November another good month for area home sales

A more than 16% increase in area home sales during November continues gains seen in October. However, it may not be enough to end a trend of four consecutive years of declines in regional home sales.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,649 during the first 11 months of 2011, down just 0.48% compared to the 2010 period, according to an Arkansas Realtors Association report released Wednesday (Dec. 28). There were 1,866 homes sold in the three counties during all of 2010, according to ARA info provided in January.

The value of homes sold in the Fort Smith area during the first 11 months of 2011 is $205.15 million, down 2.53% compared to the 2010 period.

During November, home sales in the three regional counties totaled 146, up 16.8% compared to the 125 during November 2010. The October gain was 27.18%. The value of homes sold during November in the three counties was $15.86 million, up 28.2% from the $15.972 million in November 2010.

Entering 2011, the Fort Smith area was on 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.

Statewide, the number of homes sold during the first 11 months of 2011 total 22,267, down 0.38% compared to the 2010 period, according to the ARA. November home sales statewide totaled 1,759, up 8.92% compared to November 2010.

The value of statewide home sales during the first 11 months of 2011 totals $3.16 billion, down 2.36% compared to the 2010 period.

“These numbers are an outstanding sign that home buyers in Arkansas are growing in confidence and are taking advantage of the buyer’s market that continues to exist,” Amy Glover Bryant, director of communications for the ARA, said in a statement. 


According to the National Association of Realtors, nationwide single family home sales were up 12.9% over November 2010. The NAR also reported that in the South existing home sales increased 12.3% above a year ago while median home prices declined to $143,300, which is 2.1% below November 2010.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-Nov. 2011: 488
Jan.-Nov. 2010: 465
4.95%

Franklin County
Jan.-Nov. 2011: 100
Jan.-Nov. 2010: 86
16.27%

Sebastian County
Jan.-Nov. 2011: 1,061
Jan.-Nov. 2010: 1,106
-4.07%

Value of homes sold
Crawford County
Jan.-Nov. 2011:  $55.19 million
Jan.-Nov. 2010:  $53.829 million
2.53%

Franklin County
Jan.-Nov. 2011: $8.365 million
Jan.-Nov. 2010: $6.619 million
26.3%

Sebastian County
Jan.-Nov. 2011:  $141.595 million
Jan.-Nov. 2010:  $150.048 million
-5.63%

Average price of homes sold
Crawford County
Jan.-Nov. 2011:  $113,095
Jan.-Nov. 2010:  $115,762
-2.3%

Franklin County
Jan.-Nov. 2011:  $83,655
Jan.-Nov. 2010:  $76,972
8.68%

Sebastian County
Jan.-Nov. 2011:  $133,455
Jan.-Nov. 2010:  $135,668
-1.63%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-Nov. 2011:
Pulaski County (3,605, down 4.8% from 2010)
Benton County (3,303, up 9.8% from 2010)
Washington County (2,097, up 9.62% from 2010)
Craighead County (1,322, up 6.18% from 2010)
Saline County (1,248, down 5.24% from 2010)