Area home sales see steep decline

The value of homes sold in the Fort Smith area is down almost $19 million in the first five months of 2011, continuing a trend in which 2010 marked the fourth consecutive year of decline in the residential real estate market.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties were down 16% during the first five months of 2011 compared to 15% during the first five months of 2011.

The Arkansas Realtors Association reported Monday (June 27) that 9,225 homes were sold statewide during the first five months of 2011, down 12.67% compared to the 2010 period. The value of those homes sold totaled $1.286 billion, down 14.02% compared to the 2010 period.

High fuel prices, bad weather in April and comparisons against the first half of 2010 when a federal tax credit was in place for first-time home buyers were cited by the ARA as reasons for the poor numbers.

FORT SMITH METRO
There were 687 homes sold in Crawford, Franklin and Sebastian counties during the first five months of 2011, down 16% compared to the 2010 period.

Home sales between January-May in Sebastian County total 451, and total 190 in Crawford County, down 17.7% and 19.49%, respectively.

The value of homes sold in Crawford, Franklin and Sebastian counties during the first five months of 2011 totaled $81.378 million, down 18.9% compared to the $100.353 million in the 2010 period. Sebastian County sales during the first five months total $55.772 million, down 19.16%, with Crawford County sales of $21.926 million down 22.51% for the first five months.

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.

Declining home sales are resulting in a build-up of inventory in the area, according to a Weichert-King Realty Group report produced by Realtor Ernie Schimmelman. Between January 2009 and May 2011, the number of new and existing homes for sale in Crawford and Sebastian counties is up 52.1%, according to Schimmelman’s report. The two counties had 1,566 homes for sale in May, with 1,219 of those (77.8%) priced at or below $200,000.

NWA FIGURES
The Northwest Arkansas residential market is holding relatively steady.

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 2,187 for the first five months of 2011, down just 1.04% compared to the 2,210 in the 2010 period. The value of homes sold in the two counties during the first five months was $322.747 million, down 7.3% 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.-May 2011: 190
Jan.-May 2010: 236
-19.49%

Franklin County
Jan.-May 2011: 46
Jan.-May 2010: 34
35.29%

Sebastian County
Jan.-May 2011: 451
Jan.-May 2010: 548
-17.7%

Value of homes sold
Crawford County
Jan.-May 2011:  $21.926 million
Jan.-May 2010:  $28.295 million
-22.51%

Franklin County
Jan.-May 2011: $3.68 million
Jan.-May 2010: $3.063 million
20.15%

Sebastian County
Jan.-May 2011:  $55.772 million
Jan.-May 2010:  $68.995 million
-15.49%

Average price of homes sold
Crawford County
Jan.-May 2011:  $115,403
Jan.-May 2010:  $119,896
-3.75%

Franklin County
Jan.-May 2011:  $80,018
Jan.-May 2010:  $90,107
11.2%

Sebastian County
Jan.-May 2011:  $123,664
Jan.-May 2010:  $125,904
-1.78%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-May 2011:
Pulaski County (1,489, down 18.28% from 2010)
Benton County (1,331, down 0.37% from 2010)
Washington County (856, down 2.06% from 2010)
Craighead County (707, down 6.23% from 2010)
Garland County (486, down 24.06% from 2010)