistics were within a reasonable margin of change expected during the June to July time frame; when the annual sales cycle tends to start slowing. Interesting to note the price per square foot price was up slightly from last month, but the median sales price was down slightly. With the days-to-sell of 52 still being historically very low and the months of inventory of 4 still being well below 12, all signs indicate we are still firmly in a seller’s-market.
On a tangential note, recent reports of real estate in major markets are seeing a more prominent slow down, but these past months have shown NWA continues to have a generally strong, stable market. This is likely due to the consistent population growth to the area. This got us wondering about how the sub-market of residential new construction has changed over time for NWA. We decided to dig through the data. We had expected to make a short blurb about new construction in this statistics update post, but the more we looked into it, the more interesting things we found. Needless to say, this subset of the residential market has seen a significant upward trend. We decided there was too much to say. We intend to make a separate post just about residential new construction in NWA. Consider this a teaser… 😊
With that, we wrap up the discussion of July’s numbers. We think the market will continue to cool as we enter the typical fall/winter months slow down. If you want to know anything else about current market conditions, don’t hesitate to ask!