New NWA Market Statistics!!
October was a robust month for NWA. As we head into the cooler months, the market tends to gradually slow until rebounding in Spring. Interestingly enough, NWA had a $25M INCREASE in total sales dollars in October versus September. This same time frame last year saw a $50M DROP in total sales dollars; which is reflected in the 19.9% increase in the 12-month change.
New listings rose 10.9% from September, which might be concerning as we head into slower months; however, Months of Inventory went down. A sign the number of buyers in the market has increased compared to the rate of active listings.
The ratio of sales price to original list price was 99.1% in October. This is the first sub-100% for this metric in the last 7 consecutive months. Perhaps this is part of the reason buyers are still active in the market, because they are feeling more confident sellers are negotiable and aren’t feeling pressured to consistently pay at or above list price.
Nationally there have been several markets experiencing significant slowdown, but currently, NWA residential sales are doing well. If you have any questions about the NWA real estate market, reach out!