RESIDENTIAL VALUES IN BENTON COUNTY: CURRENT OUTLOOK

Transcription

1 REIENTIAL VALUE IN BENTON COUNTY: CURRENT OUTLOOK Prodd for th Offi of th Bto Coty Assssor CENTER FOR BUINE AN ECONOIC REEARCH Willrd. Wlkr Hll 53 m. Wlto Collg of Bsiss 1 Uivrsity of Arkss Fyttvill, Arkss (49) Cotts: Kthy k, irtor Viktori Riim, Rsrh Assoit Fbrry 2009

2 TABLE OF CONTENT Tbl of Cotts... 2 Itrodtio... 3 Eoomi Ovrviw... 3 Hoss old i Bto Coty... 5

3 INTROUCTION Th ros of this rort is to vlt th rrt drlyig oomi oditios i Bto Coty, Arkss s thy rlt to th growth i th vltio of rsidtil rorty vls. First, th oomi stio rovids som dtils of mloymt d oltio growth drig th lst two yrs. Th sod stio dissss rsidtil sl vls d how thy hv hgd from 200 to 200. t from th Offi of th Bto Coty Assssor d from th Arkss REALTOR Assoitio r sd to dmostrt th hg i rorty vltio. ECONOIC OVERVIEW Lol dmd for rl stt is iqly ssoitd with mloymt growth i th rgio. Th Northwst Arkss mloymt sittio hs b xtrmly odiv to both rsidtil d ommril dvlomt i lst fiv yrs. Howvr, si mid 200, mloymt growth rts hv modrtd sbsttilly. Figr 1 shows th trd i mloymt lvls i th Fyttvill rigdl Rogrs A from ry 200 to mbr 200. Novmbr ws th first moth i 200 tht Northwst Arkss strtd losig jobs, o yr ovr yr bsis. Th most rt mothly dt show 1.2 rt mloymt dli from mbr 200 to mbr 200. Figr 1: Fyttvill rigdl Rogrs A No Frm Emloymt 220 Fyttvill-rigdl-Rogrs A No-Frm Emloymt s d205 s 200 o h T r y or: Br of Lbor ttistis l v o N r y l v o N

4 Figr 2 illstrts how vrg Northwst Arkss mothly mloymt, lltd ovr th rvios 5 yrs, hs vrid. Th grh lrly dmostrts th torrid of growth from lt 2004 to rly 200. I tmbr 2005, th 5 yr vrg mothly mloymt growth kd t th rtio of 60 jobs r moth. This omrs to th rtio of fiv yr vrg 351 o frm jobs r moth i mbr 200 (by rlimiry dt), th lowst mbr ovr th lst 5 yrs. 00 Figr 2: Fyttvill rigdl Rogrs Fiv Yr Avrg othly Emloymt Chg Fyttvill-rigdl-Rogrs A Fiv-Yr Avrg othly Emloymt Chg r r r r r or: Br of Lbor ttistis Th fil grh i this stio shows th rltioshi btw vrg mothly oltio growth, t migrtio, d mloymt growth i Northwst Arkss from 2003 to 200 (th most rt dt vilbl). Whil th orrltio is ot rft, th tdy for oltio growth d t migrtio to trk mloymt growth is lrly visibl. Figr 3 shows tht s mloymt growth dlid i 2006 d 200, th rt of growth i oltio d t migrtio lso fll.

5 Figr 3: Fyttvill rigdl Rogrs A Avrg othly Chgs i Poltio, Nt igrtio, d Emloymt 1,400 Fyttvill-rigdl-Rogrs A Avrg othly Chgs i Poltio, Nt igrtio, d Emloymt 1,200 1, Poltio Nt igrtio Emloymt or: U.. Css Br Itrsl Poltio Estim ts, U.. Br of Lbor ttistis, CBER Clltios HOUE OL IN BENTON COUNTY Usig sshot of th dtbs of ll rls from th Offi of th Bto Coty Assssor, vltio of th vrg d mdi ris of sold rsidtil imrovd rls for th riod of is ossibl. Th iformtio vilbl shows th most rt sls ri for h rl tht ws trstd btw 200 d 200. This lysis is limitd to rsidtil imrovd rortis bs of th diffiltis ssoitd with hvig mltil rls ildd i sigl sl ri. lits (rls sold t th sm dt from th sm grtor to th sm grt t th sm ri) d rls with $0 ris wr ot ildd i th dt lysis tht follows. O vrg, ris of rsidtil imrovd rls sold i Bto Coty dlid by 4.0 rt from $1,1 i 200 to $11,311 i 200 s s i Tbl 1 d Figr 4. whil,

6 mdi sold ris dlid by.2 rt drig th sm tim riod from $153,000 to $142,000. Tbl 1: Avrg d di Pris of Hoss old, Bto Coty Assssor t Pri Chg, Avrg $1,1 $11, % di $153,000 $142,000.2% Figr 4: Avrg d di Vls of Hoss old, Bto Coty Assssor t $200,000 Avrg d di Vls of Hoss old $150,000 $100,000 $50,000 $ Avrg di or: Bto Coty Assssor t, CBER Clltios

7 As bsis of omriso, th vltio of sold hoss vrg d mdi ris for th riod of ws md lso sig th Arkss REALTOR Assoitio dt. Th rslts of th lysis of Bto Coty sold hoss dt is rstd i Tbl 2. Aordig to th Arkss REALTOR Assoitio, th vrg vls of hoss sold i Bto Coty drsd by 5.3 rt from $191,5 i 200 to $11,5 i 200. whil, mdi vls dlid from $15,050 i 200 to $146,000 i 200. Th totl mbr of hoss sold i Bto Coty by REALTOR Assoitio dlid by 19.1 rt drig th rvios yr. Tbl 2: sritiv ttistis of Hoss old i Bto Coty, Arkss REALTOR Assoitio t Ctgory Chg, Avrg Pri $191,5 $11,5 5.3% di Pri $ 15,050 $146,000.0% Avrg Pri r q. Foot $94.95 $6.4.9% di Pri r q. Foot $93. $6.62.% Avrg rtio % di rtio % Nmbr of Hoss old by RELATOR 4,039 3, % Filly, Figr 6 omrs th vrg vls of hoss sold i Bto Coty s rortd by Arkss REALTOR Assoitio d hos ris (th ris of rsidtil imrovd rls sold) from th Bto Coty Assssor s dtbs. As b s from th grh, th vrg ris from ths two sors drsd similrly. Th vrg ri of rsidtil imrovd rls sold i 200 from th Assssor s dtbs ws jst slightly lowr th th vrg ri from th Arkss REALTOR Assoitio.

8 Figr 5: Avrg Pri of Hoss old i Bto Coty $250,000 Avrg Pri of Hoss old i Bto Coty $200,000 $150,000 $100,000 $50,000 $ REALTOR Avrg Assssor Avrg or: Arkss REALTOR Assoitio, Bto Coty Assssor t, CBER Clltios Ovrll, th rdig dt lrly show tht th sls ris of rsidtil imrovd rortis dlid from 200 to 200 i Bto Coty.