Area home sales down 4.5% year-to-date

Sales of new and existing homes in Crawford, Franklin and Sebastian counties totaled 1,365 during the first nine months of 2011, down 4.5% compared to the 2010 period, according to an Arkansas Realtors Association report released Friday (Oct. 28).

The value of homes sold in the Fort Smith area during the first nine months of 2011 is $168.267 million, down 7.34% compared to the 2010 period.

During September, home sales in the three regional counties totaled 133, down 10.7% compared to the 149 during September 2010. The value of homes sold in the three counties was $18.599 million, down slightly from the $18.61 million in September 2010.

The year-to-date dip in the number and value of homes sold in the Fort Smith area continues a trend in which 2010 marked the fourth consecutive year of decline in the residential real estate market. 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.

Statewide, the number of homes sold during the first nine months of 2011 total 18,466, down 1.92% compared to the 2010 period, according to the ARA. September home sales statewide totaled 1,094, up 18.4% compared to September 2010.

“Affordability and strong mortgage rates are certainly helping to drive this year’s improved numbers. We do expect a slow down as we move in to the fall and in to the holiday season when sales are traditionally slower," Amy Glover Bryant, director of communications for the ARA, said in a statement.

The value of statewide home sales during the first nine months of 2011 totals $2.633 billion, down 3.74% compared to the 2010 period.

REAL ESTATE STATS
Number of homes sold
Crawford County
Jan.-Sept. 2011: 397
Jan.-Sept. 2010: 400
-0.75%

Franklin County
Jan.-Sept. 2011: 85
Jan.-Sept. 2010: 73
16.44%

Sebastian County
Jan.-Sept. 2011: 883
Jan.-Sept. 2010: 957
-7.73%

Value of homes sold
Crawford County
Jan.-Sept. 2011:  $44.552 million
Jan.-Sept. 2010:  $47.166 million
-5.54%

Franklin County
Jan.-Sept. 2011: $7.035 million
Jan.-Sept. 2010: $5.716 million
23.07%

Sebastian County
Jan.-Sept. 2011:  $116.68 million
Jan.-Sept. 2010:  $128.727 million
-9.36%

Average price of homes sold
Crawford County
Jan.-Sept. 2011:  $112,223
Jan.-Sept. 2010:  $117,915
-4.83%

Franklin County
Jan.-Sept. 2011:  $82,771
Jan.-Sept. 2010:  $78,310
5.7%

Sebastian County
Jan.-Sept. 2011:  $132,141
Jan.-Sept. 2010:  $134,511
-1.76%

STATEWIDE
The top five Arkansas counties in terms of number of homes sold during Jan.-Sept. 2011:
Pulaski County (3,013, down 6.31% from 2010)
Benton County (2,777, up 10.77% from 2010)
Washington County (1,783, up 10.27% from 2010)
Craighead County (1,121, up 3.41% from 2010)
Saline County (1,037, down 8.07% from 2010)