Area home sales in May continue positive trend

Home sales in Crawford and Sebastian counties during May were up despite concerns of a falloff resulting from expiration of federal tax credits for certain homebuyers.

Crawford County saw 63 new and existing homes sold in May, up 7% compared to May 2009, while Sebastian County saw a 29% increase with 143 homes sold in May. The figures are from the King Realty Group’s May report prepared by Realtor Ernie Schimmelman.

The federal tax credit provided 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.

May gains were not the national norm. According to a Wednesday (June 23) report from the U.S. Commerce, sales of new homes during May fell 33% to the lowest level since 1963 when the data was first collected. The Commerce Department report indicated seasonally adjusted sales of 300,000 new homes in May, well off market estimates of 410,000. The drop indicates a lack of buyer interest without the tax credits.

Schimmelman’s May report carries forward the sales trend reported in early June by the Arkansas Realtors Association. The number of new and existing homes sold in the January-April 2010 period in Crawford, Franklin and Sebastian counties totaled 590, up 1.8% over the same period in 2009. The value of those homes sold in the period totaled $70.252 million, up just 0.4% compared to the 2009 period, according to the ARA report released June 2.

“May’s results for Crawford and Sebastian Counties continued the growth trend started in March. All three months matched or exceeded the results for the same periods in 2008 and 2009. This is good news and signifies, to me, that the region’s market is in better health,” Schimmelman noted in the report.

The King Realty Market Group Report (as prepared by Ernie Schimmelman):
Crawford County (May)
Homes listed: 370
Homes sold, May 2010: 63
Homes sold, May 2009: 59
Mean price, May (rolling 12-month rate): $120,378
Homes listed $0 to $200,000: 278
Homes listed $201,000 to $500,000: 81
Homes listed $501,000 and up: 11

Sebastian County (May)
Homes listed: 898
Homes sold, May 2010: 143
Homes sold, May 2009: 111
Mean price, May (rolling 12-month rate): $128,842
Homes listed $0 to $200,000: 656
Homes listed $201,000 to $500,000: 195
Homes listed $501,000 and up: 47