Area home sales jump in August, inventory dips

August home sales in Sebastian and Crawford counties were up 28.8% thanks to a big gain in Sebastian County sales, according to the August Weichert Realtors-King Realty Group Real Estate Report.

Figures from the report prepared by Realtor Ernie Schimmelman, show Crawford County with 41 homes sales in August, unchanged from the number of homes sold in August 2010. August sales in Sebastian County totaled 133, up 41.48% from the 94 in August 2010.

Schimmelman has said there is no clear trend in home sales to determine if 2011 will mark the end of four consecutive years of declining home sales in the Fort Smith region.

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,022 during the first seven months of 2011, down 9.39% compared to the 2010 period, according to a report released Aug. 30 by the Arkansas Realtors Association. The value of homes sold in the Fort Smith area during the first seven months of 2011 is $122.841 million, down 13.6% compared to the 2010 period.

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.

August also saw improved home sales in Northwest Arkansas. Sales were finalized on 615 single family residences during August in Northwest Arkansas, up 28.39% over 479 sales in the same month last year, according to this report from First Arkansas News.

Through August, 4,216 homes were sold in northwest Arkansas — up 9.5% from 3,850 sales through the first eight months of 2010. The average sales price was $157,131, down 7.19% from $169,296 through the first eight months of 2010.

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% — an indication of home sales moving slower than new home construction.

The inventory hit 1,434 in February 2011, up from just 1,023 in January 2009. August 2011 had 1,386 homes for sales in the two counties, up 35.48% compared to January 2009.

The King Realty Market Group Report (as prepared by Ernie Schimmelman):
• Crawford County (August)
Homes listed: 393
Homes sold, August 2011: 41
Homes sold, August 2010: 41
Mean price, August (rolling 12-month rate): $113,274
Homes listed $0 to $200,000: 311
Homes listed $201,000 to $500,000: 71
Homes listed $501,000 and up: 11

• Sebastian County (August)
Homes listed: 993
Homes sold, August 2011: 133
Homes sold, August 2010: 94
Mean price, August (rolling 12-month rate): $130,823
Homes listed $0 to $200,000: 767
Homes listed $201,000 to $500,000: 192
Homes listed $501,000 and up: 34