April brings mixed results for area housing market

The move toward growth in the area residential real estate market took a step back in April with a 6.3% dip in homes sold in Crawford and Sebastian counties.

Crawford County saw 50 homes sold in April, down 32% compared to April 2009, while Sebastian County saw an 8% increase with 141 homes sold in April. The figures are from the King Realty Group’s April report prepared by Realtor Ernie Schimmelman.

“Crawford County did not sustain the March surge through April, and it was 32% behind 2009. However, it matched the trend seen for this same period in 2008,” Schimmelman noted in the report. “Sebastian County not only sustained the March surge but exceeded April results in both last year and 2008.”

The number of new and existing homes sold in the January-March 2010 period in Crawford, Franklin and Sebastian counties totaled 384, up 4.9% over the same period in 2009, according to a May 4 report from the Arkansas Realtors Association. The value of those homes sold in the period totaled $45.508 million, up 3.7% compared to the 2009 period.

Some of the gains were credited to the April 30 deadline for the first-time and repeat home buyer tax credits. The tax credit provides up to $8,000 for first-time home buyers and up to $6,500 to home buyers. The program required homes to be under contract by May 1 and close before July 1.

Lower-priced homes continue to be the hot sellers in the Fort Smith region. Crawford County homes priced above $251,000 can remain on the market for up to 430 days, while Crawford and Sebastian county homes priced $150,000 and less are on the market less than six months.

“The market for properties valued at $150,000 or less continued to be balanced in April, selling within 5 to 7 months. This range of homes represent 53% of the current market, and has historically been the strength of the regional market,” Schimmelman noted.

Schimmelman’s April report shows a 5.1% increase in the inventory of homes, with the market having 1,225 homes listed in January and 1,288 listed in April.

The King Realty Market Group Report (as prepared by Ernie Schimmelman):
• Crawford County (April)
Homes listed: 358
Homes sold, April 2010: 50
Homes sold, April 2009: 74
Mean price, April (rolling 12-month rate): $120,583
Homes listed $0 to $200,000: 264
Homes listed $201,000 to $500,000: 85
Homes listed $501,000 and up: 9

• Sebastian County (April)
Homes listed: 930
Homes sold, April 2010: 141
Homes sold, April 2009: 130
Mean price, April (rolling 12-month rate): $126,806
Homes listed $0 to $200,000: 666
Homes listed $201,000 to $500,000: 211
Homes listed $501,000 and up: 53