Fort Smith area home sales down 13% in January

2011 did not get off to a good start for the Fort Smith regional housing market. In fact, of Arkansas’ top three metro areas, the Fort Smith metro area was the only one to see a January decline in the number of home sales.

The number of new and existing homes sold during January in Crawford, Franklin and Sebastian counties totaled 89, down 13.48% compared to the 101 sold during January 20010 according to a report released Monday (Feb. 28) by the Arkansas Realtors Association.

The value of the homes sold during January in the three counties totaled $9.981 million, down 15.3% compared to the 2010 period.

Of counties with more than 20 home sales in January, Crawford County saw the biggest percentage decline (down 27.27%) in the number of homes sold. The county also saw an unfortunate decline in the average home price, with the January average of $105,673 being a 14.35% decline compared to January 2010.

January’s lackluster numbers follow a 2010 that marked the fourth consecutive year of declining home sales in the Fort Smith region. The number of new and existing homes sold during 2010 in Crawford, Franklin and Sebastian counties totaled 1,866, down 6.4% compared to 2009. The 2009 numbers were down 6.39% from the 2,081 sold in 2008, and the 2008 sales were 12.5% below those of 2007.

However, home sales in other parts of the state showed improvements. Statewide, home sales during January totaled 1,284, up 14.64% compared to January 2010. The value of homes sold statewide totaled $179.84 million in January, up 16.99% compared to the 2010 period.

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 317 during January, up an impressive 40.88% compared to January 2010. The value of homes sold in the two counties during January was $46.641 million, 31.6% compared to January 2010.

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 5,341 during 2010, down 7.97% compared to 2009. The value of homes sold in the two counties during 2010 was $864.408 million, down 8.15% compared to 2009.

Amy Glover Bryant, director of communications for the Arkansas Realtors Association, noted in the report that January home sales were almost 15% above January 2010 home sales when the first-time homebuyer’s tax credit was in effect. That credit effectively ended in June 2010.

“While home prices in Arkansas are still sluggish, this was a solid month for home sales,” Bryant noted in the statement. “This report represents the second month in a row that the Arkansas real estate market has seen a positive uptick in sales and, while we are cautious about declaring it a market recovery, today’s report seems to represent that the market is finding some footing as consumer confidence, the economy and jobs slowly improve.”

REAL ESTATE STATS
Number of homes sold
Crawford County
January 2011: 24
January 2010: 33
-27.27%

Franklin County
January 2011: 2
January 2010: 3
-33.3%

Sebastian County
January 2011: 63
January 2010: 65
-3.08%

Value of homes sold
Crawford County
January 2011:  $2.536 million
January 2010:  $4.071 million
-37.71%

Franklin County
January 2011:  $190,900
January 2010:  $309,500
-38.32%

Sebastian County
January 2011:  $7.254 million
January 2010:  $7.404 million
-2.03%

Average price of homes sold
Crawford County
January 2011:  $105,673
January 2010:  $123,377
-14.35%

Franklin County
January 2011:  $95,450
January 2010:  $103,167
-7.48%

Sebastian County
January 2011:  $115,145
January 2010:  $113,911
1.08%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during January 2011:
Pulaski County (187, up 2.75% from 2010)
Benton County (182, up 40% from 2010)
Washington County (135 up 42.11% from 2010)
Craighead County (96, up 41.18% from 2010)
Saline County (73, up 12.31% from 2010)