Arkansas Home Sales Down In August, Numbers Still Up Year-To-Date

Year-to-date home sales and sales volume in Arkansas through August remains positive, but August home sales were down more than 5% and the total value of those homes sold were down more than 8%.

Home sales in Arkansas’ four largest metro areas during the first eight months of 2014 totaled 14,527, up 3.65% compared to the same period in 2013, according to The City Wire’s Arkansas Home Sales Report. The average price per home sold in the four markets was $165,056, down 2.31% compared to the same period in 2013, and the total value of $2.397 billion in the four markets was up 1.25%.

The year-to-date comparisons are up against what was a robust 2013 in terms of Arkansas home sales and sales values. For example, the 2014 year-to-date home sales are up 17.4% over the same period in 2012 and the value of home sales is up 19.04% compared to the same period in 2012.

The City Wire’s Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties within its four largest metro areas — Central Arkansas, the Fort Smith area, Jonesboro/Northeast Arkansas and Northwest Arkansas. The report, which records closed sales, accounts for between 70% and 75% of total Arkansas home sales.

Bob Downum, broker with Weichert Downum Group in Springdale, said the numbers are strong on the surface.

“They’re steady, no big surges up or down and while overall sales are lagging last year, 2014 is a lot better than 2012,” Downum said. “It looks to be a sustainable pace.”

Larry Stanfill, a broker with Chuck Fawcett Realty’s Greenwood office near Fort Smith, said the back half of a year is sometimes slower, but he continues to be busy.

“We will probably remain steady, but winter months are typically the slower months. As for me, I’m having the best year I’ve ever had and I still have quite a bit going on for closings in the next month and I’m hoping it holds,” Stanfill said.

AUGUST NUMBERS
August home sales in the four markets totaled 2,048, down 5.62% compared to August 2013, and up 17.36% compared to August 2012. The average price per home in the four markets during August was $168,896, down 3.03% compared to August 2013, and down 3.06% compared to August 2012. The total value of sales in the four markets during August was $345.899 million, down 8.48% compared to August 2013 and up 13.77% compared to August 2012.

There were 897 homes sold in central Arkansas, down 5.68% compared to August 2013, and up 15% compared to August 2012.

August home sales totaled 742 in Northwest Arkansas, down 9.18% compared to August 2013, and up 16.85% compared to August 2012.

Jonesboro area home sales totaled 223, up 9.31% compared to August 2013 and up 29.65% compared to August 2012.

In the Fort Smith area, home sales totaled 186, down 6.06% compared to August 2013, and up 17.72% compared to August 2012.

The total value of the sales during August were down 8.71% in central Arkansas, down 7.14% in Northwest Arkansas, down 5.45% in the Jonesboro area, and down 17.78% in the Fort Smith region.

THE REGIONAL PICTURE: 2014
Central Arkansas — Home sales
Jan.-August 2014: 6,827
Jan.-August 2013: 6,535
Jan.-August 2012: 5,894

Fort Smith area — Home sales
Jan.-August 2014: 1,320
Jan.-August 2013: 1,162
Jan.-August 2012: 1,084

Jonesboro area — Home sales
Jan.-August 2014: 1,513
Jan.-August 2013: 1,297
Jan.-August 2012: 1,188

Northwest Arkansas — Home sales
Jan.-August 2014: 4,867
Jan.-August 2013: 5,022
Jan.-August 2012: 4,208

The top five counties in terms of Jan.-August 2014 home sales:
Pulaski — 3,171, up compared to 3,025 in 2013
Benton — 3,087, down compared to 3,146 in 2013
Washington — 1,780, down compared to 1,876 in 2013
Craighead — 1,198, up compared to 1,029 in 2013
Saline — 1,105, up compared to 1,034 in 2013

Read more data and insight on the latest home sales figures at this link.