Area home sales up 4.9% in first quarter 2010

First quarter home sales are up in the Fort Smith area and state, but real estate officials aren’t sure the momentum will continue after a federal tax credit expires.

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. The value of those homes sold in the period totaled $45.508 million, up 3.7% compared to the 2009 period, according to a report released Tuesday (May 4) by the Arkansas Realtors Association.

March sales were impressive, with Sebastian County seeing 118 homes sold, up 32.58%; and Crawford County had 56 homes sold in March, up 43.59%.

“Homes sales in Arkansas picked up considerably in March throughout Arkansas as people rushed to get residences under contract before the April 30 deadline for the first-time and repeat home buyer tax credits,” ARA spokesman Ethan Nobles said in a statement.

The tax credit provides up to $8,000 for first-time home buyers and up to $6,500 to home buyers. The program requires homes to be under contract by May 1 and close before July 1.

March home sales in Arkansas totaled 2,153, up 21.57% over March 2009. For the first three months of 2010, statewide sales of new and existing homes totaled 4,693, up 4.97% compared to the 2009 period.

“Whether markets will continue to grow in the absence of credits remains to be seen. However, it’s worth mentioning that we’ve not seen prices this good for several years. Hopefully, that will be enough to inspire consumers to purchase homes in the months to come,” Nobles said.

The once booming residential market in Northwest Arkansas continues to see a mix of good and bad news. Home sales in Benton and Washington counties totaled 962 for the first three months of 2010, down just 0.7% compared to the 2009 period. However, the value of homes sold in the two counties are off. Benton County sales for the first quarter totaled $90.264 million, down 8.1%, and Washington County sales for the quarter were $52.384 million, down 7.83%.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-March 2010: 120
Jan.-March 2009: 104
15.38%

Franklin County
Jan.-March 2010: 16
Jan.-March 2009: 16
0%

Sebastian County
Jan.-March 2010: 248
Jan.-March 2009: 246
0.81%

• Value of homes sold
Crawford County
Jan.-March 2010: $13.962 million
Jan.-March 2009: $12.308 million
13.43%

Franklin County
Jan.-March 2010: $1.217 million
Jan.-March 2009: $1.079
12.81%

Sebastian County
Jan.-March 2010: $30.329 million
Jan.-March 2009: $30.478 million
-0.49%

• Average price of homes sold
Crawford County
Jan.-March 2010: $116,350
Jan.-March 2009: $118,350
-1.69%

Franklin County
Jan.-March 2010: $76,115
Jan.-March 2009: $67,475
12.81%

Sebastian County
Jan.-March 2010: $122,295
Jan.-March 2009: $123,896
-1.29%

• The top five Arkansas counties in terms of number of homes sold during Jan.-March 2010:
Pulaski County (821, up 8.03% from 2009)
Benton County (606, down 1.94% from 2009)
Washington County (361, up 2.85% from 2009)
Saline County (303, up 13.06% from 2009)
Sebastian County (248, up 0.81% from 2009)