Arkansas’ Large Market Home Sales Up Nearly 4% In 2014

The question for Arkansas’ home sales market going into 2014 was if the healthy pace of growth in 2013 could be maintained. It could, and it was. There were 21,447 homes sold in Arkansas’ four largest markets in 2014, up 3.8% over 2013 and up 17.33% over 2012.

Not keeping pace was the average home price. That average was $165,714 in the four markets, down 0.54% compared to 2013, but up 1.39% compared to 2012, according to The City Wire’s Arkansas Home Sales Report.

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.

The total value of home sold in the four markets during 2014 was $3.554 billion, up 3.24% over 2013 and up 18.97% compared to 2012.

Gains in the number of homes sold in 2014 certainly varied by market. Sales totaled 9,904 in central Arkansas, up 2.32%. In the Fort Smith region, which has an economy not yet on stable footing, home sales were up a surprising 14.33% for the year.

Kevin King, owner of Weichert King Realty Group, said his Fort Smith firm posted a banner year.

“Our sales volume was up 22% in 2014 and the agent average for the office was 15 sales. That’s not bad for a growing office. We are back to 2005 sales levels, just before the bubble began to inflate,” King said.

In the booming Northwest Arkansas region, home sales totaled 7,314, up just 0.63% over 2013. However, Benton County had the most home sales – 4,671 – in 2014 of any Arkansas county. Pulaski County was second with 4,548 home sales in 2014.

George Faucette, co-owner of the Northwest Arkansas Coldwell Banker franchise, said the market was off slightly in 2014, primarily due to fewer closings in November and December compared to prior years.

“We have not compiled our final 2014 stats but my projection is that our company will also be off comparatively. In my opinion, this is due to two factors, a leveling off of the pent-up demand seen in 2013 and a tighter inventory of home in most price ranges in the latter half of 2014,” Faucette said.

Home sales in the Jonesboro market totaled 2,234 – the first time ever for more than 2,000 home sales in that market – during 2014, up 13.4%.

THE REGIONAL PICTURE: 2014
Central Arkansas — Home sales
Jan.-Dec. 2014: 9,904
Jan.-Dec. 2013: 9,679
Jan.-Dec. 2012: 8,791

Fort Smith area — Home sales
Jan.-Dec. 2014: 1,995
Jan.-Dec. 2013: 1,745
Jan.-Dec. 2012: 1,616

Jonesboro area — Home sales
Jan.-Dec. 2014: 2,234
Jan.-Dec. 2013: 1,970
Jan.-Dec. 2012: 1,745

Northwest Arkansas — Home sales
Jan.-Dec. 2014: 7,314
Jan.-Dec. 2013: 7,268
Jan.-Dec. 2012: 6,127

The top five counties in terms of Jan.-Dec. 2014 home sales:
Benton — 4,671, up compared to 4,596 in 2013
Pulaski — 4,548, up compared to 4,499 in 2013
Washington — 2,643, down compared to 2,672 in 2013
Craighead — 1,787, up compared to 1,561 in 2013
Saline — 1,648, up compared to 1,570 in 2013

DECEMBER NUMBERS
December home sales in the four markets totaled 1,573, up 1.61% compared to December 2013, and up 23.28% compared to December 2012. The average price per home in the four markets during December was $165,472, up just 0.01% compared to December 2013, and down 2.19% compared to December 2012.

The total value of sales in the four markets during December was $260.287 million, up 1.63% compared to December 2013 and up 20.58% compared to December 2012.

There were 690 homes sold in central Arkansas, down 6.63% compared to December 2013, and up 17.15% compared to December 2012.

December home sales totaled 556 in Northwest Arkansas, up 1.46% compared to December 2013, and up 24.66% compared to December 2012.

Jonesboro area home sales totaled 178, up 47.11% compared to December 2013 and up 50.85% compared to December 2012.

In the Fort Smith area, home sales totaled 149, up 6.43% compared to December 2013, and up 21.14% compared to December 2012.

The total value of the sales during December were down 5.97% in central Arkansas, up 4.64% in Northwest Arkansas, up 35.97% in the Jonesboro area, and up 4.93% in the Fort Smith region.