Area home sales down 11.6%, but numbers improving

There were 733 homes sold in Crawford, Franklin and Sebastian counties during the first five months of 2009, a decline of 11.6% over the same period in 2008.

However, the good news is that May marks the second consecutive month that the year-over-year decline in area home sales remained flat or improved, according to the figures released Thursday (July 9) by the Arkansas Realtors Association. (Link here for the complete report from the ARA.)

The improving trend is best noted in this comparison of homes sold in Crawford, Franklin and Sebastian counties during the respective periods.
Jan.-May. 2009 compared to the same period in 2008: 11.6%
Jan.-Apr. 2009 compared to the same period in 2008: 13.1%
Jan.-Mar. 2009 compared to the same period in 2008: 22%

Crawford County saw gains in May, with homes sales (58) up 11.54% over May 2008 (52). Also the value of those May 2009 sales ($7.38 million) were up 1.61% over May 2008 ($7.27 million).

“What this means for the market — according to our members — is that we are seeing slow, steady improvement,” Ethan Nobles, director of media relations for the ARA, said in a statement. “I do believe everyone knows that the housing market will not magically improve overnight. Rather, it will increase gradually over several months.”

Unfortunately, the overall value of the homes sold in the region is not seeing the same relative improvement. The combined value of the homes sold in the first five months of 2009 in the three regional counties was $88.36 million, down 13.4% from the $102.14 million value recorded during the same period in 2008.

Nobles wouldn’t say if the improving conditions would continue, other than to say most Realtors hope April and May figures are the beginning of a good trend.

“Bear in mind that May through August routinely represent the peak months in any given year when it comes to real estate. This year should be no different in that regard. If we see markets continue to gain strength in the fall, then we might be able to start talking about a recovery,” Nobles explained.

Statewide, the number of homes sold in the first five months of 2009 was 8,760, down 16.32% from the same period in 2008. The value of homes sold statewide during the first five months of 2009 is $1.24 billion, down 19.63% from the same period in 2008.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-May 2009: 233
Jan.-May 2008: 251

Franklin County
Jan.-May 2009: 27
Jan.-May 2008: 32

Sebastian County
Jan.-May 2009: 473
Jan.-May 2008: 547

• Value of homes sold
Crawford County
Jan.-May 2009: $28.18 million
Jan.-May 2008: $31.34 million

Franklin County
Jan.-May 2009: $1.88 million
Jan.-May 2008: $2.62 million

Sebastian County
Jan.-May 2009: $58.29 million
Jan.-May 2008: $68.18 million

• Average price of homes sold
Crawford County
Jan.-May 2009: $120,969
Jan.-May 2008: $124,865

Franklin County
Jan.-May 2009: $69,939
Jan.-May 2008: $81,931

Sebastian County
Jan.-May 2009: $123,249
Jan.-May 2008: $124,653

The top five Arkansas counties in terms of number of homes sold Jan.-May 2009 are:
Pulaski County (1,542, down 20.64% from the same period in 2008)
Benton County (1,246, down 6.53% from the same period in 2008)
Washington County (702, down 13.33% from the same period in 2008)
Saline County (519, down 14.64% from the same period in 2008)
Faulkner County (474, down 13.66% from the same period in 2008)