2009 – Skyline Report

The 4th Quarter Residential Skyline Report has some good and bad news about the real estate market in Northwest Arkansas. Researchers found the amount of supply in the real estate market continues to drop and so do the price of homes. According to the report, Northwest Arkansas is slowly but surely absorbing it’s excess of new homes. However the absorbtion rate is much slower than the same time a year ago. “This is the first time we found out that there are subdivisions that have sat there for over a year already and no absorbtion is going on,” says Viktoria Riiman, a research associate who contributed to the report. For the first time since early 2005, there are fewer than one-thousand empty homes in both Benton and Washington Counties. And the prices for those homes continues to fall. Jerry Danehower, President of the Rogers Board of Realtors, says it’s a good time to buy. “Right now your typical buyers have a lot of choices, there’s a lot of inventory to choose from in their price range and that’s great for a buyer,” he says. If the demand remains steady and supply slow, the report says new home construction could begin to pick up again. “Northwest Arkansas will recover faster than most people in the country,” says Danehower. “They don’t call it a cycle for nothing. It takes a cycle, and we’ve been through the bottom cycle.”

Watch the Video via KNWA

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