Skyline Report Finds Active, Balanced Residential Real Estate Market in Northwest Arkansas

Friday, March 10 at 07:30 AM
Category: Arvest Community News

Significant increase in absorption matches increase in permits.

FAYETTEVILLE, Ark. – Arvest Bank today released the residential real estate market Skyline Report results for the second half of 2016 in Northwest Arkansas. The report noted an almost equal increase in building permits issued, with a 37.0 percent increase over the same period in 2015, and new homes being occupied showing a 37.6 percent increase.

Significant absorption of new homes led to the lowest level of remaining months of unbuilt lot inventory, 35.1 months, since the inception of the Skyline Report in 2004.

“Given the increase in building permits we’ve seen during the past twelve months, it is quite impressive that the absorption of newly constructed homes has kept pace,” said Kathy Deck, lead researcher for the Skyline Report at the Center for Business and Economic Research at the Sam M. Walton College of Business, University of Arkansas at Fayetteville. “Overall the residential real estate market is as hot as we’ve seen it since the recession. Moving forward we will be paying attention to two issues that could slow down the pace of absorption – the forecasts for slower job growth in the area and the price of lots that are remaining, as this could limit builders’ ability to build the price of homes that are selling.”

There were 1,561 building permits issued in Benton and Washington counties in the first six months of 2016 and 1,574 new homes sold in the last six months of the year indicating good balance between the number of new homes being constructed and the number of new homes being purchased. In the second half of the year there were 1,638 permits issued, a 37.0 percent increase from the 1,196 permits issued during the same period of 2015.

The average sale price of homes sold during the period increased 7.4 percent from the same period in 2015 in Benton County, from $206,575 to $221,944. In Washington County, it increased 6.7 percent, from $189,093 to $201,804.

Centerton, in Benton County, has emerged as a hotbed of building activity. The number of building permits issued in Centerton from July through December was 208 – a 49.9 percent increase year-over-year and the third highest total of all cities in Northwest Arkansas. On the same note, there were 288 houses sold in the city during the period, a 46.9 percent increase over the same period in 2015.

“It is good to see the residential market being so active while also remaining well-balanced in terms of supply,” said Deck. “The market was equally hot prior to the recession, but at the end of 2006 there were more than 2,500 complete but unoccupied houses on the market and now there are fewer than 300. We hope that this balance is sustainable moving forward.”

“As Northwest Arkansas has continued to experience strong growth, we at Arvest have had the opportunity to help thousands of customers get into homes,” said Craig Shy, executive vice president and loan manager for Arvest Bank in Fayetteville. “During the next several years, expectations are that interest rates will rise slightly, but we keep reminding customers that even if rates increase slightly, they will still be very, very low from a historical perspective. The best news is that, in a balanced market like this, it is generally good for both buyers and sellers, as is evidenced by the large number of both new and existing homes that sold during the last half of 2016.”

The total number of new and existing homes sold in the last half of 2016 was 4,772 – a 12.1 percent increase from the 4,257 sold in the last half of 2015.

The Arvest Skyline Report is a biannual analysis of the latest commercial, single-family residential and multi-family residential property markets in Benton and Washington counties. The report is sponsored by Arvest Bank and conducted by the Center for Business and Economic Research (CBER) in the Sam. M. Walton College of Business at the University of Arkansas.

In 2004, Arvest Bank entered into a contract 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.

The 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 Benton County, Bentonville, Fayetteville, Northwest Arkansas, Prairie Grove, Press Release, Siloam Springs, Skyline, Springdale
 

Cheah Promoted to Vice President in Fayetteville, Ark.

Monday, March 06 at 05:05 AM
Category: Arvest Community News

Industry veteran serves as client advisor in Fayetteville, Ark.

FAYETTEVILLE, Ark. – Arvest Wealth Management (AWM) is pleased to announce that Kim Cheah has been promoted to vice president, client advisor for the Fayetteville market.

Cheah, who has 13 years of experience with Arvest Bank, previously served as assistant vice president. As a client advisor, she gathers and analyzes financial information in order to provide appropriate and individualized customer solutions through brokerage, insurance, trust products and trust services, among other responsibilities.

“Kim is a tremendous asset to our team in Fayetteville,” said Steve Burkhead, AWM regional manager and senior vice president for Arvest Bank. “She works hard for her clients to help them achieve their financial goals.”

