Regional home sales down year-to-date (Updated)

Area homes sales were up more than 27% during October, but the year-to-date sales numbers remain on the negative side.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,501 during the first 10 months of 2011, down 2% compared to the 2010 period, according to an Arkansas Realtors Association report released Monday (Dec. 5).

The value of homes sold in the Fort Smith area during the first 10 months of 2011 is $182.127 million, down 5.42% compared to the 2010 period.

During October, home sales in the three regional counties totaled 131, up 27.18% compared to the 103 during October 2010. The value of homes sold in the three counties was $15.86 million, up 22% from the $12.995 million in October 2010.

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.

Statewide, the number of homes sold during the first 10 months of 2011 total 20,880, down 0.26% compared to the 2010 period, according to the ARA. October home sales statewide totaled 1,825, up 0.66% compared to October 2010.

“Affordability and strong mortgage rates are certainly helping to drive this year’s improved numbers. We do expect a slow down as we move in to the fall and in to the holiday season when sales are traditionally slower," Amy Glover Bryant, director of communications for the ARA, said in a statement.

The value of statewide home sales during the first 10 months of 2011 totals $2.944 billion, down 2.83% compared to the 2010 period.

"Arkansas home sales continue to be steady," Amy Glover Bryant, director of communications for the ARA, said in a statement. "As analysts have long been aware, home sales traditionally drop off after August. The holiday season can also precipitate a drop in sales.”

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-Oct. 2011: 438
Jan.-Oct. 2010: 423
3.55%

Franklin County
Jan.-Oct. 2011: 91
Jan.-Oct. 2010: 76
15.38%

Sebastian County
Jan.-Oct. 2011: 972
Jan.-Oct. 2010: 1,033
-5.91%

Value of homes sold
Crawford County
Jan.-Oct. 2011:  $49.092 million
Jan.-Oct. 2010:  $49.453 million
-0.73%

Franklin County
Jan.-Oct. 2011: $5.27 million
Jan.-Oct. 2010: $3.885 million
35.6%

Sebastian County
Jan.-Oct. 2011:  $127.765 million
Jan.-Oct. 2010:  $139.23 million
-8.23%

Average price of homes sold
Crawford County
Jan.-Oct. 2011:  $112,084
Jan.-Oct. 2010:  $116,911
-4.13%

Franklin County
Jan.-Oct. 2011:  $87,843
Jan.-Oct. 2010:  $74,714
17.57%

Sebastian County
Jan.-Oct. 2011:  $131,446
Jan.-Oct. 2010:  $134,783
-2.48%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-Oct. 2011:
Pulaski County (3,312, down 5.86% from 2010)
Benton County (3,049, up 9.6% from 2010)
Washington County (1,945, up 9.45% from 2010)
Craighead County (1,529, up 28.06% from 2010)
Saline County (1,143, down 6.31% from 2010)