Decline continues in new and existing area home prices

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets dropped 6.8% and 2.2%, respectively, between Aug. 4 and April 6, according to figures from the Arkansas Realtors Association.

The declines seen in new and existing home sales in late 2008 continued into 2009, with the number of homes sold in January in Crawford, Franklin and Sebastian counties dropping 27.3% compared to January 2008. Statewide, the number of homes sold in January 2009 was down 27%.

The combined value of the homes sold in January in the three regional counties was $11.29 million, down more than 33% from the same period in January 2008. The value of homes sold statewide in January was down 33.32%.

Figures from the ARA show the following:

Fort Smith/Van Buren real estate markets
Average list price of new and existing homes
6 APR: $189,875
4 AUG: $203,911

Median list price of new and existing homes
6 APR: $148,900
4 AUG: $154,000

Inventory of new and existing homes
6 APR: 1,017
4 AUG: 1,116

Statewide, the inventory of new and existing homes dropped from 14,070 in early August to 12,017 by April 6.

OTHER MARKET STATS
The following is price and other information — supplied by the Arkansas Realtors Association — for home sales activity in the two counties.

Crawford County
Highest Price
Jan.-Feb. 2009: $319,000
Jan.-Feb. 2008: $700,000

Average days on market
Jan.-Feb. 2009: 125
Jan.-Feb. 2008: 121

Average square-foot price of all homes sold
Jan.-Feb. 2009: $68.08
Jan.-Feb. 2008: $73.13

Sebastian County
Highest Price
Jan.-Feb. 2009: $438,842
Jan.-Feb. 2008: $925,700

Average days on market
Jan.-Feb. 2009: 114
Jan.-Feb. 2008: 113

Average square-foot price of all homes sold
Jan.-Feb. 2009: $67.71
Jan.-Feb. 2008: $68.46