Little Rock Arkansas Monthly Trends Report for June Shows Increases in All Areas
The market for homes selling in Little Rock most active areas show increases in the number of sales for 6 months in all areas that are followed except for the Jacksonville which was down. The areas of Little Rock without Cabot and Jacksonville increased by 11%. There was also an increase of number of listings that are on the market for sale, up 31%. So even though sales were up the Absorption Rate and Average Days on the market increased in all areas accept for the Chenal and west Pulaski County area which decrease. Even with this decrease this area remains with the highest Absorption Rate but still good news for that market.
What does this mean for buyers and sellers in our area? I think it shows that buyers are becoming more confident and are becoming more active. The number of homes on the market increasing is because of a lot of factors probably. Seller's seeing more sales are more confident to put homes on market, employment changes in our market, and a normal time of year when listings increase are all factors that may have contributed to the increase in listings. The trend had been down for active listings till this month. If this is a trend or just a one month adjustment will need to be followed at the end of July.
Absorption Rate Through June 2009
| MLS |
Solds |
Avg.
Solds |
Active |
Abs. Rate |
Aver Days |
| Area |
6 Mos. |
Per Mo |
Listings |
in Mos. |
on Market |
| |
|
|
|
|
|
| Maumelle |
181 |
30.17 |
167 |
5.5 |
83 |
| Area 10 NLR |
101 |
16.83 |
101 |
6.0 |
90 |
| LR Area 5 |
158 |
26.33 |
159 |
6.0 |
91 |
| Sherwood |
219 |
36.50 |
221 |
6.1 |
91 |
| LR Area 7 |
276 |
46.00 |
291 |
6.3 |
95 |
| Area 11 NLR |
107 |
17.83 |
141 |
7.9 |
119 |
| Otter Creek |
57 |
9.50 |
80 |
8.4 |
126 |
| LRArea 3 |
100 |
16.67 |
142 |
8.5 |
128 |
| LR Area 17 |
135 |
22.50 |
242 |
10.8 |
161 |
| All Areas |
1334 |
222.33 |
1544 |
6.9 |
104 |
| Last Month |
1197 |
200 |
1178 |
6 |
89 |
| |
|
|
|
|
|
| Cabot |
416 |
69.33 |
463 |
6.7 |
100 |
| Jacksonville |
128 |
21.33 |
193 |
9.0 |
136 |
| All w/C&J |
1878 |
313.00 |
2200 |
7.0 |
105 |
| |
|
|
|
|
|
| Chenal only |
81 |
13.50 |
134 |
9.9 |
149 |
| |
|
|
|
|
|
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About Rusty Armstrong
Broker Owner of ERA Armstrong Team, REALTORS in Little Rock, Arkansas. After teaching and coaching in Texas, I enter real estate with my father-in-law Sam Reynolds in 1978. I work as a sales agent, sales manager, and broker for companies till starting The Armstrong Team, REALTORS in 1994 with business partner Jerry Ann Hill. We affiliated with ERA Franchise System 6 years ago. I have been active in the REALTORS Associaion and I am a past president of the Little Rock Board and local MLS. I have been active teacher and trainer of agents for over 20 years.