Another month in the books, and another month NWA does well.

Median sales price for March was $335,000. Noting 5 of the last 9 months all had median sales prices of $335K is a reassuring sign of prices stabilizing in NWA. Although in terms of price per square foot, there was just shy of a 13% jump. We’ve held right around $212/SQFT for the last 3 months, so seeing this $10/SQFT increase is a little surprising. It’s worth pointing out, the March number of $222/SQFT for residential properties is the highest average price per square foot EVER in NWA!! In fact, in the last decade, we have seen a 139% increase in price per square foot ($93/SQFT in March 2014)!

Signs there is still strong activity in the NWA market, median days to sell went down 15 days from last month! Meaning, listings sold faster in March than February. Months of Inventory (MOI) was back down to 4 (same as March 2023). Several new listings it the market in March (both 12-month and 1-month were up double digits), and active listings reached 4,000+ for the first time in almost 4 years (June 2020). However, given MOI continues to remain low, indicates buyers are keeping pace with listings (actually increasing their buying pace since February).

Turning to a metric that better reflects if the buyer or seller has more leverage, the ratio of sale price to original list price is back to 100%. (2 months earlier than last year when we got back to 100% from May to October of 2023). Showing sellers are not making major adjustments from list price in order to find a buyer.

Overall market statistics were also positive. There were 200 more sales in March than February translating to the $60M more in sales dollars. Total sales (both by count and by dollars) were very similar numbers to a year ago, but saw 20+% increases from last month.

That covers the important points of the residential sales market in NWA for the month of March. In general, NWA has still not seen a shift in the market. We will continue to stay optimistic, but always vigilant. Reach out if you have any questions that real estate in NWA!