Fort Smith, Van Buren June home sales anything but impressive

Dismal home sales during June in Crawford and Sebastian counties have diminished some of the hope that the worst of the housing market was in the past.

And while the housing market in the Fort Smith region has not been as bad as that experienced in Northwest Arkansas and many other metro areas around the country, double-digit declines in home sales and the value of the homes sold have not proven a pleasant experience for most area Realtors and homebuilders.

According to a report prepared by Realtor Ernie Schimmelman, there were 92 homes sold in Sebastian County in June, a 29% decrease from June 2008. Crawford County had 39 homes sold in June, a 32% dip from June 2008.

Unfortunately, both counties had seen in April and May an improving trend in that the decline in homes sold was beginning to moderate.

“There is a bright spot, however, in that both counties saw a strong surge in listings in June that exceeded all of the monthly results since January 2008,” Schimmelman noted in his report. “As with the results in May, caution is advised to determine if this significant input of inventory translates into sales that will bring the market up to previous years.”

As of June 30, Crawford County had 299 homes listed for sale through licensed real estate agents, and Sebastian County had 706 homes listed for sale.

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, according to a recent report from the Arkansas Realtors Association. 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.

The Fort Smith/Van Buren market continues to be one in which the majority of homes listed and sold are those priced below $200,000. Of the 1,005 homes for sale in the combined Fort Smith and Van Buren markets, 680 are priced below $200,000, and 476 are priced below $150,000.

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

Key facts:
• Crawford County
Homes listed: 299
Homes sold, June 2009: 39
Homes sold, June 2008: 57
Mean price, April (rolling 12-month rate): $122,556
Homes listed $0 to $200,000: 208
Homes listed $201,000 to $500,000: 90
Homes listed $501,000 and up: 1

• Sebastian County
Homes listed: 706
Homes sold, June 2009: 92
Homes sold, June 2008: 130
Mean price, April (rolling 12-month rate): $127,545
Homes listed $0 to $200,000: 472
Homes listed $201,000 to $500,000: 193
Homes listed $501,000 and up: 41