Fayetteville, Ark. (KNWA/KFTA) – A record breaking number of northwest Arkansas homes were sold in the second half of 2020 according to Arvest Bank’s recent Skyline Report.
“One year ago in the last half of 2019, the total number of new and existing homes sold in Benton and Washington counties hit a record high of 4,910,” the report said. “In the second half of 2020, that record high was shattered as 5,726 homes were sold. There were 1,465 newly constructed homes sold.”
“I had to teach myself that I need to know exactly what I want when I walk through that house and even if I kind of like it and think it will work I just need to go for it,” said Melinda Pitsaro, who recently bought a home in Lowell.
Pitsaro said within three hours of the house being listed, she made the full price offer before even being able to see the home. By the next day she said her offer was accepted and she got the home.
Realtor, Hayley Franklin with The Brandon Group said in inventory is historically low in this sellers market, with more people looking for homes than what is available.
Franklin said there are just more than six hundred homes available in Benton and Washington County right now, while there are over 150,000 residents,” Franklin said. “Buyers who are winning in this market are putting their best foot forward.”
Franklin’s client, Gaylene Teshima saw this competitive market firsthand in 2020. After making offers on a few homes in northwest Arkansas and not getting them, she decided she needed to make a cash offer.
“We decided we would just sell our house and when we have the money we will come back and be able to find something,” Teshima said. “That’s what made the difference.”
Teshima and her husband ended up paying $17,000 more than the listed price in cash to get their home.
“We are in a crazy market place so prices are being driven up just because of supply and demand,” Franklin said.
Both Pitsaro and Teshima moved to Arkansas in 2020, specifically wanting to live in northwest Arkansas. They said the extra effort it took to find their homes was beyond worth it to live in this region.
“It’s a beautiful, beautiful area- there is no question about that,” Teshima said. “But, it really is the people that have made it just so charming and lovely to be here.”