Fort Smith metro home sales up 5.3% in the first four months of 2020

The COVID-19 pandemic has not slowed Fort Smith metro home sales. Five counties in the Arkansas part of the metro and adjacent areas in eastern Oklahoma had 1,050 home sales in the first four months of the year, up 5.3%, and the total value of the home sales was up 2.75%.

The average price of the homes sold during the four month period was $143,261, down from $146,832, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

Home sales in Sebastian County, the region’s largest, accounted for 47.3% of area sales in the first four months, with the number of homes sold totaling 497, just ahead of the 485 in the same period of 2019. However, the value of homes sold in the first four months was $75.553 million down 7.5% compared with the $81.718 million during the same period of 2019.

The county also saw the average home price fall from $168,490 in the first four months of 2019 to %151,971 in the same period of 2020.

“Some people were relocating from different states but were previous homeowners and some were renting and excited to be a first time homeowner with the extremely low interest rates we currently have. It’s definitely been interesting though. I’ve had many more multiple offer situations arise recently than in times past,” Milton said of her experiences with home sales the past few months.

Crawford County home sales accounted for 21% of regional home sales with 221 homes sold in the first four months, up slightly over the 215 in the same period in 2019. The value of homes sold in the region was $33.787 million, up an impressive 19.3% compared with the same period in 2019. The average home sales priced jumped from $131,748 in the first four months of 2019 to $152,882 in the same period of 2020.

Existing home sales nationwide fell 17.8% in April, according to the National Association of Realtors. The month-to-month decline was the largest since a 22.5% dip in July 2010.

“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” Lawrence Yun, the group’s chief economist, said in a statement. “But the listings that are on the market are still attracting buyers and boosting home prices.”

Freddie Mac reported that the average loan commitment for a 30-year, conventional, fixed-rate mortgage dropped to 3.31% in April, down from 3.45% in March.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-April 2020
Homes sold: 1,050
Value of home sales: $150.425 million
Average price: $143,261

January-April 2019
Homes sold: 997
Value of home sales: $146.392 million
Average price: $146,832

• Sebastian County
January-April 2020
Homes sold: 497
Value of home sales: $75.553 million
Average price: $151,971

January-April 2019
Homes sold: 485
Value of home sales: $81.718 million
Average price: $168,490

• Crawford County
January-April 2020
Homes sold: 221
Value of home sales: $33.787 million
Average price: $152,882

January-April 2019
Homes sold: 215
Value of home sales: $28.326 million
Average price: $131,748

• Franklin County
January-April 2020
Homes sold: 42
Value of home sales: $4.257 million
Average price: $101,357

January-April 2019
Homes sold: 35
Value of home sales: $3.671 million
Average price: $104,885

• Logan County
January-April 2020
Homes sold: 27
Value of home sales: $2.915 million
Average price: $107,962

January-April 2019
Homes sold: 27
Value of home sales: $3.177 million
Average price: $117,666

• Scott County
January-April 2020
Homes sold: 8
Value of home sales: $737,070
Average price: $92,133

January-April 2019
Homes sold: 11
Value of home sales: $963,900
Average price: $87,627