The Little
Rock Area home markets vary in sales rates from an average days on
market of 90 days to a high of 255 days. Maumelle and the area of
Little Rock from University Avenue to I-430 areas seems to be two of
the best areas to sell a home over the past 6 months. Average days on
the market are around 90 days in these areas. The area of Chenal and
west Pulaski County is by far the area with the longest average days on
the market of 255 in the same time period. The next closest is the
Heights and Hillcrest area with 147 days. The areas with the highest
price homes have been the slowest over this period of time. Even though
many area of the country would be thrilled with any of these numbers,
it is still a very competitive market to sale a home here in Pulaski
County. The good news is that there are still buyers buying here but at
a rate slower than homes are coming on the market. With the spring
coming we should see a change in this trend.
Absorption rate was
used to come up with these averages. Absorption rate looks at how many
homes are selling on average per month for the last six months and then
uses that number to see how long it would take to sale all homes that
are listed at the present time in months. Half that number of months
would be the average time to sale a home.These are numbers from the
Multiply Listing Service so it would not take into effect for For Sale
By Owners or New Construction not in MLS.
MLS Sold Sold
per Active Absorption
Rate Ave
Days
Area 6mos Month
Listings in Months on Market
21 153 26
157 6.04
90
05 140 23.33
144 6.17
93
07 241 40.17
302 7.50 113
10 92 15.33
118 15.33 116
27 174 29
237 8.17 123
25 50 8.33 80 8.33 144
11 93 15.5
149 9.61 144
03 78 13
127 9.77 147
17 83 14.33
243 17.01 255
All areas 1104 184 1557 8.46 126
Sold from 9/01/2008 through 02/28/2009
Average Days on Market = 50% of Absorption Rate x 30 days.