Crawford, Sebastian counties see decline in homes sold

There were 182 homes sold during April in Crawford and Sebastian Counties, down 3.7% from April 2008.

The news was mixed on home sales during the April, with the 65 homes sold in Crawford County representing a 27% increase over April 2008, and the 117 homes sold in Sebastian County down 15% from April 2008. The figures are from the King Realty Group report as prepared by Realtor Ernie Schimmelman.

“What was a surprise was the strength of Crawford County’s April sales and how it exceeded April 2008 by 14%. We’ll have to wait for May’s results to determine if this growth is a one-time event or a continuing trend,” Schimmelman noted in the report.

An interesting change is that 67.7% of homes for sale in the two counties were priced below $200,000, down from the 70.8% in April. In April, 70.2% of homes listed in Sebastian County and 72.2% of homes listed in Crawford County were priced below $200,000. Those figures in April changed to 67% and 69.3%, respectively.

Historic patterns in the two-county area have been of a for-sale market dominated by homes priced below $200,000.

Although not as volatile as other Arkansas metro markets, the regional housing market is in a tough spot. There were 350 homes sold in the first quarter of 2009 in Crawford, Franklin and Sebastian counties, down 22.2% from the 450 sold in the same period of 2008, according to the Arkansas Realtors Association. The combined value of the homes sold in the first quarter of 2009 in the three regional counties was $42.33 million, down 22.8% from the same period in 2008.

Key facts:
• Crawford County
Homes listed: 277
Homes sold, April 2009: 65
Homes sold, April 2008: 51
Mean price, April (rolling 12-month rate): $123,486
Homes listed $0 to $200,000: 192
Homes listed $201,000 to $500,000: 84
Homes listed $501,000 and up: 1

• Sebastian County
Homes listed: 689
Homes sold, April 2009: 117
Homes sold, April 2008: 138
Mean price, April (rolling 12-month rate): $128,533
Homes listed $0 to $200,000: 462
Homes listed $201,000 to $500,000: 193
Homes listed $501,000 and up: 34

The King Realty Market Group Report (as prepared by Realtor Ernie Schimmelman)

• Crawford County (April 2009 activity)
$101,000-$150,000:
80 listings
15.75 sales per month (rolling 12-month average)
Sales average 97% of list price
4.1 months of inventory
104, average days-on-market

$151,000-$200,000:
57 listings
7.75 sales per month (rolling 12-month average)
Sales average 96% of list price
6.4 months of inventory
104, average days-on-market

$201,000-$250,000:
32 listings
2.75 sales per month (rolling 12-month average)
Sales average 93% of list price
10.6 months of inventory
362, average days-on-market

$251,000-$300,000:
23 listings
1.17 sales per month (rolling 12-month average)
Sales average of list price: NA
18.7 months of inventory
Average days-on-market: NA

$301,000-$400,000:
22 listings
0.67 sales per month (rolling 12-month average)
Sales average of list price: NA
32 months of inventory
Average days-on-market: NA

$401,000-$500,000:
7 listings
0.08 sales per month (rolling 12-month average)
Sales average 91% of list price
83 months of inventory
552, average days-on-market

• Sebastian County (April 2009 activity)
$101,000-$150,000:
142 listings
29.50 sales per month (rolling 12-month average)
Sales average 97% of list price
3.8 months of inventory
117, average days-on-market

$151,000-$200,000:
133 listings
15.42 sales per month (rolling 12-month average)
Sales average 97% of list price
7.6 months of inventory
104, average days-on-market

$201,000-$250,000:
77 listings
7.25 sales per month (rolling 12-month average)
Sales average 99% of list price
9.6 months of inventory
154, average days-on-market

$251,000-$300,000:
65 listings
3 sales per month (rolling 12-month average)
Sales average 85% of list price
20.7 months of inventory
56, average days-on-market

$301,000-$400,000:
35 listings
2.67 sales per month (rolling 12-month average)
Sales average 92% of list price
12.1 months of inventory
177, average days-on-market

$401,000-$500,000:
16 listings
0.92 sales per month (rolling 12-month average)
Sales average of list price: NA
16.5 months of inventory
Average days-on-market: NA