Report Reveals Real Estate Hot Spots
Last updated Friday, November 21, 2008 6:56 PM CST in Business
By Kim Souza
THE MORNING NEWS
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SPRINGDALE -- Benton County remained the most popular place to buy a home in Northwest Arkansas in the third quarter of 2008, according to a report released Thursday by Paul Bynum of Mountdata.com.
Despite record numbers of foreclosures and lower property values in recent months, Benton County contains four of the top five most active real estate markets in the region with respect to home sales, the report indicated.
Leading the way was the 72712 ZIP code, with 192 sales in the third quarter and a median sales price of $179,500, down from $197,000 at the end of 2007.
Real estate professionals who work in Bentonville said the city has national name recognition for people relocating to Northwest Arkansas, particularly those courted by Wal-Mart and its vendor community.
The city also just has one ZIP code, so all the sales count toward it, unlike Fayetteville, which has three separate ZIP codes.
Both Rogers ZIP codes made the top five. Ranking second overall was the 72758 ZIP code, located between Pleasant Grove Road and Pinnacle Hills. Market watchers say the burgeoning retail community nearby and central location to the interstate are big incentives to purchase there. Median sales prices in this ZIP code ranked second only to Cave Springs, at $255,000. Despite the higher prices, agents closed 160 sales in the area between July and September.
In east Rogers the 72756 ZIP code was also popular. With 135 homes sold, the area ranked fourth overall in terms of sales and was one of the least expensive buys in the region. The median home price averaged $116,000.
Bella Vista was also one of the top five most popular spots to buy a home in the third quarter. The city's west side 72714 ZIP code ranked third overall, reporting 147 home sales between July and September. With a median home price of $141,000 the area offers home buyers wooded lots, family parks, golf courses and several lakes for recreation.
"There is an eclectic mix of people choosing Bella Vista, from out-of-state retirees to young professionals seeking a village setting with privacy as well as the amenities," said Doug True, a real estate agent with Crye-Leike in Bentonville.
The only Washington County ZIP code to make the top five was Springdale's 72764. There, the median home price averaged $115,000. Among the larger cities, only Siloam Springs reported a lower price at $111,500.
Springdale was recently touted by Business Week magazine as the best place to raise a family in Arkansas. With a median family income between $40,000 and $100,000, the magazine credited the city with having a strong school system and affordable housing.
Springdale's other ZIP code 72762 ranked ninth overall, with a median home price of $164,900.
Fayetteville's 72704 reported 100 sales in the third quarter, and a home price of $152,640 ranking it No. 6. The city's other two ZIP codes, 72703 and 72701, ranked No. 7 and No. 8, respectively in terms of sales.
Rounding out the top ten was Siloam Springs with 62 sales in the quarter.
Bynum's report also noted the least active ZIP codes in the third quarter. Goshen ranked among the weakest with just one home sale. Greenland reported two sales.
AT A GLANCE
Region's Most Expensive Zip Codes as of Oct. 1
(Median Home Sales Prices)
72718 Cave Springs $255,000
72758 Rogers $242,000
72732 Garfield $220,000
72703 Fayetteville $211,450
72712 Bentonville $179,500
Region's Least Expensive Zip Codes as of Oct. 1
72722 Decatur $82,372
72744 Lincoln $106,250
72727 Elkins $106,500
72761 Siloam Springs $111,500
72764 Springdale $115,000
Source: www.Mountdata.com
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