Home Sales Increase 7 percent While Prices Continue Rising

Friday, August 30 at 09:00 AM
Category: Arvest News

Arvest Bank today released its biannual Skyline Reports on residential real estate in Northwest Arkansas for the first half of 2019.

Homebuying activity in the region was very strong, posting a 7 percent increase from the first half of 2018. There were 4,747 homes sold, which is the third-highest total since the Skyline Report debuted in 2005.


During the period, the average price for homes sold continued to rise and reached record highs in both Benton and Washington counties. The average sale price in Benton County was $250,608, a 5.3 percent increase from $238,098 in the first half of 2018. The average sale price in Washington County was $235,893, a 0.1 percent increase from $235,618 in the first half of 2018.

In the past five years, the average price of homes sold in Benton County has risen 33.2 percent, while the average price in Washington County has risen 28.1 percent. On a cost-per-square foot basis, prices rose 5.2 percent in the two-county area, from $110.85 a year ago to $116.64 this year.

During the first half of this year, 27.3 percent of all houses sold were new construction, the highest percent since Skyline’s inception.

In the short term, the area’s ability to keep pace with the demand evident in these trends is dependent upon enough new homes being built to have ample supply. With 1,946 building permits being issued in the first half of the year – the highest total since 2006 – this short-term need would appear to be accomplished.

However, looking further ahead, there could be a shortage of available lots for future building, as the number of months of inventory of available lots, based on current absorption rates, continues to drop. This inventory peaked at 281 months in the first half of 2011 and has now fallen to 25.6 months.

Mervin Jebaraj, director of the Center for Business and Economic Research (CBER) at the Sam M. Walton College of Business at the University of Arkansas, speaking about the long-term supply of future lots, said, “With the area continuing to attract newcomers, and as young people continue entering the homebuying market, the need for new homes is likely to continue for quite some time. In order to meet this future demand, it is up to our cities to find ways to allow more utilization of current areas for residential development, as many consumers wish to live close to desired amenities. Land for development in less populated areas should not be an issue, but land for development within cities is also needed, along with the water and sewer infrastructure needed to support residential developments.”

Mark Ryan, executive vice president and loan manager with Arvest Bank of Benton County, said about the residential Skyline results, “The real estate market in Northwest Arkansas continues to be strong for developers, sellers and buyers. We are working with our residential developers to provide the financing they need to keep supply levels in line with demand, and our mortgage lenders have been very busy this year helping our customers get the home loans they need.”

The Arvest Skyline Report is a biannual analysis of the latest commercial, single-family residential and multifamily residential property markets in Benton and Washington counties. The report is sponsored by Arvest Bank and conducted by CBER.

In 2004, Arvest Bank contracted with CBER to collect information about the local real estate markets. CBER researchers aggregated and analyzed data from local governments, property managers, visual inspections and the business media to provide a complete picture of the status of property markets in the two counties.

CBER provides excellence in applied economic and business research to federal, state and local government, as well as to businesses currently operating or those that desire to operate in the state of Arkansas. The center further works to improve the economic opportunities of all Arkansans by conducting policy research in the public interest.

Tags: Arkansas, Arvest
 

Kellogg Joins Arvest Bank Treasury Management Team

Thursday, August 29 at 09:00 AM
Category: Arvest Community News


Arvest Bank is pleased to announce it has hired Randy Kellogg as vice president and international senior business development advisor for its Treasury Management division.

Kellogg, who has more than 30 years of industry experience, will be based in Oklahoma City, but serve Kansas and Missouri in addition to Oklahoma. In this role, Kellogg will be responsible for sales activities within large corporate accounts, middle market and business banking.

“Randy’s experience and expertise make him a fantastic addition to our team,” said Julie Simmons, senior vice president and regional sales manager for Arvest Treasury Management. “Having him on our team will allow Arvest Treasury Management to provide support to companies throughout Oklahoma, as well as Kansas and Missouri, for all products offered under the umbrella of International Banking within Arvest. We couldn’t be more excited for him to get started.”

Kellogg holds a bachelor’s degree in agriculture economics from Oklahoma State University and a master’s in business administration from the University of Central Oklahoma. He has served on the Oklahoma District Export Council and is currently a member of the Oklahoma Governor’s International Team. He and his wife, Melody, have two adult sons and live in Guthrie.

Tags: Arvest, Treasury Management
 

Arvest Bank Closed Monday, Sept. 2 for Labor Day

Tuesday, August 27 at 09:00 AM
Category: Arvest News


In observance of Labor Day, all Arvest branches and the customer service line will be closed on Monday, September 2.
We will resume normal hours on Tuesday, September 3.

For your convenience, you can bank 24/7 using

An ATM near you
Arvest Go Mobile App
Arvest Online Banking with BlueIQ™
24-Hour Account Info Line

 

Tags: Arvest, Holiday Hours
 

Arvest Bank Names Watkins Vice President in North Central Arkansas

Wednesday, August 21 at 09:00 AM
Category: Arvest Community News


Arvest Bank has promoted Tiffany Watkins to vice president, marketing manager for the bank’s North Central Arkansas market. She previously was assistant vice president and marketing manager for the territory.

Watkins is responsible for all marketing and public relations initiatives, manages the placement of traditional and social media, creates and manages grassroots efforts for multiple communities in North Central Arkansas, and works in collaboration with the Arvest Foundation to maximize charitable giving throughout the market.

She has more than 14 years of bank marketing experience with Arvest, and more than 17 years of experience in the banking industry.

“Tiffany is well-known and well-respected throughout North Central Arkansas and that is a testament of her dedication to serving our customers and supporting our area communities through a variety of projects,” said Mike Willard, president and CEO of Arvest Bank in North Central Arkansas. “We are fortunate to have her in this leadership role, as she is the epitome of the Arvest culture we proudly nurture.”

Watkins’ community involvement includes her service as current board chair of the Food Bank of North Central Arkansas, immediate past president of the Rotary Club of Harrison, past board chair of the North Arkansas Medical Foundation and committee member of the Harrison chamber’s Crawdad Days. She also was involved in the Believe Boone County initiative, a project of the Harrison chamber; and the Community Performing Arts Council at Arkansas State University, Mountain Home.

Watkins earned a bachelor’s degree in communications from the University of Arkansas. She and her family live in Harrison. 

Tags: Arkansas, Arvest, North Central Arkansas
 

Arvest Bank Promotes Gaffigan in Springdale

Tuesday, August 20 at 09:00 AM
Category: Arvest Community News


Arvest Bank is pleased to announce Robert Gaffigan, NMLS # 1165470, has been promoted to senior vice president and manager of its Private Banking team in Springdale.

Gaffigan has 14 years of industry experience and has served in a variety of roles at Arvest, most recently as an Arvest Private Banking advisor. In his new role, Gaffigan is responsible for the management and development of that Private Banking team.

“This promotion is well-deserved and we look forward to great things from Robert,” said Chis Thornton, loan manager for Arvest in Springdale. “His experience and expertise will be a big benefit not just for the bank, but more importantly, for our customers.”

Gaffigan earned a degree in organizational management at John Brown University and holds Series 7 and Series 66 licenses, as well as life and health insurances licenses. He and his wife, Jenna, live in Rogers with their three children, where they attend First Baptist Church in Rogers.

Tags: Arkansas, Arvest, Springdale

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