Area home sales down, home inventory up

A 26% decline in home sales in Crawford County during February resulted in an overall 2.1% decline in home sales in Crawford and Sebastian county homes sales, according to the February Weichert Realtors-King Realty Group Real Estate Report.

Figures from the report prepared by Realtor Ernie Schimmelman, show Crawford County with 23 homes sales in February, down from 31 homes sold in February 2010. February sales in Sebastian County totaled 70, up 6% from the 64 in February 2010.

However, the February report reflected a 6.89% increase over January home sales. While not necessarily reversing a trend that saw 2010 mark the fourth consecutive year of home sales decline in the two counties, the gain is a beacon of hope in the sector. Also, the February sales are compared to a February 2010 that were possibly boosted by a federal tax credit.

For all of 2010, Schimmelman’s research shows total new and existing Crawford County homes sold at 485, down 15.6% compared to the 575 homes sold in 2009. In Sebastian County, there were 1,148 homes sold in 2010, down 10.38% compared to 2009.

According to the Arkansas Realtors Association, the number of new and existing homes sold during 2010 in Crawford, Franklin and Sebastian counties totaled 1,866, down 6.4% compared to 2009. Home sales in Arkansas during 2010 totaled 24,128, down 4.78% compared to 2009.

2011 TRENDS, NWA SALES
2011 did not get off to a good start for the Fort Smith regional housing market. In fact, of Arkansas’ top three metro areas, the Fort Smith metro area was the only one to see a January decline in the number of home sales.

The number of new and existing homes sold during January in Crawford, Franklin and Sebastian counties totaled 89, down 13.48% compared to the 101 sold during January 20010 according to a report released Feb. 28 by the Arkansas Realtors Association.

The gains continued for the Northwest Arkansas housing market during February, according to a report from Ethan Nobles at First Arkansas News.
firstarkansasnews.net/2011/03/homes-sales-up-again-in-northwest-arkansas/

There were 320 single-family, new and existing homes sold in Benton, Carroll, Madison and Washington counties in February — up slightly from 315 sales in the same month a year ago. In the first two months of 2011, 661 homes were sold in northwest Arkansas — up 19.3% over 554 sales in January and February last year.

INVENTORY RISING
During the past two years, the number of new and existing homes for sale in Crawford and Sebastian counties has grown more than 40%.

The inventory in the two counties totaled 1,023 in January 2009, down 40.17% compared to the February 2011 total of 1,434. The inventory is up 17.06% between January 2010 and February 2011.

The King Realty Market Group Report (as prepared by Ernie Schimmelman):
Crawford County (February)
Homes listed: 414
Homes sold, February 2011: 23
Homes sold, February 2010: 31
Mean price, February (rolling 12-month rate): $117,653
Homes listed $0 to $200,000: 312
Homes listed $201,000 to $500,000: 90
Homes listed $501,000 and up: 12

Sebastian County (February)
Homes listed: 1,020
Homes sold, February 2011: 70
Homes sold, February 2010: 64
Mean price, February (rolling 12-month rate): $136,102
Homes listed $0 to $200,000: 805
Homes listed $201,000 to $500,000: 179
Homes listed $501,000 and up: 36