Sebastian County home sales up, down in Crawford County

BusinessFort SmithNews on the Wire

by The City Wire staff ([email protected]) April 1, 2011 11:10 am 61 views 

Housing sales in the Fort Smith area continue to show mixed results and tepid recovery, with sales in Crawford County down 25% for the first two months and same-period sales in Sebastian County up 5.34%.

The number of new and existing homes sold during January and February in Crawford, Franklin and Sebastian counties totaled 193, down 4.9% compared to the 203 sold during the same period of 2010, according to a report released Friday (April 1) by the Arkansas Realtors Association.

The value of the homes sold during the first two months of 2011 in the three counties totaled $22.186 million, down 1.8% compared to the 2010 period.

February new and existing homes sales in Crawford County totaled 23, down 25.81% compared to February 2010. February sales in Sebastian County totaled 70, up 6.06% compared to February 2010.

The relatively slow start to 2011 follows 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.

A bright spot is in the more than 6% increase in average home prices in Sebastian County. For the first two months of the year, the average price was $119,327, up 6.17% compared to $112,396 for the same period of 2010.

Statewide, home sales during February totaled 1,368, down 5.85% compared to February 2010. The value of homes sold statewide totaled $186.458 million in February, down 4.35% compared to the 2010 period.

“As is typical for the first quarter of any year, Arkansas home sales are sluggish,” Amy Glover Bryant, ARA director of communications, said in a statement. “However, for the year to date the report reflects increases, though small, in the areas of units sold, home values and average home prices. We see this as an encouraging sign when you take in to consideration that during the same period last year the federal government was rolling out the first-time home buyer tax credit. In short, we are holding our own."

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 614 for the first two months of 2011, up 16.7% compared to the 2010 period. The value of homes sold in the two counties during January and February was $92.021 million, up 17.4% compared to the 2010 period.

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.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-Feb. 2011: 48
Jan.-Feb. 2010: 64
-25%

Franklin County
Jan.-Feb. 2011: 7
Jan.-Feb. 2010: 8
-12.5%

Sebastian County
Jan.-Feb. 2011: 138
Jan.-Feb. 2010: 131
5.34%

Value of homes sold
Crawford County
Jan.-Feb. 2011:  $5.15 million
Jan.-Feb. 2010:  $7.305 million
-29.5%

Franklin County
Jan.-Feb. 2011:  $569,296
Jan.-Feb. 2010:  $567,792
0.26%

Sebastian County
Jan.-Feb. 2011:  $16.467 million
Jan.-Feb. 2010:  $14.723 million
11.84%

Average price of homes sold
Crawford County
Jan.-Feb. 2011:  $107,293
Jan.-Feb. 2010:  $114,155
-6%

Franklin County
Jan.-Feb. 2011:  $81,328
Jan.-Feb. 2010:  $70,974
14.59%

Sebastian County
Jan.-Feb. 2011:  $119,327
Jan.-Feb. 2010:  $112,396
6.17%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-Feb. 2011:
Pulaski County (411, down 8.26% from 2010)
Benton County (367, up 15.77% from 2010)
Washington County (247 up 18.18% from 2010)
Craighead County (196, up 28.95% from 2010)
Garland County (154, down 23% from 2010)