Home sales and listings in Faulkner County showed a slight dip when comparing statistics from March 2021 with the same time period in 2020.
The latest statistics from the Faulkner County Board of Realtors show that 190 properties were sold in March 2021 (this includes residences and retail/commercial properties) compared to 232 in March 2020. The number of listings was consistent across the year, with 346 in March 2020 and 270 in March 2021.
Looking strictly at residential properties, 175 homes were listed and 154 were sold – an 88 percent sold rate – in 2021. The March 2020 percentage was a bit lower, although more homes were listed. The totals: 280 homes listed and 194 sold, at 69.2 percent.
Homes of all sizes remain popular in Faulkner County, with three-bedroom homes topping the list in both March 2020 and March 2021. In March 2020, 162 three-bedroom homes were listed and 118 were sold – 73 percent. In March 2021, 113 three-bedroom homes were listed, and 96 were sold – a solid 84.96 percent of available homes.
An interesting statistic shows that the number of four-bedroom homes listed for sale slipped quite a bit from 2020 to 2021 in March, yet all of the homes listed in 2021 were sold. In March 2020, 96 four-bedroom homes were listed for sale, with 60 of these selling (62.5 percent). In March 2021, all 42 homes listed for sale went to new owners.
With a trend toward downsizing or moving into smaller homes, it seems that one-bedroom homes are having a little bit of success. In March 2020, one one-bedroom home was listed for sale, and two were actually sold (this is due to a carryover of a home for sale that had been listed in a previous month). In March 2021, one one-bedroom home was listed for sale, and three were sold.
When it comes to how much people are paying for properties in Faulkner County, the prices have stayed relatively consistent from 2020 to 2021. In addition, it seems that buyers are more than willing to accept asking prices as a fair value for the homes they consider purchasing. This could be a result of a very active real estate market, with quality homes moving very quickly, some having multiple offers within hours of being listed.
In March 2020, the average list price for all types of residential properties was $197,511, with the average sale price at $194,331. In March 2021, the average list price jumped to $228,353, with the average sale price at $228,028.