A brief market comparison of the first 24 days of 2008 versus that of 2007 of properties in West Little Rock Arkansas.

Many homes buyers, sellers and residential real estate professionals alike are interested in knowing how the 2008 market is going to shape up compared to that of 2007. While the residential real estate market is 23 days old in 2008, here is what we know so far about the market in West Little Rock Arkansas.

The statistics presented for Little Rock include MLS areas 007 and 017 which include the following subdivisons:  Walnut Valley, Pleasant Forest, Pleasant Valley, Cherry Creek, St Charles, Villages of Wellington and Chenal to highlight a few.

In 2008, there have been 21 closed contracts for detached residences.  The homes had an average market exposure time of 77 days. The average selling price was $281,761.

In 2007, there were 34 closed contracts for detached homes over the same market period. In 2007, the average marketing time was 73 days. At that time, the average selling price was $312,232.

There was a 40% decrease in transactions in 2008 compared to same period of time in 2007.  Additionally there was a 10% decrease in the selling price in 2008 compared to 2007.  Average days on market has increased by 4 days for same period.

Currently, there are 492 active listings in these two MLS areas (007, 017) which indicates an approximate 23.5 month inventory confirming a strong buyers market.
As we progress through 2008, I will keep my readers apprised of the market in the Central Arkansas area.  If you have an inquiry about your own property, just  email me at stan@mclellanassociates.com or call me at 501-580-3649.