Hanover Subdivision Part of Bentonville’s Elite

Hanover Subdivision is one of Bentonville’s premier living locations.  Located in north Bentonville, off Walton Blvd. (71-B), Hanover can be reached by turning west on Ridgefield from Walton.  There are no through streets to adjacent neighborhoods, keeping the traffic to a minimum.  The home lots here are between 0.35 and .80 acres with custom lots somewhat larger, leaving the owner with an beautiful, rolling, and expansive lawn, without the headache of several acres to keep tailored.  When you drive through this subdivision, it feels quiet and formal, in a good way.  It also feels like a family neighborhood where you are likely to see kids on bikes or couples out for an evening stroll.

Current listings in the subdivision range from the low end of $385,000 all the way up to $899,000.  These Bentonville luxury listings range from $109 – $154 per square foot.

Developed in the late ninties, Hanover builders were careful to keep many mature trees and build with the natural landscape.  While some homes are less than ten years old, the neighborhood feels solid and estabilished.

As of this writing, there are currently nine homes listed on the market for sale with an additional home for sale by owner.  By all accounts, Hanover is a great place to live, raise a family, or keep an executive home. 

If this neighborhood is anywhere near your price range, I highly recommend a neighborhood preview.

  

 

 

 

 

 

 

 

Bella Vista Market Data for June

We’ve looked at Bentonville, we’ve looked at Rogers, Bella Vista can’t be left out in the cold (or the steaming heat of a Northwest Arkansas summer)! Bella Vista presents a bit of a different market environment than the Rogers or Bentonville housing markets. Bella Vista, with its many lakes, clubs, and golf courses, is a great place to live. As a side note, it also has more roads than most of Northwest Arkansas’ other cities put together. We’ve seen an explosion of new housing starts in Bella Vista in the past few years, and because of that, Bella Vista is really no longer just a ‘retirement community’. Heck, I live here with my wife and 1 month old son, and I am certainly not retired. I digress.

Here we have all of Bella Vista’s Current, Sold, Pending, and Non-listed Solds within the last 6 months up to and including 6/25/08. Of the home listings sold, the average list price was $170,331. The average sale price on those same homes was $163,644. That is a hair over 96% Sale Price to List Price ratio or SP/LP. It seems that most of the homes that have sold in the last six month in N.W.A. have been priced within 5% of their actual sale price. That’s something to keep in mind. The Average Days on Market (DOM) for a Sold Bella Vista home is 155 days.

Now, there are 719 Current listings (not including For Sale By Owner’s) on the market in Bella Vista with an average list price of $199,119 and change. Just as in the Rogers and Bentonville home price data, Bella Vista homes currently listed have a gap of nearly (this is on average) $20,000 between their current list price and their future sale price. I think we can expect some additional price drops in the near future unless market conditions change significantly.

Bella Vista is a great community with a feel and beauty that is a little different than the rest of Northwest Arkansas. It looks like now is a good time to buy in Bella Vista. If you are selling or thinking about selling you need to think like a buyer. Maybe your home is selling for a little less than you would like, but as a savvy and informed consumer, you can buy your new home at great price and a great interest rate.

Rogers Market Data for Mid June

After looking at the general market data for Bentonville in June, I thought it only prudent to give Rogers it’s fair share.  Again, this covers all of Rogers’ Current, Sold, Pending, and Non-listed Solds within the last 6 months up to 6/23/08.  Here’s the overview of the numbers . . .  There have been 598 homes sold or pending in the last 6 months.  Of those sold listings, the average list price was $226,185.  The average sale price on the same homes was $218,460.  That comes to a 96.6% Sale Price to List Price ratio.  It looks like we can infer that sellers will continue to make the adjustments necessary to sell their homes in Rogers as well as greater Northwest Arkansas.  The Average Days on Market (DOM) for a sold Rogers home is 175 days.  This figure is slightly higher than Bentonville’s DOM but that is to be expected with so much new home inventory on the market in Rogers.

