Area home sales dip in January

January homes sales activity in Crawford and Sebastian counties did not help continue regional housing sector gains made in the fourth quarter of 2009, according to the King Realty Group report authored by Realtor Ernie Schimmelman.

Crawford County had 33 homes sales in January, nine more than January 2009 — or up 38%. Sebastian County had 59 homes sold in January, 13 fewer than January 2009, or down 18%. Combined, the two counties had 92 homes sales in January, 4.1% less than in January 2009.

There were 1,948 homes sold during 2009 in Crawford, Franklin and Sebastian counties, down 6.39% from the 2,081 sold in 2008, according to information released Jan. 21 by the Arkansas Realtors Association. However, the three counties ended the year with a combined 9.39% gain in homes sold during December compared to December 2008.

Sales continue to be dominated by homes priced below $200,000. Homes priced below $200,000 in Crawford County and Sebastian County are 77.8% and 72.6% of the inventory of homes on the market, respectively.

“Sellers continue to maintain an advantage on properties under $150,000, and buyers continue to have the stronger position above that. As long as this imbalance above $150,000 continues, the primary topic of discussion Realtors must have with their sellers will be market pricing,” Schimmelman noted in his January report. “If sellers want their homes purchased in less than 12 months, they will have to seriously consider aggressive pricing within the comparable market for their property.”

According to the Arkansas Realtors Association, the average list prices of new and existing homes in the Fort Smith/Van Buren area (Crawford, Franklin and Sebastian counties) as of Feb. 22 was $183,666, compared to $183,535 as of Jan. 4.

Also, the home inventory in the area is increasing. The inventory of new and existing homes in the Fort Smith/Van Buren area totaled 1,260 as of Feb. 22, up 6.5% over the 1,182 as of Jan. 4.

The King Realty Market Group Report (as prepared by Schimmelman):
Key figures:
• Crawford County (January)
Homes listed: 348
Homes sold, January 2010: 33
Homes sold, January 2009: 24
Mean price, January (rolling 12-month rate): $120,541
Homes listed $0 to $200,000: 271
Homes listed $201,000 to $500,000: 70
Homes listed $501,000 and up: 7

• Sebastian County (January)
Homes listed: 877
Homes sold, January 2010: 59
Homes sold, January 2009: 72
Mean price, January (rolling 12-month rate): $127,287
Homes listed $0 to $200,000: 637
Homes listed $201,000 to $500,000: 197
Homes listed $501,000 and up: 43