Home sales down 3.3% in Fort Smith metro through April

by Michael Tilley ([email protected]) 441 views 

Largely because of home sales declines in Sebastian County, sales in the Fort Smith metro were down 3.3% between January and April, but the value of the sales was up more than 12%. The average home sales price in the metro was up more than 16%.

The metro area had 1,245 homes sales in the January-April period, down 3.3% from 1,288 during the same period in 2021, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith.

The value of the sales totaled $267.876 million, up 12.3% compared with the same period in 2021. The average home price for sales in the first four months was $215,162, up 16.2% compared with the $185,121 in the same period of 2021. Average days on market in the first four months was 68, well below the 82 days in the same period of 2021.

Metro area data comes from Crawford, Franklin, Logan, Scott and Sebastian counties in Arkansas, and parts of eastern Oklahoma.

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County in the first four months was 551, down 14% from 641 in the first four months of 2021. Home sales in the county represent 44.3% of homes sold in the metro. The value of homes sold was $116.2 million, below the $124.305 million in the same period of 2021. The average home sales price was $210,890, up 8.75% compared with the $193,924 in the first four months of 2021.

Home sales in Crawford County in the first two months was 250, up slightly from the 231 in the first four months of 2021. Home sales in the county represent 20% of homes sold in the metro. The value of homes sold was $52.097 million, up 18.8% from the $43.846 million in the same period of 2021. The average home sales price was $208,389, up from the $189,812 in the first four months of 2021.

Fort Smith metro home sales were up almost 11% in 2021 compared with what was a record 2020, and the 2021 average home price in Sebastian and Crawford counties topped $200,000 for the first time. There were 4,400 homes sold in the metro in 2021, up 10.6% compared with 3,978 in 2020. The value of those homes sold was $853.409 million, up 31% from $651.925 million in 2020.

STILL A SELLER’S MARKET
Milton said interest rates are higher, but still low compared to historical trends. She also said the supply of homes is not meeting demand.

“The lack of inventory has produced its own sets of obstacles, but many sellers have begun placing contingencies of finding a suitable home for their purchase as one of the agreed upon terms in the contracts,” Milton said. “Though it is still a seller’s market, we’ve begun seeing buyers requesting more repairs be made to homes prior to closing. Though this is a small shift and it is still a seller’s market, it is a shift worth noting when considering listing a property.”

Part of being able to afford a home is making smart financial decisions, Milton advised. To that point, Milton is part of a “Make Your Money Work For You” event held 11 a.m. to 1 p.m., June 4, at the main branch of the Fort Smith Public Library. The event includes “Tips and Tricks” on participating in the housing market. The free event, which includes several presenters and lunch, requires an RSVP to Milton (479-310-0305) by 12 p.m. on June 3.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-April 2022
Homes sold: 1,245
Value of home sales: $267.876 million
Average price: $215,162

January-April 2021
Homes sold: 1,288
Value of home sales: $238.435 million
Average price: $185,121

• Sebastian County
January-April 2022
Homes sold: 551
Value of home sales: $116.2 million
Average price: $210,890

January-April 2021
Homes sold: 641
Value of home sales: $124.305 million
Average price: $193,924

• Crawford County
January-April 2022
Homes sold: 250
Value of home sales: $52.097 million
Average price: $208,389

January-April 2021
Homes sold: 231
Value of home sales: $43.846 million
Average price: $189,812