Fort Smith region sees double-digit decline in 2008 home sales (Updated)

The good news is Sebastian County had the lowest 2008 percentage decline (-9.35%) in the number of homes sold among the top five Arkansas counties. On the other side, Crawford, Franklin and Sebastian counties posted a 13.9% percentage decline in the number of homes sold in 2008.

Tuesday’s (Feb. 10) report from the Arkansas Realtors Association showed 25,012 home sales statewide in 2008, down 18.16% from 2007. The value of the 2008 statewide sales was $3.72 billion, down 19.78% from 2007.

In the Crawford, Franklin and Sebastian counties, the combined value of homes sold in 2008 was $266.92 million, down 12.5% from 2007. Based on an assumed 6% commission for each home sold, the decreased value from home sales in the three counties resulted in a $2.3 million loss for area Realtors. Statewide, the commission loss to Realtors — using the 6% commission scale — is more than $55 million.

Larry Rhodes, a Fort Smith Realtor and owner of the Re/Max franchise in the area, said 2008 was slow but that activity began to increase in January. While it’s too early to speak to any trends, Rhodes said the decline in home sales could level out in 2009.

The bright spot in the ARA report is that the average statewide home price in 2008 was $149,055, a drop of just 1.98% compared to 2007.

The 2008 housing report for the Fort Smith region is as follows:

Number of homes sold
Crawford County
2008: 618
2007: 783

Franklin County
2008: 75
2007: 104

Sebastian County
2008: 1,386
2007: 1,529

Value of homes sold
Crawford County
2008: $76.14 million
2007: $97.25 million

Franklin County
2008: $6.67 million
2007: $8.4 million

Sebastian County
2008: $184.11 million
2007: $199.64 million

Average price of homes sold
Crawford County
2008: $123,206
2007: $124,213

Franklin County
2008: $89,039
2007: $80,850

Sebastian County
2008: $132,836
2007: $130,575

The top five Arkansas counties in terms of number of homes sold  are:
• Pulaski County (4,502, down 19.54% from 2007)
• Benton County (3,266, down 19.12% from 2007)
• Washington County (1,999, down 24.91% from 2007)
• Saline County (1,444, down 19.73% from 2007)
• Sebastian County (1,386, down 9.35% from 2007)