Area home prices, inventories up
by March 22, 2010 3:06 pm 56 views
Average home prices and home inventories in the Fort Smith metro area have increased during the almost first three months of 2010.
According to figures released Monday (Mar. 22) by the Arkansas Realtors Association, the average list price of new and existing homes in the Fort Smith area as of Mar. 22 was $188,113, up 2.49% over the $183,535 as of Jan. 4.
The regional inventory of new and existing homes as of Mar. 22 stood at 1,260, up 6.5% over the inventory as of Jan. 4.
The state’s largest residential market — based on the number of new and existing homes for sale — in Northwest Arkansas has seen its home inventory jump 10.4% from 4,851 as of Jan. 4 to 5,356 as of Mar. 22. The average list price of new and existing homes in the NWA market as of Mar. 22 was $225,744, a 2.2% drop from the $230,936 as of Jan. 4.
In the four largest metro markets in Arkansas (Northwest Arkansas, central Arkansas, Fort Smith, and Jonesboro), there were 11,044 homes for sale as of Jan. 4, compared to 12,630 as of Mar. 22. Also, the average list price for new and existing homes in the four markets was $215,691 as of Mar. 22, a 2.2% drop from the $220,697 as of Jan. 4.
“What’s going on in markets around the state? Simply put, home sales tend to be down at the first of the year and then pick up in the spring and summer. Hopefully, then, we’ll see inventories drop and list prices rise a bit as we head into the spring and summer, traditionally the best times of the year in terms of sales,” noted the ARA in a statement.
According to a report issued Mar. 18 by the ARA, Crawford, Franklin and Sebastian counties combined for 100 home sales in January, relatively flat compared to the 101 homes sold in January 2009. The only bad news with the comparison is that 2009 was not a good year for home sales in the region. There were 1,948 homes sold during 2009 in Crawford, Franklin and Sebastian counties, down 6.39% from the 2,081 sold in 2008.
The ARA said in its Monday statement that federal home buyer tax credits are set to expire for homes not under contract before May 1 — a factor that could spur improved sales for the first quarter of 2010.
“When you add in low interest rates, hopefully buyers have enough motivation to enter the market and start purchasing homes,” the ARA noted.
