Pulaski County real estate posted an interesting week. Volume dropped dramatically from last year, but low inventory bolstered sales prices and kept days on market low. Comparing the current numbers to 2019, from March 23-29, 2019 there were 134 sales, at a median sales price of 96.9% of list price with a median days on market of 22.5. By comparison, during the last 7 days, there have been 50 sales, at a median sales price of 100% of list price with a median days on market of 13.5. Inventory remains below 2 months, even with the low sales volume. That's consistent with anecdotal evidence that we're hearing from agents, title companies, and loan officers that demand still far exceeds supply.
Thanks @Mark Rogers . I think that it is too early to assume anything regarding the near future at this point. But one things is for sure, leasing and selling will slow down significantly.
Jan-March were relatively okay, BUT the real state of the current market and moving forward will only show around May-Jun. Typically January is slower month, people juts getting back to work from the holidays etc.
@Mark Rogers thanks for sharing! Very interesting numbers for sure, but it reaffirms what we have all been saying is that houses in central Arkansas are still in demand and the prices are still steadily rising. However, it will be interesting to see what the next 2 months look like.
Inventory of Pulaski County real estate (single family residential) is still crazy low, with a 1.5 month supply. Last week there were 73 sales at 98.5% of list price with median days on market of 15 days. By comparison, this week in 2019 had 120 sales at 98.1% of list price with median days on market of 28. With inventories so low, we decided to list one of the properties that we originally planned on keeping as a rental. We received an offer at list price within about 3 hours.
Awesome insights Mark, thanks!
Is this internal data or data from MLS? Looking to do this type of analysis in other market zones.
It's MLS data.
That is awesome @Mark Rogers , always good to make a sale that quick at full list price! Good luck with the closing!