Statewide home sales down 26.7%; down 48% in Fort Smith area

October was a tough month for Arkansas real estate sales, with the number of homes sold statewide down 26.77% and the value of homes sold down 23.13%.

The number of new and existing homes sold during October 2010 in Crawford, Franklin and Sebastian counties totaled 101, down 48.73% compared to October 2009. The value of the homes sold during October in the three counties totaled $12.834 million, down 47.85% compared to October 2009.

The statewide report, released Wednesday (Nov. 24) by the Arkansas Realtors Association, reinforces the King Realty Group October report from Ernie Schimmelman.

For the first 10 months of 2010, the number of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,503, down 10.69% compared to the same period in 2009. The value of the homes sold during the first 10 months totals $191.996 million, down 7.1% compared to the $206.686 million during the first 10 months of 2009.

Statewide, the number of homes sold during October totaled 1,748, compared to 2,387 in October 2009. For the first 10 months of 2010, home sales statewide total 20,287, down 3.73% compared to the 2009 period.

Arkansas and the Fort Smith region is on track for the third consecutive year of declines in the number of homes sold. There were 1,948 homes sold during 2009 in Crawford, Franklin and Sebastian counties, down 6.39% from the 2,081 sold in 2008. Area homes sales in 2008 were 12.5% below those of 2007. Home sales statewide totaled 24,862 during 2009, just 0.95% below 2008 sales. Statewide home sales in 2008 were down 18.16% from 2007.

Home sales in the first half of 2010 were boosted in the region and around the state by a federal tax credit for certain homebuyers. While there were exceptions, the credit effectively expired by June. 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. By July, the number of homes sold in the area was down compared to the 2009 period.

In the Northwest Arkansas economy, home sales are down, with year-to-date, home sales in Benton and Washington counties down 7.29% and down 4.98%, respectively.

According to this report from First Arkansas News, home sales in central Arkansas were down 34.77% in October and 6.83% in the first 10 months of 2010 when compared to the same periods of time in 2009.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-Oct. 2010:  418
Jan.-Oct. 2009:  501
-16.57%

Franklin County
Jan.-Oct. 2010: 70
Jan.-Oct. 2009: 92
-23.91%

Sebastian County
Jan.-Oct. 2010:  1,015
Jan.-Oct. 2009:  1,090
-6.88%

Value of homes sold
Crawford County
Jan.-Oct. 2010:  $48.991 million
Jan.-Oct. 2009:  $59.997 million
-18.34%

Franklin County
Jan.-Oct. 2010:  $5.519 million
Jan.-Oct. 2009:  $6.7 million
-17.63%

Sebastian County
Jan.-Oct. 2010:  $137.486 million
Jan.-Oct. 2009:  $139,989 million
-1.79%

Average price of homes sold
Crawford County
Jan.-Oct. 2010:  $117,204
Jan.-Oct. 2009:  $119,755
-2.13%

Franklin County
Jan.-Oct. 2010:  $78,845
Jan.-Oct. 2009:  $82,831
8.26%

Sebastian County
Jan.-Oct. 2010:  $135,455
Jan.-Oct. 2009:  $128,431
5.47%

The top five Arkansas counties in terms of number of homes sold during Jan.-Oct. 2010:
Pulaski County (3,518, down 4.89% from 2009)
Benton County (2,758, down 7.29% from 2009)
Washington County (1,755, down 4.98% from 2009)
Saline County (1,220, up 1.16% from 2009)
Craighead County (1,134, down 0.7% from 2009)