Fort Smith metro home sale values up almost 30% in the first four months of 2021

by Michael Tilley ([email protected]) 538 views 

Fort Smith metro home sales are up more than 21% in the first four months of the year compared with the same period in 2020, and the average price of home sales has risen 29%. Demand continues to significantly outpace the supply of area homes for sale.

There were 1,276 homes sold in the metro between January and April, up 21.2% compared with the 1,053 during the same period in 2020. The value of those homes sold was $236.198 million, well ahead of the $151.073 million in the same period in 2020, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

There were 3,965 homes sold in the metro during 2020, up 16.2% compared with the 3,412 during the same period in 2019. The value of those homes sold was $649.338 million, up 13.4% compared with 2019.

The average price of homes sold in the metro during the first four months of 2021 was $185,108, up 29% compared with the $143,469 during the same period of 2020. The average price was up 9.1% during 2020.

Home sales in Sebastian County, the region’s largest, accounted for 49.3% of area sales in the first four months of 2021, with the number of homes sold totaling 629, up from 499 in the same period of 2020. The value of homes sold in the first four months was $122.748 million, up 61% compared with the same period in 2020. The average home price in Sebastian County was $195,147 in the first four months, well ahead of the $152,811 in the first four months of 2020.

Crawford County home sales accounted for 17.9% of regional home sales with 228 homes sold in the first four months of 2021, up from 221 during the same period in 2020. The value of homes sold in the county was $43.309 million during the first four months, up from the $34.057 million in the same period of 2020. The average home sales price was $189,951, up from $154,104 in the same period of 2020.

Milton said continued demand for homes – with much of the demand altered by COVID-19 pandemic shifts in consumer behavior – has changed some of the norms of home selling.

“Buyers today need a completely different mindset when submitting offers than they did in years past. Sellers have the upper hand with there being a lack of available housing for the number of individuals wanting to move to the area. Having a knowledgeable and available buyer’s agent is key for getting in to see the available new properties quickly,” Milton said.

She noted it is becoming more common for buy offers to be submitted without the buyer having seen the property. That often means Realtors have to be flexible with appraisal issues when the deal closes.

“Appraisals are becoming a factor more often as well. Will it appraise at the agreed upon purchase price or will there be a variance? If there is a variance, how do you work out the difference and move forward to closing? These are questions we’re having to work out early and often,” she said.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-April 2021
Homes sold: 1,276
Value of home sales: $236.198 million
Average price: $185,108

January-April 2020
Homes sold: 1,053
Value of home sales: $151.073 million
Average price: $143,469

• Sebastian County
January-April 2021
Homes sold: 629
Value of home sales: $122.748 million
Average price: $195,147

January-April 2020
Homes sold: 499
Value of home sales: $76.253 million
Average price: $152,811

• Crawford County
January-April 2021
Homes sold: 228
Value of home sales: $43.309 million
Average price: $181,869

January-April 2020
Homes sold: 221
Value of home sales: $34.057 million
Average price: $154,104

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