Early 2020 home sales up 17.4% in the Fort Smith metro area

by Michael Tilley ([email protected]) 669 views 

Home buying activity in the Fort Smith metro was brisk in the first two months of 2020, with area homes sold totaling 486, up 17.4% over the 414 sold during the same period of 2019. The value of the homes sold in the metro was up almost 8%.

The average price for homes sold in the metro during January and February was $133,901, down from $145,656 in the same period of 2019, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith. The total value of the homes sold was $65.075 million, up 7.9% from the $60.301 million in the same period of 2019.

The impressive start to 2020 follows gains in 2019. There were 3,406 homes sold in the metro during 2019, with a total value of $512.491 million, up 2.8% and 8% respectively. The average sales price of homes sold in the region was $150,467, up from $143,284 in 2018. The average days on market was 102 in 2019, better than the 108 in 2018.

In Sebastian County, the largest population center in the metro, there were 223 homes sold January and February, up 10.4% over the same period in 2019. The value of the homes sold was $31.748 million, down 6.6% compared to the same 2029 period, and the average home price was $142,370, well below the $168,270 in the first two months of 2019. Homes sold in Sebastian County represented 47.6% of all home sales in the region.

Home sales in Crawford County, the second largest populated county in the region. totaled 106 in the first two months of 2020, up 23.2%. The value of the homes sold was $15.251 million, up 33.1% compared to the same period in 2029, and the average home price was $143,879, up over the $133.245 in the same period of 2019. Homes sold in Crawford County represented 21.8% of all home sales in the region.

Milton, who has sold homes in the region for six years and is a director on the Fort Smith Board of Realtors, said 2020 could be another good year for the market.

Milton said she continues to see first-time home buyers in March.

“I’m still getting leads for new buyer clients multiple times per week. I just received a new buyer yesterday and a new buyer today. … Right now the interest rates are really low so people are seeing how much less they could be paying in mortgage payments versus rent while gaining equity,” Milton said.

She also said there are many financing options available that prevent new and previous home buyers from “experiencing exorbitant costs in order to make their home purchase dream become reality.” As to any impact from the growing COVID-19 (coronavirus) threat, Milton said that has yet to be a headwind for Realtors.

“I’ve heard varying opinions on Corona but my favorite is, ‘I need to hurry to get my home closed so that when we get quarantined we have a nicer place to stay,’” Milton said.

Following are home sales data for the region and five counties within the region, which includes home sales in eastern Oklahoma.

• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-February 2019
Homes sold: 486
Value of home sales: $65.075 million
Average price: $133,901
Days on market: 111

January-February 2018
Homes sold: 414
Value of home sales: $60.301 million
Average price: $145,656
Days on market: 117

• Sebastian County
January-February 2019
Homes sold: 223
Value of home sales: $31.748 million
Average price: $142,370
Days on market: 104

January-February 2018
Homes sold: 202
Value of home sales: $33.99 million
Average price: $168,270
Days on market: 119

• Crawford County
January-February 2019
Homes sold: 106
Value of home sales: $15.251 million
Average price: $143,879
Days on market: 91

January-February 2018
Homes sold: 86
Value of home sales: $11.459 million
Average price: $133,245
Days on market: 95

• Franklin County
January-February 2019
Homes sold: 19
Value of home sales: $1.807 million
Average price: $95,147
Days on market: 138

January-February 2018
Homes sold: 17
Value of home sales: $1.292 million
Average price: $76,822
Days on market: 138

• Logan County
January-February 2019
Homes sold: 13
Value of home sales: $1.037 million
Average price: $79.822
Days on market: 154

January-February 2018
Homes sold: 9
Value of home sales: $1.374 million
Average price: $152,750
Days on market: 280

• Scott County
January-February 2019
Homes sold: 4
Value of home sales: $433,100
Average price: $108,274
Days on market: 24

January-February 2018
Homes sold: 5
Value of home sales: $319,400
Average price: $63,880
Days on market: 93

Facebook Comments