Home sale values up almost 20% in the Fort Smith metro

The pace of Fort Smith metro home sales increased in the past few months, with year-to-date sales through October up 14.6%. The sales growth through August was 11.2%. The value of metro home sales through October is up almost 20%.

There were 3,270 homes sold in the metro during the first 10 months of 2020, up 14.6% compared with the 2,853 during the same period in 2019. The pace of growth also increased over the 6.2% gain in the first half of 2020. The value of those homes sold was $518.186 million, up 19.9% compared with the same period in 2019.

The average price of the homes sold during the eight-month period was $158,467, up from $151,486 in the same period of 2019, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

“The low interest rates have continued to be a major driving force locally. I’ve seen quite a few more out of state buyers lately purchasing with cash as well,” Milton said of the continued strength in the market. “A lot of the feedback I’ve received has been that with more and more  buyers working from home and/or homeschooling, they are wanting more space than they have in their current closer quarters.”

Home sales in Sebastian County, the region’s largest, accounted for 49% of area sales in the first 10 months, with the number of homes sold totaling 1,605, up 17.1% from the same period of 2019. The value of homes sold in the first 10 months was $267.88 million, up 14.7% from the $233.56 million during the same period of 2019.

The average home price in Sebastian County was $166,904 in the first eight months of 2020, down from the $170,482 in the same period of 2019. Days on market fell from 108 in the first 10 months of 2019 to 99 in the same period of 2020.

Crawford County home sales accounted for 19.9% of regional home sales with 648 homes sold in the first 10 months, up over the 604 in the same period in 2019. The value of homes sold in the region was $107.998 million, up 24.4% compared with the $86.831 million in the same period in 2019. The average home sales price was $166,665 in the first 10 months of 2020, up from $143,760 in the same period of 2019. Days on market fell from 86 in the first 10 months of 2019 to 82 in the same period of 2020.

Milton said she does not see a decline in demand.

“As far as volume, in typical years, we experience a lull right around back to school but it picks up around the middle of September and lasts until around the end of November in an effort to close before Christmas. This year has been anything but typical, but I do not see a drastic slowdown coming for a little while. Interest rates are still low and we’ve continued to have rising numbers of COVID-19 cases so the need for more multi-person dwellings to relax comfortably is still in high demand,” she said.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-October 2020
Homes sold: 3,270
Value of home sales: $518.186 million
Average price: $158,467

January-October 2019
Homes sold: 2,853
Value of home sales: $432.188 million
Average price: $151,486

• Sebastian County
January-October 2020
Homes sold: 1,605
Value of home sales: $267.88 million
Average price: $166,904

January-October 2019
Homes sold: 1,370
Value of home sales: $233.56 million
Average price: $170,482

• Crawford County
January-October 2020
Homes sold: 648
Value of home sales: $107.998 million
Average price: $166,665

January-October 2019
Homes sold: 604
Value of home sales: $86.831 million
Average price: $143,760

• Franklin County
January-October 2020
Homes sold: 129
Value of home sales: $15.93 million
Average price: $123,491

January-October 2019
Homes sold: 100
Value of home sales: $11.793 million
Average price: $117,931

• Logan County
January-October 2020
Homes sold: 111
Value of home sales: $13.238 million
Average price: $119,265

January-October 2019
Homes sold: 84
Value of home sales: $9.106 million
Average price: $108,488

• Scott County
January-October 2020
Homes sold: 31
Value of home sales: $3.471 million
Average price: $111,999

January-October 2019
Homes sold: 34
Value of home sales: $3.454 million
Average price: $101,611