 

As of today, there are 1165 Current listings on the market in Rogers with an average list price of $292,298.  The Average DOM for current listings in Rogers is 160 days.  As the statistics show, there is a gap between properties that sale (priced to move) and properties that do not (overpriced).  If the average price of current listings is $292,000 and the average sold price is $218,000, that leads us to infer that many (but not all of course) properties are priced well over their final sale price because, as we know, property prices are certainly not appreciating at the same level as a few years ago.

 

My advice to property owners in all of Northwest Arkansas is this, “If you want to sell your home, list it at a price where it will sell.”  Anything more than 5% over market value is a waste of you and your realtor’s time.  Price your property with the market and you will see results. 

 

                        

 

 

Bentonville Market Data for Mid June

It’s about time to take a look at the general market data for Bentonville Arkansas in June.  This data covers all of Bentonville’s Current, Sold, Pending, and Non-listed Solds within the last 6 months up to 6/21/08.  Let’s look an overview of the numbers . . . There have been 437 homes sold or pending in the last 6 months.  Of those sold, the average list price was $233,178.  The average sale price on those same homes was $223,928.  That comes to a 96% Sale Price to List Price ratio.  Not bad considering all of the negative press real estate is currently getting nationally.  Additionally, the Average Days on Market (DOM) was 146 days.  Remember that real estate is, for the most part, a local market phenomenon.  What happens nationally, at least with prices, does not directly affect real estate in Northwest Arkansas and Bentonville. 

 

Now, there are 674 Current listings on the market with an average list price of $298,899.  The average days these listings have been on the market is 145 days.  In summary, what all this means is that — while it is a great time to get a good deal on a home –  sellers are not giving their homes away, at least not in Bentonville.  With an average SP/LP ratio of 96%, it means that sellers and agents are getting realistic about pricing their homes, so don’t go out and expect to low ball a house you love and get an acceptance right away.  That’s about it for the quick analysis of Bentonville’s general market data.  In the coming days and weeks I’ll be focusing on specific neighborhoods in Bentonville and how they compare to the rest of the market.

 

 

 

 

Pinnacle Hills hosts Blastapalooza on Independence Day!

I think most people in Benton County and Rogers and Bentonville in particular have just about figured out that the Bentonville fireworks display that normally happens at Memorial Park every year is, alas, no longer.

The CVB or someone around town thought there was just no need for two competing events just a few miles apart on the same evening.  So, they decided to fold them together.  Bentonville has thrown $5,000 in the pot of a $20,000 fireworks blastapalooza that is sure to blow our socks off.

If you are attending the LPGA event at Pinnacle Hills Country Club then you’ve got a front row seat.  Even if you aren’t, there is some great designated parking just east of the Bank of Rogers and South of the J.B. Hunt building on Pinnacle Hills Parkway.

I know some of you out there have some strong opinions about this one way or the other.  There’s no better place to get something off your chest than right here on Northwest Arkansas Home Blog.  Keep it PG for me though (I’d like to keep this blog).  Happy Independence Day!

 

It’s time NWA got up to speed in Real Estate!

It seems Northwest Arkansas (and most of the rest of the world) is a little bit backwards when it comes to staying up to speed in the technological sense.  I am hoping to remedy that with this weblog/site that will always be a work in progress.  The Northwest Arkansas housing market has seen it’s fair share of problems lately.  It’s kind of hard to keep up with everything that is going on but I am going to give it the old college try.  Use the search bar, categories, or tag cloud to find out the latest happenings (hopefully not like the M. Night movie), market data, and area information focusing on Benton County in general and Bentonville, Rogers, Centerton, Lowell, and Bella Vista specifically.  Along the way we’ll laugh, we’ll cry, maybe have some fun and learn something about local real estate all at the same time.  Whew!  What an emotional roller coaster.  I anyone would like to comment on my information or make suggestions about content or the blog in general, please do so in a constructive manner.  If there are any links you think we need on here or even if you would like to put a link to your business, just holler (yeah, I’ve lived in Arkansas for a while now) and I’ll see what can be done.