Area home sales down, but statewide sales up in July

There were 1,258 homes sold in Crawford, Franklin and Sebastian counties during the first seven months of 2009, a decline of 14.3% over the same period in 2008, according to Thursday’s (Sept. 10) report from the Arkansas Realtors Association.

The seven-month percentage decline marks the second consecutive month of year-over-year decline in the number of homes sold in the area. The trend is best noted in this comparison of homes sold in Crawford, Franklin and Sebastian counties during the respective periods.
Jan.-July 2009 compared to the same period in 2008: -14.3%
Jan.-June 2009 compared to the same period in 2008: -13.37%
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%

During the January to July period, Crawford County home sales (323) declined 14% compared to the same period in 2008; Franklin County home sales (35) were down 28.5%; and Sebastian County home sales (720) were down 13.5%.

The combined value of the homes sold in the first seven months of 2009 in the three regional counties was $132.51 million, down 17.3% from the $160.84 million value recorded during the same period in 2008. Sebastian County has recorded $90.94 million in home sales in the first seven months of 2009, down 16.4% from the same period in 2008.

The numbers also show a continued decline in the average price of homes being sold in the region. Between January and July, the average prices of new and existing homes sold in Crawford County declined 3.9%; down 15.9% in Franklin County; and down 3.3% in Sebastian County.

The good news in the ARA report is that July saw a 1.58% increase in statewide home sales. There were 2,574 homes sold in July 2009, compared to 2,534 in July 2008.

“It’s worth mentioning that this is the first one (monthly report) we’ve issued with a positive month-to-month comparison since December 2005,” noted Ethan Nobles, director of media relations for the ARA.

Statewide, the number of homes sold in the first seven months of 2009 was 13,786, down 11.22% from the same period in 2008. The value of homes sold statewide during the first seven months of 2009 is $2.005 billion, down 14.73% from the same period in 2008.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-July 2009: 323
Jan.-July 2008: 376

Franklin County
Jan.-July 2009: 35
Jan.-July 2008: 49

Sebastian County
Jan.-July 2009: 720
Jan.-July 2008: 833

• Value of homes sold
Crawford County
Jan.-July 2009: $39.15 million
Jan.-July 2008: $47.43 million

Franklin County
Jan.-July 2009: $2.41 million
Jan.-July 2008: $4.02 million

Sebastian County
Jan.-July 2009: $90.94 million
Jan.-July 2008: $108.84 million

• Average price of homes sold
Crawford County
Jan.-July 2009: $121,221
Jan.-July 2008: $126,163

Franklin County
Jan.-July 2009: $68,981
Jan.-July 2008: $82,066

Sebastian County
Jan.-July 2009: $126,315
Jan.-July 2008: $130,664

The top five Arkansas counties in terms of number of homes sold Jan.-July 2009 are:
Pulaski County (2,465, down 11.20% from the same period in 2008)
Benton County (1,933, down 4.97% from the same period in 2008)
Washington County (1,198, down 4.08% from the same period in 2008)
Saline County (791, down 8.98% from the same period in 2008)
Faulkner County (757, down 7.8% from the same period in 2008)