Average area home prices 17% below statewide average

The average list price of a home in the Fort Smith/Van Buren market as of June 15 was $192,047, 17.4% less than the statewide average.

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets increased 2.57% and 5.25%, respectively, between Jan. 5 and June 15, according to figures from the Arkansas Realtors Association.

Another piece of relatively good news for the regional housing market is that home inventories remain stable, declining 1% between Jan. 5 and May 18. The slight decline reflects supply and demand stability in the regional market.

Figures from the ARA show the following:
Fort Smith/Van Buren real estate markets
• Average list price of new and existing homes
15 JUNE: $192,047
5 JAN: $187,232

• Median list price of new and existing homes
15 JUNE: $154,616
5 JAN: $146,900

• Inventory of new and existing homes
15 JUNE: 1,056
5 JAN: 1,023

In Arkansas’ four largest metro areas (Central Arkansas, Northwest Arkansas, Fort Smith/Van Buren, and Jonesboro area) the average list price was $232,666.

The number of homes sold in Crawford, Franklin and Sebastian counties during the first four months of 2009 fell 13.17% compared to the same period in 2008, according to ARA figures released Tuesday (June 2). However, the number of homes sold in the three counties during the first three months of 2009 was down 22% compared to the first quarter of 2008.

There were 560 homes sold in the first four months of 2009 in Crawford, Franklin and Sebastian counties, down from the 645 sold in the same period of 2008. The combined value of the homes sold in the first four months of 2009 in the three regional counties was $67.82 million, down 12.4% from the same period in 2008.