Fort Smith metro home sales up 11.2%, value of sales up more than 12%

Low interest rates and the desire to find a better home within which to ride out the COVID-19 storm are some of the reasons behind a more than 11% rise in Fort Smith metro home sales between January and August, according to an area Realtor.

There were 2,513 homes sold in the metro during the first eight months of 2020, up 11.2% compared with the 2,260 during the same period in 2019. The pace of growth increased over the 6.2% gain in the first half of 2020. The value of those homes sold was $387.708 million, up 12.4% compared with the same period in 2019.

The average price of the homes sold during the eight-month period was $154,281, up from $152,589 in the same period of 2019, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

“With the interest rates where they are and the amount of time people have been spending stay-cationing, people have been able to save money for down payments and afford to get into nicer, larger areas with room they’ve only dreamed of in years past,” Milton said.

Home sales in Sebastian County, the region’s largest, accounted for 48.8% of area sales in the first eight months, with the number of homes sold totaling 1,226, up 12% from the same period of 2019. The value of homes sold in the first eight months was $199.204 million, up 6% from the $187.885 million during the same period of 2019.

The average home price in Sebastian County was $162,483 in the first eight months of 2020, down from the $171,742 in the same period of 2019. Days on market fell from 105 in the first eight months of 2019 to 103 in the same period of 2020.

Crawford County home sales accounted for 19.9% of regional home sales with 499 homes sold in the first eight months, up slightly over the 489 in the same period in 2019. The value of homes sold in the region was $81.032 million, up 16.3% compared with the $69.689 million in the same period in 2019. The average home sales price was $162,390 in the first eight months of 2020, up from $142,514 in the same period of 2019. Days on market fell from 88 in the first eight months of 2019 to 86 in the same period of 2020.

Milton said the return to school briefly slowed sales but the pace has returned, with an emerging issue being the low number of homes on the market.

“We’ve seen a brief let up but not a pause in incoming new buyers, but it is normal to expect that when school starts back up every year. We haven’t had the normal lulls throughout the year like in years past. We’ve had about a week and a half to two weeks of slow down but it’s already picking back up again. It seems like we’ve still got quite a bit going on in our immediate future. The problem we’re experiencing now is low inventory. New listings that are move-in ready or priced to reflect the work needed aren’t staying available for long. I’ve had so many multiple offer situations lately that I stopped counting after 15 in a row,” she said.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-August 2020
Homes sold: 2,513
Value of home sales: $387.708 million
Average price: $154,281

January-August 2019
Homes sold: 2,260
Value of home sales: $344.851 million
Average price: $152,589

• Sebastian County
January-August 2020
Homes sold: 1,226
Value of home sales: $199.204 million
Average price: $162,483

January-August 2019
Homes sold: 1,094
Value of home sales: $187.885 million
Average price: $171,742

• Crawford County
January-August 2020
Homes sold: 499
Value of home sales: $81.032 million
Average price: $162,390

January-August 2019
Homes sold: 489
Value of home sales: $69.689 million
Average price: $142,514

• Franklin County
January-August 2020
Homes sold: 98
Value of home sales: $11.658 million
Average price: $118,968

January-August 2019
Homes sold: 74
Value of home sales: $8.649 million
Average price: $116,884

• Logan County
January-August 2020
Homes sold: 85
Value of home sales: $10.177 million
Average price: $119,732

January-August 2019
Homes sold: 61
Value of home sales: $6.95 million
Average price: $113,938

• Scott County
January-August 2020
Homes sold: 27
Value of home sales: $3.161 million
Average price: $117,095

January-August 2019
Homes sold: 30
Value of home sales: $2.96 million
Average price: $98,676