Area home sales down 13%

The number of homes sold in the Fort Smith area is down 13.39% during the first half of 2011, with homes sold statewide down 11.16%.

The Arkansas Realtors Association reported Tuesday (July 26) that 11,190 homes were sold statewide during the first six months of 2011, down 11.16% compared to the 2010 period. The value of those homes sold totaled $1.589 billion, down 12.28% compared to the 2010 period.

Despite the overall decline, the ARA suggests the second half of the year will see improvements.

"Our data shows that Arkansas Realtors sold a total of 4,558 units during the first three months of the year.  In April, May and June, Realtors sold a total of 6,607 units," Amy Glover Bryant, ARA director of communications, said in the statement. "Our data also shows that June home sales were 9 percent higher than May and that home prices increased by 7 percent during the two months. I feel confident that this upward trend will continue and we will see a sizable jump in July’s housing numbers."

June did see a big gain in Crawford County home sales. The county had 72 home sales in June, up 67.4% compared to June 2010. For the first half of the year, 264 homes have been sold, down 5.38% compared to the 2010 period.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 860 during the first six months of 2011, down 16% during the first five months of 2011 compared to 15% during the first five months of 2011. The value of homes sold in the Fort Smith area during the first half of 2011 is $101.199 million, down 18.77% compared to the 2010 period.

Sebastian County sales during the first six months total $69.635 million, down 21.1%, with Crawford County sales of $29.336 million down 12.56% for the first five months.

Declines in the number and value of homes sold in the Fort Smith area continues a trend in which 2010 marked the fourth consecutive year of decline in the residential real estate market. 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.

June also included a decline in the inventory of homes for sale in Crawford and Sebastian counties. According to a Weichert-King Realty Group report produced by Realtor Ernie Schimmelman, Between January 2009 and January 2011, the number of new and existing homes for sale in the two counties increased 38.8% (1,023 up to 1,420). The inventory level rose to 1,556 in May, but fell back to 1,415 in June.

NWA, CENTRAL ARKANSAS FIGURES
Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 2,835 for the first six months of 2011, up 1.28% compared to the 2,799 in the 2010 period. The value of homes sold in the two counties during the first five months was $426.036 million, down 3.98% 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.

Homes sales in central Arkansas (Pulaski, Saline, Faulkner, Lonoke and Grant counties ) fell 6% in June compared to June 2010. Valuations were down about 6.6% and average sales prices for central Arkansas were relatively flat, down 0.6% to $171,349 in June.

Year-to-date, home sales are down about 18.4% in central Arkansas.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-June 2011: 264
Jan.-June 2010: 279
-5.38%

Franklin County
Jan.-June 2011: 35
Jan.-June 2010: 36
-2.78%

Sebastian County
Jan.-June 2011: 561
Jan.-June 2010: 678
-17.26%

Value of homes sold
Crawford County
Jan.-June 2011:  $29.336 million
Jan.-June 2010:  $33.551 million
-12.56%

Franklin County
Jan.-June 2011: $2.228 million
Jan.-June 2010: $2.787 million
-20.06%

Sebastian County
Jan.-June 2011:  $69.635 million
Jan.-June 2010:  $88.253 million
-21.1%

Average price of homes sold
Crawford County
Jan.-June 2011:  $111,124
Jan.-June 2010:  $120,256
-7.59%

Franklin County
Jan.-June 2011:  $63,673
Jan.-June 2010:  $77,443
-17.78%

Sebastian County
Jan.-June 2011:  $124,128
Jan.-June 2010:  $130,168
-4.64%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-June 2011:
Pulaski County (1,1885, down 17.43% from 2010)
Benton County (1,752, up 2.58% from 2010)
Washington County (1,083, down 0.73% from 2010)
Garland County (605, down 7.35% from 2010)
(tie) Sebastian County (561, down 17.26% from 2010)
(tie) Faulkner County (561, down 14.61% from 2010)