Average home list price drops in Fort Smith/Van Buren area

The average list price of new and existing homes in the Fort Smith/Van Buren market has dropped more than $5,000 during 2009 — a 2.7% decline between Jan. 5 and Dec. 28.

An Arkansas Realtors Association report has the average list price of new and existing homes in the area at $182,131 at Dec. 28, down from the $187,232 as of Jan. 5.

Also, the inventory of homes for sale in the Fort Smith/Van Buren market totaled 1,217 as of Dec. 28, an 18.9% increase for the year.

Earlier in December, Arkansas and regional housing officials said they were not concerned with a rise in the home inventory. Rising home inventories — supply outpacing demand — was one of the warning signs prior to the 2007-2008 housing bubble collapse.

Of the four major metro areas listed in the ARA report, the Fort Smith region has the lowest list price and lowest median price for new and existing homes.
List prices (as of Dec. 28):
Central Arkansas: $223,292
Fort Smith/Van Buren: $182,131
Jonesboro area: $187,963
Northwest Arkansas: $231,291

Median prices (as of Dec. 28):
Central Arkansas: $159,900
Fort Smith/Van Buren: $143,500
Jonesboro area: $147,000
Northwest Arkansas: $159,900

The average statewide list price as of Dec. 28 was $220,606.

ARKANSAS REALTOR ASSOCIATION HOUSING STATS
Fort Smith/Van Buren real estate markets
• Average list price of new and existing homes
28 DEC: $182,131
5 JAN: $187,232

• Median list price of new and existing homes
28 DEC: $143,500
5 JAN: $146,900

• Inventory of new and existing homes
28 DEC: 1,217
5 JAN: 1,023