Fort Smith metro home sales down 20.5% through March

With interest rates more than double what they were two years ago, Fort Smith metro home sales are trending much lower than the records set in 2021. First quarter home sales in the metro were down 20.5% and the sales value was down 23.2%.

The number of metro homes sold in the quarter was 723, down 20.5% compared with the 910 in the same period of 2022, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The value of January-March sales totaled $147.539 million, down 23.2% compared with the same period in 2022. The average home price for sales in the quarter was $204,066, below the $211,044 in the same period of 2022. Average days on market in the first quarter was 80, below the 70 days in the same period of 2021.

Existing U.S. home sales fell 22.4% in April compared with April 2022, according to the National Association of Realtors. Freddie Mac reported that the average interest on 30-year fixed rate mortgages was 6.8% as of June 3, up from around 4.9% in early June 2022, and well above the 2.99% in early June 2021.

The metro had 3,827 homes sales in 2022, down 13% from 4,400 in 2021. The value of sales totaled $824.117 million, down 3.4% compared with the same period in 2021. Home sales in 2021 were up 10.6% over 2020, with 2020 home sales up 13.4% compared with 2019. 2021 marked a record of 4,400 home sales in the Fort Smith metro. Average home prices in Sebastian and Crawford counties topped $200,000 for the first time in 2021.

Metro area data comes from Crawford, Franklin, Logan, Scott and Sebastian counties in Arkansas, and parts of eastern Oklahoma. About two-thirds of the home sales are from Crawford and Sebastian counties.

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County during the first quarter totaled 308, down from 395 in the same period in 2022. Home sales in the county represent 42.6% of homes sold in the metro.

The value of homes sold was $64.771 million in the first quarter, 21.2% below the $82.233 million in the same period of 2022. The average home sales price was $210,297, better than the $208,187 in the same period of 2022. Average days on market during the quarter was 77, above the 66 in the same period of 2022.

Home sales in Crawford County during the first quarter was 140, down 25.1% compared with the 187 in the same period of 2022. Home sales in the county represent 19.4% of homes sold in the metro.

The value of homes sold was $28.764 million in the first quarter, below the $37.9 million in the same period of 2022. The average home sales price was $205,464, up from the $202,675 in the same period of 2022. Average days on market during the quarter was 73, above the 60 in the same period of 2022.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-March 2023
Homes sold: 723
Value of home sales: $147.539 million
Average price: $204,066

January-March 2022
Homes sold: 910
Value of home sales: $192.05 million
Average price: $211,044

• Sebastian County
January-March 2023
Homes sold: 308
Value of home sales: $64.771 million
Average price: $210,297

January-March 2022
Homes sold: 395
Value of home sales: $82.233 million
Average price: $208,187

• Crawford County
January-March 2023
Homes sold: 140
Value of home sales: $28.764 million
Average price: $205,464

January-March 2022
Homes sold: 187
Value of home sales: $37.9 million
Average price: $202,675