Value of area home sales down 14.8%

It’s a rough start for the Fort Smith area home sales market, with sales of new and existing homes in Crawford, Franklin and Sebastian counties down 13.6% during the first three months of 2011.

The Arkansas Realtors Association reported Thursday (May 5) that 4,556 homes were sold statewide during the first quarter of 2011, down 6.22% compared to the period. The value of those homes sold totaled $632.459 million, down 4.3% compared to the 2010 quarter.

The value of homes sold in Crawford, Franklin and Sebastian counties during the first quarter totaled $39.071 million, down 14.8%. Sebastian County sales during the quarter totaled $27.428 million, down 10.68%, with Crawford County sales of $10.565 million down 24.61% for the quarter.

“These reports reflect that Arkansas home sales appear to be on something of a roller coaster ride since the ending of the first time home buyer’s tax credit last year," Amy Glover Bryant, director of communications for the ARA, said in the report. "It is challenging to compete with a time period when home buyers were being encouraged to purchase using the tax credit. After speaking with Realtors around the state over the last few days, I anticipate this volatility may continue well in to the summer."

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.

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 1,049 for the first quarter of 2011, up 7.36% compared to the 2010 period. The value of homes sold in the two counties during the quarter was $159.037 million, up 10.3% 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.-March 2011: 93
Jan.-March 2010: 121
-23.14%

Franklin County
Jan.-March 2011: 13
Jan.-March 2010: 15
-13.3%

Sebastian County
Jan.-March 2011: 230
Jan.-March 2010: 253
-9.09%

Value of homes sold
Crawford County
Jan.-March 2011:  $10.565 million
Jan.-March 2010:  $14.014 million
-24.61%

Franklin County
Jan.-March 2011: $1.078 million
Jan.-March 2010: $1.189 million
-9.32%

Sebastian County
Jan.-March 2011:  $27.428 million
Jan.-March 2010:  $30.708 million
-10.68%

Average price of homes sold
Crawford County
Jan.-March 2011:  $113,608
Jan.-March 2010:  $115,821
-1.91%

Franklin County
Jan.-March 2011:  $82,962
Jan.-March 2010:  $79,290
4.63%

Sebastian County
Jan.-March 2011:  $119,256
Jan.-March 2010:  $121,378
-1.75%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-March 2011:
Pulaski County (769, down 6.33% from 2010)
Benton County (646, up 6.6% from 2010)
Washington County (403, up 8.63% from 2010)
Craighead County (334, up 7.05% from 2010)
Faulkner County (238, up 1.71% from 2010)