Crawford, Sebastian home sales down 49% in October

Area home sales, on a downward trend coming out of September, fell flat in October, with sales in Crawford and Sebastian counties down a combined 49.1% for the month.

The figures, from the King Realty Group’s October report prepared by Realtor Ernie Schimmelman, show Crawford County with 22 homes sales in October, down 58% compared to October 2009. October sales in Sebastian County totaled 72, down 46% compared to October 2009.

“Crawford and Sebastian Counties continued a declining trend in sales in October, with a more significant decline in Crawford County. If the last two months of 2010 follow the trend of previous years, 2010 will finish lower still,” Schimmelman noted in the report.

The number of new and existing homes sold during the January-September 2010 period in Crawford, Franklin and Sebastian counties totaled 1,402, down 4.16% over the same period in 2009. The value of the homes sold in the three counties during the first nine months of 2010 totals $179.046 million, down 1.16% compared to the 2009 period, according to the Arkansas Realtors Association.

There were 1,948 homes sold during 2009 in Crawford, Franklin and Sebastian counties, down 6.39% from the 2,081 sold in 2008. Area homes sales in 2008 were 12.5% below those of 2007.

Karen LeRosen, with Exit Realty Associates in Fort Smith, said the election cycle depressed home sales more than normal.

“It slowed down. The market really slowed down like it does before an election. But it really slowed down this time. …  All of a sudden it just quit a few weeks before the election. It normally does that before a presidential election, but this was not a presidential election, as you know,” LeRosen explained.

The business has returned.

“But after the election was over, I’m telling you, the phones started ringing that day after the election,” LeRosen said, adding that they are working with many buyers who “are looking to get in a home before Christmas.”

Kevin King, an owner of King Realty Group, said the firm had the same experience, with a noticeable drop in calls and sales prior to the election and renewed activity soon after Nov. 2.

“Our phones dropped off the month before the election. And then it seemed right after (the election) the phones started ringing and we had more interest,” King said.

He also said the firm is on track to close more home sales in November than in October.

Schimmelman also said the October period marked a continued decline in average home prices and fewer sales of homes priced above $200,000.

“No homes above $200,000 sold in Crawford County in October,” Schimmelman noted. “Two homes that sold in October average 52% of List Price. One of these was listed for $895,000 and sold for $475,000.”

The inventory of homes is down 5.3% for the first 10 months of 2010 (1,225 in January, 1,160 in October).

• The King Realty Market Group Report (as prepared by Ernie Schimmelman):
Crawford County (October)
Homes listed: 330
Homes sold, October 2010: 22
Homes sold, October 2009: 52
Mean price, October (rolling 12-month rate): $119,562
Homes listed $0 to $200,000: 237
Homes listed $201,000 to $500,000: 80
Homes listed $501,000 and up: 13

Sebastian County (October)
Homes listed: 830
Homes sold, October 2010: 72
Homes sold, October 2009: 133
Mean price, October (rolling 12-month rate): $134,003
Homes listed $0 to $200,000: 617
Homes listed $201,000 to $500,000: 177
Homes listed $501,000 and up: 36