A Certified Financial Planner®, Cheah has worked in the financial services industry since 1998 and started with Arvest in 2004. She also earned a bachelor’s degree and master’s degree in business administration at Wichita State University.

Cheah and her husband live in Fayetteville with their two sons, and she has served as team manager for the Arkansas Comets soccer team. Cheah works at Fayetteville’s branch on Township Avenue.

Tags: Arkansas, Associates, Fayetteville, Press Release
 

Gable Sloan Bakes for Charity – People Helping People Series

Monday, January 16 at 04:10 PM
Category: Arvest Community News
Gable Sloan, now a sixth grader, found her passion for baking when she was 7 years old. She realized her passion could turn into something bigger – a business selling her baked goods. While most kids might spend their money, Gable wanted to do more with her earnings. She started donating her money to different charities. Gable has awarded one scholarship and plans to award another scholarship to a graduating high school senior this year. By the time she’s 18, Gable hopes to raise $100,000 for different charities and scholarship funds! Watch Gable in action.

Gable’s story is part of Arvest Bank’s People Helping People series featuring citizens giving back to their community. 

Keep an eye on our social media channels for both videos and written stories highlighting the good works of dedicated citizens in the communities Arvest Bank serves.  

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.  

Tags: Arkansas, Charitable Giving, College, Community Support, Fayetteville, People Helping People
 

MLK Reception in Fayetteville, Ark. Successful

Monday, January 16 at 03:15 PM
Category: Arvest Community News
Arvest Bank in Fayetteville hosted its annual Dr. Martin Luther King, Jr. reception at 2 p.m. today. The annual reception honors the life and work of the great civil rights leader, and this year featured guest speaker Joseph K. Wood, the Holcomb Honor Choir and winners of the Yvonne Richardson Center essay contest. 

Wood is the newly elected Washington County Judge and former Deputy Secretary of State for Arkansas. Before that, he worked for Walmart Stores, Inc. corporate office as head of international recruitment and staffing. 
 
“The speaker and reception honoring Dr. Martin Luther King, Jr. is one of the most anticipated events we host each year,” said Gaye Wilcox, EVP and Sales Manager of Arvest Bank in Fayetteville. “We look forward to it as a great way to honor Dr. King while remaining open to serve our customers.”
 
Winners of the essay contest are Isaiah Stevenson, a fourth grader from Asbell Elementary in first place, Selah Anderson, a third grader from Asbell Elementary in second place and Emily Jarmon, a fourth grader from Washington Elementary in third place. Tenisha Gist, director of the Yvonne Richardson Center and R. Janae Pitts-Murdock, program recreation assistant, accompanied the essay winners to the reception where each were encouraged to read their entry to the audience. Arvest Bank provided the prizes for the contest: a $75 gift card for first place, a $50 gift card for second place and a $25 gift card for third place.
 
Wood started out his life as a foundling abandoned on the streets at birth and spent the first few years of his life in an orphanage. Adopted into a family that included two brothers and a sister, he grew up in the tough neighborhoods of Chicago. His parents, a construction worker and an educator, stressed hard work and education along with serving the community. 
 
He earned his business administration degree from Iowa State University in 1987 and finished his Master of Christian Leadership degree in 2016. 
 
Wood has a variety of business experience, including owning his own career consulting firm and working as assistant director of admissions for the University of Chicago Graduate School of Business. He also formerly worked as a state bank examiner. 
 
Among his many community service activities, Wood serves on the board for KIPP (Knowledge Is Power Program), Delta Public Schools, is a board member for Youth Bridge, is a state representative for Sister Cities International, serves on the Region 2 Selective Services board and is a member of the Board of Governance for Ecclesia College in Springdale. He formerly served on the University of Arkansas Chancellor’s Diversity Advisory Board and on the board for the NWA American Red Cross. 
 
Wood and his wife of 24 years, June Wood, moved to Washington County in 1997 and share their home with June’s mother. The couple has three daughters and two grandsons. The family attends Christian Life Cathedral in Fayetteville.  
 
Tags: Arkansas, Community Support, Fayetteville
 

Martin Luther King Jr. Day Reception in Fayetteville, Ark.

Tuesday, January 03 at 05:05 AM
Category: Arvest Community News
One of the most anticipated annual events at Arvest Bank in Fayetteville, Ark. happens just two weeks into 2017. The bank will host the Dr. Martin Luther King Jr. reception Jan. 16 at 2 p.m. in the lobby of the Arvest branch at 75 N. East Ave., Fayetteville, Ark.

