Housing market report shows Crawford County improvement

Two months of homes sales reports indicate Crawford County may be emerging from a downward trend in home sales.

In his King Realty Group Market Report for May, Realtor Ernie Schimmelman reports 52 homes sold in Crawford County during May, the same number as May 2008. The May activity follows an April in which Crawford County homes sales were up 14% over April 2008.

“We advised waiting for May’s results to determine if this (April) growth was a one-time event or part of a continuing trend,” Schimmelman noted in his report. “Well, Crawford County’s May results did not continue the growth trend over 2008. However, the county’s sales did stay even with last year’s trend, which may mean the Crawford County market is moving away from a downward trend.”

There were 101 homes sold in Sebastian County in May, down 19% from May 2008, according to Schimmelman’s report.

The number of homes in both markets increased 4.6%, from 966 in April to 1,011 in May. Schimmelman’s report noted that homes priced at or below $150,000 sell the quickest in an average of 3 months.

“This part of the real estate market represents 52% of the market and has always been strong in the River Valley,” according to the report.

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 Arkansas Realtors Association figures released June 2.  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.

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

Key facts:
• Crawford County
Homes listed: 294
Homes sold, May 2009: 52
Homes sold, May 2008: 52
Mean price, April (rolling 12-month rate): $122,798
Homes listed $0 to $200,000: 200
Homes listed $201,000 to $500,000: 93
Homes listed $501,000 and up: 1

• Sebastian County
Homes listed: 717
Homes sold, May 2009: 101
Homes sold, May 2008: 124
Mean price, April (rolling 12-month rate): $128,994
Homes listed $0 to $200,000: 485
Homes listed $201,000 to $500,000: 199
Homes listed $501,000 and up: 33

• Crawford County (May 2009 activity)
$101,000-$150,000:
86 listings
15.92 sales per month (rolling 12-month average)
Sales average 96% of list price
4.4 months of inventory
147, average days-on-market

$151,000-$200,000:
59 listings
7.58 sales per month (rolling 12-month average)
Sales average 96% of list price
6.8 months of inventory
172, average days-on-market

$201,000-$250,000:
37 listings
2.58 sales per month (rolling 12-month average)
Sales average 93% of list price
13.3 months of inventory
126, average days-on-market

$251,000-$300,000:
25 listings
1.33 sales per month (rolling 12-month average)
Sales average 96% of list price
17.8 months of inventory
163, Average days-on-market

$301,000-$400,000:
23 listings
0.58 sales per month (rolling 12-month average)
Sales average 97% of list price
38.4 months of inventory
713, Average days-on-market

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

• Sebastian County (May 2009 activity)
$101,000-$150,000:
147 listings
28.58 sales per month (rolling 12-month average)
Sales average 97% of list price
4.1 months of inventory
119, average days-on-market

$151,000-$200,000:
143 listings
14.83 sales per month (rolling 12-month average)
Sales average 98% of list price
8.6 months of inventory
78, average days-on-market

$201,000-$250,000:
81 listings
7.17 sales per month (rolling 12-month average)
Sales average 96% of list price
10.3 months of inventory
200, average days-on-market

$251,000-$300,000:
63 listings
3.25 sales per month (rolling 12-month average)
Sales average 98% of list price
18.4 months of inventory
211, average days-on-market

$301,000-$400,000:
40 listings
2.5 sales per month (rolling 12-month average)
Sales average 98% of list price
15 months of inventory
324, average days-on-market

$401,000-$500,000:
15 listings
1.08 sales per month (rolling 12-month average)
Sales average 97% of list price
12.8 months of inventory
267, average days-on-market

$501,000-$650,000:
14 listings
0.67 sales per month (rolling 12-month average)
Sales average 92% of list price
20 months of inventory
681, average days-on-market