Sales and prices of new and existing residences in Van Buren County are edging upward for a second year, according to the June 2017 Housing Market Report summary from the Arkansas Realtors Association. This report is a mid-year pulse-check of sorts for the state’s housing market. It only covers properties sold by Realtors reporting through participating multiple listing services in Arkansas.
The average cost of a new or existing residence in Van Buren County was $87,900 by June 2017, which is up 5.31 percent from $83,468 by June 2016.
This follows neighboring Conway County which saw similar growth numbers; with the average price of a new or existing residence rising from $88,988 by June 2016, to $93,959 by June 2017.
To the west in Pope County new and existing residence average prices dropped from $128,794 by June 2016, to $126,067 by June 2017. To the south in Faulkner County average new and existing residence prices grew from $167,067 by June 2016, to $169,640 by June 2017.
In neighboring Cleburne County new and existing residence prices dropped, but are still roughly double compared to Van Buren County. In Cleburne County new and residential properties were averaging $164,555 by June 2017, down from $173,569 by June 2016.
Prices in Cleburne and Faulkner counties are closer to the statewide average; which was $174,613 by June 2017, compared to $166,706 by June 2016.
The report showed modest gains in the number of new and existing residences being sold in the area as well.
Van Buren County saw a 4.59 percent increase with 114 homes sold in June, compared to 109 at the same time last year.
Faulkner County saw 861 new and existing residences sold by June 2017 compared to 770 at the same time last year. Pope County saw an increase of 374 new and existing homes sold by June 2017, a gain compared to 353 by June 2016. Cleburne County also saw growth with 187 new and existing homes being sold by June 2017, seven more than were sold at the same time last year. Conway County saw 70 new and existing residence sold by June compared to 63 the same time last year.
Sales of new and existing homes had an average increase of 6.18 percent statewide, with 17,381 being sold by June 2017, compared to 16,370 by June 2016.
The year-to-date value of the amount of new and existing residential property being sold in Van Buren County is also increasing, with more than $10 million in sales by June 2017, as compared to more than $9 million in sales by June 2016.
While Benton, Pulaski, Washington, and Saline counties lead when it comes to sheer numbers in volume and prices; locally Faulkner County had more than $146 million in sales by June 2017, surpassing the more than $128 million in sales by June 2016. Pope County saw more than $47 million in sales by June 2017, compared to more than $45 million in sales by June 2016.
Cleburne County experienced a slight loss in sales with more than $30 million by June 2017, compared to more than $31 million last year. Conway County sales ticked up to $6.5 million by June 2017, compared to $5.6 million by June 2016.