Keith Bryant
Bella Vista House Sales By Price
Year Under $200,000 More than
$100,000 $300,000 $500,000
sold sold sold
2013 196 117 4
2014 227 117 7
2015 180 189 7
2016 138 201 16
Source: Northwest Arkansas Board of Realtors MLS
Bella Vista House Sales By Type
Year Houses Town Days on $/sq-ft Sale
Houses market average price
2013 785 91 135 $74 $152,391
2014 836 86 129 $74 $153,117
2015 964 100 118 $80 $164,357
2016 1046 107 81 $85 $176,041
NOTE: Days on market, price per square foot, and average sale price are for houses only.
Source: Northwest Arkansas Board of Realtors MLS
In terms of homes, Bella Vista is a seller's market right now.
Linda Lloyd, principal broker for Acorn Realty, said that demand is high because Bella Vista is a great place to live.
Low interest rates, she said, also help to get homes sold, which in turn is keeping supplies low, prices high and sales quick, she said.
"The supply and demand puts increased pressure on prices," Lloyd said, "so prices will continue to go up as long as interest rates stay reasonable."
Even the year-to-year growth, she said, is substantial just in the past few years. For instance, home sales in 2016 are up to 1,046, compared to 785 in 2013, an increase of roughly 33 percent in 4 years, according to Northwest Arkansas Board of Realtors MLS data Lloyd has compiled.
It's important to note, Lloyd said, that because this data is generated by real estate agents, properties sold by owner will not show up. However, she said, additional activity would likely suggest the market is more intense.
Prices are also increasing.
Average sales in 2013 came in at $152,391, averaging $74-per-square-foot, while sales in 2016 averaged $176,041, $85-per-square-foot. Moreover, Lloyd said, the number of homes selling below $100,000 is shrinking each year, down from 196 in 2013 to 138 in 2016. The $200,000 to $300,000 market is growing most rapidly, shifting from 117 in 2013 to 201 in 2016, but $500,000 and up seems to be a growing market as well. In 2013, four homes sold at more than $500,000, but in 2016 that number increased fourfold to 16.
Even more drastic was a shift in the number of days a house spends on the market. In 2013, the average home took 135 days to sell. After steady shrinkage each year, that dropped to 81 days in 2016. That's a decrease of 40 percent in the typical time it takes to sell a home in Bella Vista over the course of four years.
Community on 03/01/2017