Sebastian County home sales steady; Crawford County home sales ‘baffle’

August proved a slow month for residential home sales in Sebastian and Crawford counties, with sales down 18.1% compared to August 2008.

“As has been true since the start of 2009, those properties listed at $150,000 and under continue to sell within five months, and the listings above $150,000 are taking more than seven months to sell,” Ernie Schimmelman, a Realtor with King Realty Group said in his monthly report. “Those listings above $500,000 are the most serious affected by the economy with almost a 4-year average time on the market to sell.”

Of the 1,088 new and existing homes listed for sale in the two counties as of Aug. 31, 542 (49.8%) were priced at $150,000 or below.

Crawford County had 56 homes sold in August, down 11% from the 63 sold in August 2008. There were 102 homes sold in Sebastian County during August, a 22% dip from the 130 sold in August 2008.

Schimmelman noted that Sebastian County sales continue with a consistent improvement in sales, although the numbers remain below the sales figures seen in 2008. He said Crawford County is the puzzler, with home sales anything but consistent.

He explained: “Crawford County residential real estate sales continue to baffle. First there was the strong upsurge in April sales that exceeded 2008 by 27%. Then in May through July the 2009 trend took a nosedive coming to rest in July at 44% below 2008.  Now August results show another surge to within 11% of last year’s sales, defying the normal end-of-the-year downward trend. Crawford County may end the year by exceeding the end of 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 Tuesday’s (Aug. 12) report from the Arkansas Realtors Association.

Statewide, the number of homes sold in the first six months of 2009 was 11,125, down 14.07% from the same period in 2008. The value of homes sold statewide during the first six months of 2009 is $1.6 billion, down 17.84% from the same period in 2008.

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

Key facts:
• Crawford County
Homes listed: 299
Homes sold, August 2009: 56
Homes sold, August 2008: 63
Mean price, April (rolling 12-month rate): $119,974
Homes listed $0 to $200,000: 219
Homes listed $201,000 to $500,000: 78
Homes listed $501,000 and up: 2

• Sebastian County
Homes listed: 789
Homes sold, August 2009: 102
Homes sold, August 2008: 130
Mean price, April (rolling 12-month rate): $126,948
Homes listed $0 to $200,000: 538
Homes listed $201,000 to $500,000: 206
Homes listed $501,000 and up: 45