Fort Smith area home sales up in July

The number of homes sold in the Fort Smith area (Crawford, Franklin and Sebastian counties) during July was up 20% with the number of homes sold in the area during the first seven months of 2011 down 9.39%.

The Arkansas Realtors Association (ARA) reported Tuesday (Aug. 30) that 13,453 homes were sold statewide during the first seven months of 2011, down 7.7% compared to the 2010 period. The value of those homes sold totaled $1.918 billion, down 8.87% compared to the 2010 period.

Statewide, home sales during July totaled 2,167, up 19.79% compared to July 2010.

“For the year Arkansas is in line with the rest of the region and the nation,” Amy Glover Bryant, ARA director of communications, said in the housing report statement. “We are cautiously optimistic about this improvement and, while we are looking forward to a strong August and September reports, we recognize that the fourth quarter could be challenging as the U.S. economy continues to struggle.”

However, the once troubled housing market in Northwest Arkansas is regaining some stability.

Home sales in Benton County totaled 290 in July, up 28.32% over July 2010. For the first seven months of 2011, the number of homes sold in Benton County is 2,052, up 6.1% from 2010.

Home sales in Washington County totaled 200 in July, up compared to the 175 in July 2010. For the first seven months of 2011, the number of homes sold in Washington County is 1,290, up 1.9% from 2010.

July saw 42 homes sold in Crawford County, up 31.25% compared to July 2010; 9 homes sold in Franklin County, compared to 5 in July 2010; and 99 homes sold in Sebastian County, up 12.5%.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,022 during the first seven months of 2011, down 9.39% compared to the 2010 period. The value of homes sold in the Fort Smith area during the first seven months of 2011 is $122.841 million, down 13.6% compared to the 2010 period.

Sebastian County sales during the first seven months total $83.425 million, down 17.2%, with Crawford County sales of $34.12 million down 8.38% for the first seven months.

“2010 is difficult to make comparisons to because the government stimulus in March to May skewed normal market results,” said Fort Smith area Realtor Ernie Schimmelman. “I believe it’s more telling to compare Sebastian County’s 2011 activity to 2009 and 2008 wherein you see normal market surges in July with the gradual tapering off for the rest of the year. Using this comparison I’d say we need to wait and see what happens in August to determine if July’s (year-to-date) downtrend continues through the remainder of 2011.”

The year-to-date dip 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.

The inventory of homes for sale in Crawford and Sebastian counties remains higher than just a few years ago. According to a Weichert-King Realty Group report produced by 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 1,421 in July.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-July 2011: 306
Jan.-July 2010: 311
-1.61%

Franklin County
Jan.-July 2011: 61
Jan.-July 2010: 51
19.61%

Sebastian County
Jan.-July 2011: 655
Jan.-July 2010: 766
-14.49%

Value of homes sold
Crawford County
Jan.-July 2011:  $34.12 million
Jan.-July 2010:  $37.241 million
-8.38%

Franklin County
Jan.-July 2011: $5.296 million
Jan.-July 2010: $4.181 million
26.66%

Sebastian County
Jan.-July 2011:  $83.425 million
Jan.-July 2010:  $100.757 million
-17.2%

Average price of homes sold
Crawford County
Jan.-July 2011:  $111,504
Jan.-July 2010:  $119,747
-6.88%

Franklin County
Jan.-July 2011:  $86,822
Jan.-July 2010:  $81,985
-5.9%

Sebastian County
Jan.-July 2011:  $127,367
Jan.-July 2010:  $131,537
-3.17%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-July 2011:
Pulaski County (2,280, down 12.34% from 2010)
Benton County (2,052, up 6.1% from 2010)
Washington County (1,290, up 1.9% from 2010)
Saline County (761, down 16.65% from 2010)
Faulkner County (684, down 9.64% from 2010)