Fort Smith Realty Market Consistent

Although the residential real estate market in the River Valley is smaller than in Northwest Arkansas, there are certain advantages that go along with that, said Tom Cannava, principal broker at Bradford and Udouj Realty in Fort Smith.
“Fort Smith is a consistent and predictable real estate market,” he said. “There aren’t peaks and valleys.”
The same can’t be said for Benton and Washington counties. According to the May housing report issued by the Arkansas Realtors Association, sales were down 14.4 percent in Benton County and down 1.7 percent in Washington County from May 2006 to May 2007.
“When the market shoots up fast, it can also drop in a hurry,” said Ethan Nobles director of media relations for the ARA.
Cannava tracks the real estate market in Fort Smith and Van Buren, and the numbers back up his claims about the area’s consistency.
Sales of homes in the $70,000- to $100,000-range in Van Buren are up by 4.2 percent over this time last year, while sales in the $101,000- to $150,000-range are nearly flat. Home sales in that range in Fort Smith are down 16.5 percent, from 109 for the same period last year to 91 this year, but sales in the $251,000- to $300,000-range differ by a single sale.
Sales in the $201,000- to $250,000-range in Fort Smith are up 33.5 percent year over year.
Higher end home sales were up year over year in Van Buren, too. As of June 2007, 11 homes in the $301,000- to $400,000-range sold, as opposed to only 4 for the same period last year.