Area home sales up 20.6% during October

October home sales in Crawford, Franklin and Sebastian counties totaled 193, up 20.6% over October 2008 sales, according to Wednesday’s (Dec. 3) report from the Arkansas Realtors Association.

It marks the second consecutive month — and only the second time this year — that the totals for the three counties exceeded the comparative 2008 period.

The primary reason for the increased numbers is that people moved to buy homes before a federal first-time homebuyer credit expired. While that credit was eventually expanded and extended, the expected expiration resulted in “considerable activity,” according to the ARA report.

“In short, low interest rates, good prices and a tax credit all had an impact on sales in October. We at the ARA hope to see sales growth continue throughout the rest of the year and into 2010, but aren’t in a position to make such predictions just yet,” noted a blog sponsored by the ARA.

Homes sales in Sebastian County were especially strong in October, with the 133 home sales up 25.47% over October 2008.

FORT SMITH REGION
Unfortunately, the September and October gains have not been enough to push year-to-date numbers into positive territory. There were 1,636 homes sold in Crawford, Franklin and Sebastian counties during the first 10 months of 2009, a decline of 10% over the same period in 2008.

The trend is best noted in this comparison of homes sold in Crawford, Franklin and Sebastian counties during the respective periods.
Jan.-Oct. 2009: compared to the same period in 2008: -10%
Jan.-Sept. 2009: compared to the same period in 2008: -13.14%
Jan.-Aug. 2009: compared to the same period in 2008: -14.8%
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 October period, Crawford County home sales (498) declined 8.12% compared to the same period in 2008; Franklin County home sales (59) were down 6.35%; and Sebastian County home sales (1,079) were down 11.05%.

The combined value of the homes sold in the first 10 months of 2009 in the three regional counties was $202.125 million, down 14% from the $235.048 million value recorded during the same period in 2008. Sebastian County has recorded $138.502 million in home sales in the first 10 months of 2009, down 14.85% from the same period in 2008.

The numbers show a continued decline in the average price of homes being sold in the region. Between January and October, the average price of new and existing homes sold in Crawford County declined 2.99%, and are down 4.28% in Sebastian County.

ARKANSAS NOTES
Statewide, there were 2,332 homes sold during October, up 24.11% from October 2008. For the year, homes sold statewide total 20.812, down 5.55% from the same period in 2008. The value of homes sold statewide during the first 10 months of 2009 is $3.006 billion, down 9.42% from the same period in 2008.

The once volatile and overbuilt Northwest Arkansas housing market continues to stabilize. Earlier in 2009, the housing markets in Benton and Washington counties were seeing double digit declines in home sales and home values. However, the two counties are some of the few in the state to enjoy year-to-date gains in the number of homes sold.

Benton County has posted 2,933 home sales between January and October, up 1.17% from the same period in 2008. Washington County has sold 1,758 for the year, up 3.24% from the same period in 2008.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-Oct. 2009: 498
Jan.-Oct. 2008: 542

Franklin County
Jan.-Oct. 2009: 59
Jan.-Oct. 2008: 63

Sebastian County
Jan.-Oct. 2009: 1,079
Jan.-Oct. 2008: 1,213

• Value of homes sold
Crawford County
Jan.-Oct. 2009: $59.606 million
Jan.-Oct. 2008: $66.871 million

Franklin County
Jan.-Oct. 2009: $4.017 million
Jan.-Oct. 2008: $5.518 million

Sebastian County
Jan.-Oct. 2009: $138.502 million
Jan.-Oct. 2008: $162.659 million

• Average price of homes sold
Crawford County
Jan.-Oct. 2009: $119,692
Jan.-Oct. 2008: $123,380

Franklin County
Jan.-Oct. 2009: $68,097
Jan.-Oct. 2008: $87,595

Sebastian County
Jan.-Oct. 2009: $128,362
Jan.-Oct. 2008: $134,097

The top five Arkansas counties in terms of number of homes sold Jan.-Oct. 2009 are:
Pulaski County (3,699, down 5.59% from the same period in 2008)
Benton County (2,933, up 1.17% from the same period in 2008)
Washington County (1,815, up 3.25% from the same period in 2008)
Saline County (1,206, down 1.87% from the same period in 2008)
Faulkner County (1,139, down 0.7% from the same period in 2008)