📣 NEW RECORD for NWA!! 📣
June’s residential total sales dollars of $489M is the highest single-month total in NWA history!! This was $27M more than last month’s sales, and $9M more than the previous record month (June 2023).
As we hit the official halfway mark on 2024, the increase activity seen through the spring months has started to slow. Active Listings dropped by 200+, or a 5.3% drop, after 5 consecutive months of increases. Similarly, New Listings had a 16.1% reduction from May; just shy of 250 fewer active listings than last month. Still, the fact that there was no change in Months of Inventory for the 4th month in a row, indicates the changes in seller-activity is being fairly well matched with changes in buyer-activity.
Home prices seem to remain stable. The median sale price for a home in NWA went down $6K, while the average price per square foot increased marginally by 1.8%. Speaking of consistency, the median days to sell, while up 5 from last month, is right in the middle of our average for the last 12 months; where we have hovered around 63 days on market.
One final point… To truly appreciate and emphasize how much the NWA residential market has changed (grown) in just the last decade, and even more so in just the last 5 years, here are a few more statistics:
➡️ In the last 10 years, NWA has gone from double-digit-million-dollar sales months…(February of 2014 was the last at $82M), to multi-hundred-million-dollar sales months.
➡️ NWA had it’s first $300M+ month in history in May 2019 ($314M); just 5 years ago.
➡️ The first $400M+ residential sales month was June of 2021 ($439M); only 3 years ago.
➡️ The month of June has set a new record high in total sale each of the last 4 years ($439M in 2021, $470M in 2022, $479M in 2023, and $489M in 2024). At that rate, there’s a fair chance NWA sees its first $500M+ month in June of next year. Anyone want to make a wager on it?? 😅