Siloam Springs housing market set to rebound
Posted on Sunday, June 29, 2008
URL: http://www.nwanews.com/hl/News/24900/
The Siloam Springs housing market has hit a low, but its expected to get better soon.
I dont think its going to get any worse, said Sheila Colvin, assistant vice president of lending at Liberty Bank. I think weve 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