Fort Smith metro home sales down 5.6% in first two months of 2024

An almost 14% gain in Sebastian County home sales was not enough to lift Fort Smith metro home sales numbers in January and February over the same period in 2023. Metro home sales totaled 401 in the first two months, down 5.6% compared to 425 in the same period of 2023.

The metro ended 2023 with a 14.5% decline in home sales and a 12% decline in the value of home sales.

The value of metro home sales in January and February was $85.306 million, up 0.87% compared with $84.568 million in the same period of 2023, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The average home sales price in the metro during January and February was $212,734, above the $198,985 in the same period of 2023. Days on market in the first two months was 90, above the 81 in the same period of 2023.

Interest rates continue to put downward pressure on home sales activity nationwide. February U.S. existing-home sales were down 3.3% compared with February 2023, according to the National Association of Realtors.

The average 30-year fixed rate mortgage at the end of March was 6.79%, down from 6.87% in the previous week, but up from 6.32% in the same period of 2023, and well above the 4.72% in the same period of 2022.

“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” Sam Khater, Freddie Mac’s chief economist, said in a March 28 statement. “We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County in January and February totaled 190, up 13.7% from 167 in the same period of 2023. Home sales in the county represent 47.4% of homes sold in the metro.

The value of homes sold was $43.78 million in in January and February, 27.5% above the $34.35 million in the same period of 2023. The average home sales price was $230,424, above the $205,691 in the first two months of 2023. Average days on market during 2023 was 90, above the 79 in 2022.

Home sales in Crawford County in January and February was 89, just below the 91 during the same period of 2023. Home sales in the county represent 22.2% of homes sold in the metro.

The value of homes sold was $18.782 million in January and February, also just below the $19.095 million in the same period of 2023. The average home sales price was $211,043, above the $209,846 in 2022. Average days on market was 84, above the 71 in the first two months of 2023.

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

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-February 2024
Homes sold: 401
Value of home sales: $85.306 million
Average price: $212,734

January-February 2023
Homes sold: 425
Value of home sales: $84.568 million
Average price: $215,328

• Sebastian County
January-February 2024
Homes sold: 190
Value of home sales: $43.78 million
Average price: $230,424

January-February 2023
Homes sold: 167
Value of home sales: $34.35 million
Average price: $205,691

• Crawford County
January-February 2024
Homes sold: 89
Value of home sales: $18.782 million
Average price: $211,043

January-February 2023
Homes sold: 91
Value of home sales: $19.095 million
Average price: $209,846