The Skyline Report for the third quarter of 2008 is out and has some telling information about Northwest Arkansas’ Residential Real Estate Market.

This is the eighteenth edition of the Skyline Report for Benton and Washington Counties and has been commissioned by Arvest Bank to provide timely statistical analysis of the Northwest Arkansas Real Estate Market.  While the Skyline Report has some very detailed information about specific cities in Northwest Arkansas, Let’s wade through and find the most relevant data for residential homeowners . . .

Building Permits

There were 325 residential building permits issued in Northwest Arkansas in the third quarter (June-August) of 2008, down form 653 permits issued during the same period the previous year.  Bentonville accounted for 28.3 percent of all building permits issued.

Housing Absorption Rates

802 houses in active subdivisions become occupied from the second to third quarters 2008.  This is a decline from the second quarter with 835 and a significant decline from the third quarter 2007 of 1,017.

Unoccupied Homes

Third quarter 2008 saw a decline in completed, unoccupied homes from 1,594 to 1,343.  Benton County experienced a sharp decrease in inventory; 23.5 percent in available inventory from the second quarter 2008 and a decline of 46.5 percent from the third quarter of 2007.  Comparatively, Washington County experienced a 2.1 percent inventory increase over the past quarter, but a cumulative decrease of 32.7 percent over the past year (since third quarter 2007).

Existing Home Sales

From May 16, 2008 to August 15, 2008, there were 1,662 existing houses sold in Benton and Washington Counties.  That is a drop of 17.5 percent form the same period in 2007.

Average Sales Price

Benton County average sales prices declined 1.6 percent from third quarter 2007 levels while Washington County average price levels declined 4.1 percent.