Siloam Springs housing market set to rebound
Posted on Sunday, June 29, 2008
The Siloam Springs' housing market has hit a low, but it's expected to get better soon.
"I don't think it's going to get any worse," said Sheila Colvin, assistant vice president of lending at Liberty Bank. "I think we've hit our lowest low."
The market should start to rebound later this year and continue to get better into 2009.
However, Siloam Springs likely will not see in the coming years the building boom that it had in 2004 and 2005, Colvin said.
"It will slowly start coming back," she said. "Let the demand catch up with the supply."
The total value of new homes and home remodeling projects approved in May was 34 percent less than it was in that month last year.
The value was $ 420, 250 in May 2007. It was $ 276, 715 this May.
Siloam Springs Community Development Department issued permits for two new homes and seven home remodeling projects in May.
The department issued permits for three new homes and five home remodeling projects in that month last year.
Home construction permits, including their values, for May 2008 were issued for • 904 N. Carl St., $ 16, 975 • 429 E. Helena St., $ 118, 990 • 400 Roselawn St., $ 1, 000 • 6007 Overland St., $ 6, 750 • 929 S. Wright St., $ 30, 000 • 517 W. Tahlequah St., $ 30, 000 • 615 S. Maxwell St., $ 65, 000 • 903 E. Redoak St., $ 3, 000 • 1703 E. Twin Springs St., $ 5, 000 Permits, including their values, for May 2007 were issued for • 600 Amanda St., $ 36, 000 • 503 E. Cornell St., $ 81, 000 • 421 Whannibla St., $ 10, 000 • 1000 Hickory Lane, $ 11, 750 • 3613 N. Robin Court, $ 140, 000 • 3611 N. Robin Court, $ 140, 000 • 2210 S. Washington St., $ 1, 200 • 6008 Covington St., $ 300
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