Regional, state home sales see April gains

The final push by homebuyers to take advantage of a federal tax credit before it expires likely helped keep Arkansas and Fort Smith regional home sales on a positive track during April.

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 a report released June 2 by the Arkansas Realtors Association.

However, percentage gains in regional home sales lag the statewide average.

April home sales in Arkansas totaled 2,652, up 25.09% over April 2009. For the first four months of 2010, statewide sales of new and existing homes totaled 7,446, up 11.7% compared to the 2009 period.

The federal tax credit cited for the Arkansas gains 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.

Also, the April sales presented a mixed bag for the Fort Smith region. There were 144 homes sold during April in Sebastian County, up 11.63% compared to April 2009. Crawford County posted just 52 homes sold, a 29.73% decline compared to April 2009.

The once booming residential market in Northwest Arkansas also saw potential benefits of the tax credit rush. Home sales in Benton and Washington counties totaled 1,561 for the first four months of 2010, up just 6.1% compared to the 2009 period. Year-to-date sales in the two counties were down 0.7% going into April.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-April 2010: 172
Jan.-April 2009: 178
-3.37%

Franklin County
Jan.-April 2010: 25
Jan.-April 2009: 26
-3.85%

Sebastian County
Jan.-April 2010: 393
Jan.-April 2009: 375
4.8%

• Value of homes sold
Crawford County
Jan.-April 2010: $20.615 million
Jan.-April 2009: $21.191 million
-2.72%

Franklin County
Jan.-April 2010: $1.851 million
Jan.-April 2009: $1.729 million
7.07%

Sebastian County
Jan.-April 2010: $47.786 million
Jan.-April 2009: $47.002 million
1.67%

• Average price of homes sold
Crawford County
Jan.-April 2010: $119,857
Jan.-April 2009: $119,055
0.67%

Franklin County
Jan.-April 2010: $74,078
Jan.-April 2009: $66,523
11.36%

Sebastian County
Jan.-April 2010: $121,593
Jan.-April 2009: $125,341
-2.99%

• The top five Arkansas counties in terms of number of homes sold during Jan.-April 2010:
Pulaski County (1,324, up 15.94% from 2009)
Benton County (958, up 2.13% from 2009)
Washington County (603, up 13.13% from 2009)
Saline County (479, up 25.39% from 2009)
Sebastian County (393, up 4.8% from 2009)