Home sales down in Fort Smith, Northwest Arkansas areas

November home sales figures in the Fort Smith area and Northwest Arkansas are not pretty, with 2010 sales in both regions likely to fall below 2009, 2008 and 2007 levels.

Figures from the King Realty Group’s November report prepared by Realtor Ernie Schimmelman, show Crawford County with 41 homes sales in November, up 2.38% compared to November 2009. November sales in Sebastian County totaled 70, down 29% compared to November 2009.

Overall, sales in the two counties were down 19.56% in November.

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, according to the Arkansas Realtors Association. 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.

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.

“For November, Sebastian County continued the declining trend in sales that began in June, after the bubble created in April and May by the federal stimulus plan. Closings thus far in December indicate that Sebastian County will probably finish the year with fewer overall sales than 2009 and 2008,” Schimmelman noted in the report. “On the other hand, Crawford County experienced a surge in sales in November that brought it equal to or slightly better than 2009. However, even if December closings should continue at this rate, Crawford County will still finish the year with fewer overall sales than 2009 and 2008.”

The inventory of homes for sale in Crawford and Sebastian counties is up 13.3% for the first 11 months of 2010 (1,225 in January, 1,388 in November).

Home sales in Northwest Arkansas (Benton, Carroll, Madison and Washington counties) during November totaled 357, down 41.8% compared to November 2009, according to figures from Eric Harris, an agent with Weichert Realtors-Downum Group in Springdale.

For the first 11 months of 2010, 5,112 homes have been sold in the Northwest Arkansas market, down 9.79% compared to the 2009 period.

The King Realty Market Group Report (as prepared by Ernie Schimmelman):
Crawford County (November)
Homes listed: 414
Homes sold, November 2010: 41
Homes sold, November 2009: 42
Mean price, November (rolling 12-month rate): $118,622
Homes listed $0 to $200,000: 310
Homes listed $201,000 to $500,000: 93
Homes listed $501,000 and up: 11

Sebastian County (November)
Homes listed: 974
Homes sold, November 2010: 70
Homes sold, November 2009: 98
Mean price, November (rolling 12-month rate): $135,315
Homes listed $0 to $200,000: 741
Homes listed $201,000 to $500,000: 200
Homes listed $501,000 and up: 33