Area home sales continue decline; inventory rises

The area home sales trend is moving in the wrong direction, with sales of new and existing homes in Crawford, Franklin and Sebastian counties down 15.12% during the first four months of 2011 compared to 13.6% during the first three months of 2011.

The Arkansas Realtors Association reported Monday (May 23) that 6,902 homes were sold statewide during the first four months of 2011, down 11.02% compared to the 2010 period. The value of those homes sold totaled $961.592 million, down 10.88% compared to the 2010 quarter.

Bad weather and comparing against a 2010 that included federal tax credit for first-time home buyers was cited by the ARA for the poor numbers.

“As we anticipated the 13 days of rain and severe weather Arkansas experienced along with resulting flooding, damage to homes and major roads being blocked made a dent in Arkansas home sales.” Amy Glover Bryant, director of communications for the ARA, said in the report.

FORT SMITH METRO
There were 595 homes sold in Crawford, Franklin and Sebastian counties during the first four months of 2011, down 15.12% compared to the 2010 period.

The value of homes sold in Crawford, Franklin and Sebastian counties during the first four months of 2011 totaled $64.419 million, down 9.2%. Sebastian County sales during the quarter totaled $41.126 million, down 15.49%, with Crawford County sales of $16.448 million down 20.41% for the quarter.

The relatively slow start to 2011 follows a 2010 that marked the fourth consecutive year of declining home sales in the Fort Smith region. 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. The 2009 numbers were down 6.39% from the 2,081 sold in 2008, and the 2008 sales were 12.5% below those of 2007.

Fewer area home sales and a steady pace of new home construction are producing a sizeable increase in inventory. Between January 2009 and April 2011, the number of new and existing homes for sale in Crawford and Sebastian counties has grown 40.2%, according to figures from the monthly Weichert Realtors-King Realty Group Real Estate Report prepared by Realtor Ernie Schimmelman.

The inventory in the two counties totaled 1,023 in January 2009 and 1,443 in April 2011.

NWA FIGURES
Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 1,619 for the first four months of 2011, up over the 1,618 in the 2010 period. The value of homes sold in the two counties during the first four months was $241.076 million, down 2.27% compared to the 2010 period.

Home sales in Benton and Washington counties in the Northwest Arkansas economy totaled 5,341 during 2010, down 7.97% compared to 2009. The value of homes sold in the two counties during 2010 was $864.408 million, down 8.15% compared to 2009.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-April 2011: 144
Jan.-April 2010: 173
-16.7%

Franklin County
Jan.-April 2011: 22
Jan.-April 2010: 21
4.76%

Sebastian County
Jan.-April 2011: 339
Jan.-April 2010: 401
-15.46%

Value of homes sold
Crawford County
Jan.-April 2011:  $16.448 million
Jan.-April 2010:  $20.667 million
-20.41%

Franklin County
Jan.-April 2011: $1.845 million
Jan.-April 2010: $1.619 million
17.07%

Sebastian County
Jan.-April 2011:  $41.126 million
Jan.-April 2010:  $48.666 million
-15.49%

Average price of homes sold
Crawford County
Jan.-April 2011:  $114,229
Jan.-April 2010:  $119,465
-4.38%

Franklin County
Jan.-April 2011:  $86,168
Jan.-April 2010:  $77,107
11.75%

Sebastian County
Jan.-April 2011:  $121,317
Jan.-April 2010:  $121,363
-0.04%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-April 2011:
Pulaski County (1,128, down 15.95% from 2010)
Benton County (978, down 1.51% from 2010)
Washington County (641, up 2.56% from 2010)
Craighead County (466, up 3.1% from 2010)
Garland County (373, down 2.61% from 2010)