The reception honors the life and work of the great civil rights leader with guest speaker Joseph K. Wood and the Holcomb Elementary School Honor Choir.

Wood is the newly elected Washington County Judge and former Deputy Secretary of State for Arkansas. Before that he worked for Walmart Stores, Inc. corporate office as head of international recruitment and staffing. 

“The reception honoring the memory and legacy of Dr. Martin Luther King Jr. is a wonderful way to start our year,” said Gaye Wilcox, EVP and Sales Manager of Arvest Bank in Fayetteville. “We always look forward to it as a great way to honor Dr. King while remaining open in Fayetteville to better serve our customers.”
 
Wood was a foundling that had been abandoned on the streets at birth and spent the first few years of his life in an orphanage. Adopted into a family that included two brothers and a sister, he grew up in the tough neighborhoods of Chicago. His parents, a construction worker and an educator, stressed hard work and education along with serving the community. 
 
He earned his business administration degree from Iowa State University in 1987 and finished his master’s of christian leadership in 2016. 
 
Wood has a variety of business experience, including owning his own career consulting firm and working as assistant director of admissions for the University of Chicago Graduate School of Business. He also formerly worked as a state bank examiner. 
 
Among his many community service activities, Wood serves on the board for KIPP (Knowledge is Power Program) Delta Public Schools, is a board member for Youth Bridge, is a state representative for Sister Cities International, serves on the Region 2 Selective Services board and is a member of the Board of Governance for Ecclesia College in Springdale, Ark. He formerly served on the University of Arkansas Chancellor’s Diversity Advisory Board and on the board for the NWA American Red Cross. 
 
Wood and his wife of 24 years, June Wood, moved to Washington County in 1997 and share their home with June’s mother. The couple has three daughters and two grandsons. The family attends Christian Life Cathedral in Fayetteville.  
 
Tags: Arkansas, Community Support, Fayetteville, Northwest Arkansas
 

Leeds Joins Arvest Board in Fayetteville, Ark.

Friday, December 02 at 09:50 AM
Category: Arvest Community News

Dean and professor of law at University of Arkansas School of Law joins Arvest Bank's board of directors in Fayetteville, Ark.

FAYETTEVILLE, Ark. — Arvest Bank in Fayetteville is pleased to announce that Stacy L. Leeds has joined the bank’s board of directors. 

“Stacy Leeds is an outstanding legal mind whose advice and service is in high demand,” said Donny Story, President and CEO for Arvest Bank in Fayetteville. “We know that her involvement on our board will bring the highest benefit to both Arvest Bank and our customers.”

Leeds is currently serving her second term as dean and professor of law at the University of Arkansas at Fayetteville School of Law. She first joined the university in 2011, where she lectures on American Indian law, oil and gas, property, natural resources and introduction to legal studies.

She holds law degrees from the University of Wisconsin and the University of Tulsa. Leeds earned her master’s in business administration from the University of Tennessee and her bachelor’s from Washington University in St. Louis. 

Leeds served in several capacities as a faculty member and administrator at the University of Kansas where she served as interim associate dean for academic affairs in the School of Law, director of the Tribal Law and Government Center and professor of law. While there, she received the Howard M. and Susan Immel Award for Teaching Excellence. In the College of Liberal Arts and Sciences, she served as interim chair of Indigenous Nations Studies. She was a senior administrative fellow in the Office of Provost from 2006-07. She also served on the law faculty at the University of North Dakota and as William H. Hastie Fellow at the University of Wisconsin School of Law.

Leeds was a recipient of the American Bar Association’s Spirit of Excellence Award in 2013, an elected member of the American Law Institute in 2011, and a former Alphonse Fletcher Sr. Fellow affiliated with the W.E.B. DuBois Research Institute at Harvard University in 2008-09. In 2015-16, she was affiliated with Northeastern State University, Tahlequah, Okla., as the Sequoyah Fellow.

A native of Muskogee, Okla., former athlete and life-long sports enthusiast, she was inducted into the Muskogee Athletic Hall of Fame in 2015.

She currently lives in downtown Fayetteville with her son, Hunter, age 8. 

Tags: Arkansas, Fayetteville, Press Release

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