Fayetteville Arkansas, University of Arkansas--Old Main Overview

Fayetteville Arkansas, University of Arkansas--Old Main Overview
Overview of Fayetteville, AR

Saturday, May 28, 2011

Extreme Weather and the Housing Market

The awful weather throughout southern U.S. has affected so many lives with devastating results--tornadoes, extremely heavy rains, flooding, hail and associated miseries of all kinds. Just a week ago the tornado in Joplin, Missouri caused at least 135 deaths. And other tornados affected communities in central Arkansas.

Such extreme weather also causes indirect damage to the housing market. It is next to impossible to show homes in such threatening conditions. If any good can be found at all, it’s that heavy rain clearly illustrates which properties are subject to flooding.

The latest reports shows sales of homes in Arkansas down 23% in April compared to April 2010.

In Benton County, sales were down 18% with 303 homes sold vs. 371 in April last year.

Washington County results were similar: sales down 19% with 205 homes sold vs. 254 last year.

Results do vary by town, however. Although Benton County as a whole experienced fewer sales, in Bentonville itself, sales were up in April compared to last year: 72 compared to 67 last year, according to the NW Arkansas MLS. Similarly Rogers had the same number of sales both years in April—98.

For Fayetteville, 108 homes were sold last year in April compared to only 82 this year. And Springdale was also down significantly, 115 homes sold last year in April compared to 98 this year.

But we must remember that due to government tax credits for home purchases in the early months of 2010, April had more home closings that any other month last year.

The housing market in NW Arkansas does exhibit seasonal characteristics—more sales in the spring and summer, fewer in the winter. And although the lower sales in April this year have not all been weather-driven, it is often a factor. I am hoping for some calm, comfortable weather soon. So far, 2011 has been breaking the weather records.

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