Area home sales up 8.4% in first half of 2010

BusinessFort SmithNews on the Wire

by The City Wire staff ([email protected]) August 31, 2010 10:34 am 59 views 

Editor’s note: Following is the story based on an amended report from the Arkansas Realtors Association. The ARA released its June report on Aug. 24, but the report contained too many errors and, although other media outlets wrote stories based on the numbers, The City Wire chose to wait for a more correct report. The ARA’s amended report noted that it found and corrected inaccuracies in the figures for Cleburne, Crawford, Franklin, Garland, Jefferson, Lonoke, Madison, Polk and Pulaski counties.

The number of new and existing homes sold during the January-June 2010 period in Crawford, Franklin and Sebastian counties totaled 974, up 8.4% over the same period in 2009.

Sebastian County home sales have helped boost the regional stats, with home sales up more than 14% in the county for the first half of 2010.

The value of those homes sold in the period totaled $121.591 million, up 11.85% compared to the 2009 period, according to an amended report released Aug. 30 by the Arkansas Realtors Association.

January-June home sales in Arkansas totaled 12,532, up 12.54% over the 2009 period. The value of homes sold January-June totaled $1.797 billion, up 10.89% compared to the 2009 period.

Home sales in the first half of 2010 were boosted by a federal tax credit. With that credit now expired, many housing market watchers expect a relative decline in home sales the remaining months of 2010. 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.

Evidence of that decline has been seen in Crawford and Sebastian county home sales during July. Home sales during July in Crawford and Sebastian counties were down more than 39% compared to July 2009. Crawford County saw 31 new and existing homes sold in July, down 35% compared to July 2009, while Sebastian County saw a 40% decline with 84 homes sold. The figures are from the King Realty Group’s July report prepared by Realtor Ernie Schimmelman.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-June 2010:  276
Jan.-June 2009:  280
-1.43%

Franklin County
Jan.-June 2010:  35
Jan.-June 2009:  37
-5.41%

Sebastian County
Jan.-June 2010:  663
Jan.-June 2009:  581
14.11%

Value of homes sold
Crawford County
Jan.-June 2010:  $32.148 million
Jan.-June 2009:  $33.318 million
0.94%

Franklin County
Jan.-June 2010:  $3.024 million
Jan.-June 2009:  $2.539 million
-3.38%

Sebastian County
Jan.-June 2010:  $86.419 million
Jan.-June 2009:  $72.849 million
18.63%

Average price of homes sold
Crawford County
Jan.-June 2010:  $116,479
Jan.-June 2009:  $118,996
-2.12%

Franklin County
Jan.-June 2010:  $57,194
Jan.-June 2009:  $55,645
2.78%

Sebastian County
Jan.-June 2010:  $130,346
Jan.-June 2009:  $125,386
3.96%

The top five Arkansas counties in terms of number of homes sold during Jan.-June 2010:
Pulaski County (2,283, up 14.38% from 2009)
Benton County (1,667, up 6.04% from 2009)
Washington County (1,050, up 14.13% from 2009)
Saline County (783, up 22.34% from 2009)
Sebastian County (663, up 14.11% from 2009)