Fort Smith metro home sales down 16.2% through June
by August 24, 2023 11:59 am 662 views
There were 1,641 homes sold in the Fort Smith metro between January and June, down 16.2% compared with the same period in 2022. The value of the sales was down almost 18% compared with the same period in 2022. The declines were less than the first quarter numbers.
The value of January-June sales totaled $349.835 million, down 17.9% compared with the same period in 2022, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.
The average home price for sales in the first half of the year was $213,184, below the $217,607 in the same period of 2022. Average days on market in the first quarter was 75, below the 66 days in the same period of 2022.
Existing U.S. home sales fell 16.6% in July compared with July 2022, according to the National Association of Realtors. Freddie Mac reported that the average interest on 30-year fixed rate mortgages was 7.09% as of Aug. 17, up from around 5.13% in early August 2022, and well above the 2.77% in early August 2021. The 15-year rate was 6.46% as of Aug. 17, also well above the 2.1% in early August 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 six months totaled 719, down 19.8% from 897 in the same period in 2022. Home sales in the county represent 43.8% of homes sold in the metro.
The value of homes sold was $161.056 million between January and June, 16.3% below the $192.445 million in the same period of 2022. The average home sales price was $224,000, better than the $214,544 in the same period of 2022. Average days on market during the first six months was 72, above the 63 in the same period of 2022.
Home sales in Crawford County during the first six months was 325, down 14.5% compared with the 380 in the same period of 2022. Home sales in the county represent 23.2% of homes sold in the metro.
The value of homes sold was $69.878 million in the six months, below the $81.986 million in the same period of 2022. The average home sales price was $215,010, just below the $215,755 in the same period of 2022. Average days on market was 64, above the 55 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-June 2023
Homes sold: 1,641
Value of home sales: $349.835 million
Average price: $213,184
January-June 2022
Homes sold: 1,958
Value of home sales: $426.074 million
Average price: $217,607
• Sebastian County
January-June 2023
Homes sold: 719
Value of home sales: $161,056 million
Average price: $224,000
January-June 2022
Homes sold: 897
Value of home sales: $192.445 million
Average price: $214,544
• Crawford County
January-June 2023
Homes sold: 325
Value of home sales: $69.878 million
Average price: $215,010
January-June 2022
Homes sold: 380
Value of home sales: $81.986 million
Average price: $215,755