July home sales decline in Crawford & Sebastian counties

The summer months continue to be tough for home sales in Crawford and Sebastian counties, with combined July sales in the two counties down 30% compared to July 2008.

According to a report prepared by Realtor Ernie Schimmelman, there were 118 homes sold in Sebastian County in July, a 24% decrease from July 2008. Crawford County had 38 homes sold in June, a 44% dip from July 2008.

There were 887 homes sold in Crawford, Franklin and Sebastian counties during the first six months of 2009, a decline of 13.37% over the same period in 2008, according to an Aug. 12 report from the Arkansas Realtors Association. The ARA report on July sales is expected no later than early September.

“July residential real estate sales in Sebastian County continued to pace 2008’s sales trend, but at a rate below last year of 24%,” Schimmelman noted in his report. “After a strong surge in closings in April, Crawford County residential real estate sales went into a sharp decline below 2008’s trend, and July’s results were down 44%. However, because of the strong surge in listings in Crawford County last June, there is plenty of inventory on the market which could translate into regaining parity with 2008’s year-end trend.”

As of July 31, there were 300 homes listed for sale in Crawford County, with 137 of those priced $150,000 or less. There were 770 homes listed for sale in Sebastian County at the end of July, with 372 of those priced at or below $150,000

“Those properties listed at $150,000 and under continue to sell within five months, which constitutes a ‘Seller’s Market.’ Those properties listed between $150,000 to $300,000 are taking five to seven months to sell, which is considered a ‘Balanced Market.’ Properties listed above $300,000 are taking more than seven months to sell and this is a ‘Buyer’s Market,’” Schimmelman explained.

The most difficult home to sell in the two counties is a home in the $201,000 to $250,000 price range. Homes in that range have an average of 300 days on market.

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

Key facts:
• Crawford County
Homes listed: 299
Homes sold, July 2009: 38
Homes sold, July 2008: 68
Mean price, April (rolling 12-month rate): $121,441
Homes listed $0 to $200,000: 207
Homes listed $201,000 to $500,000: 92
Homes listed $501,000 and up: 1

• Sebastian County
Homes listed: 706
Homes sold, July 2009: 118
Homes sold, July 2008: 155
Mean price, April (rolling 12-month rate): $127,802
Homes listed $0 to $200,000: 518
Homes listed $201,000 to $500,000: 207
Homes listed $501,000 and up: 45