Average area home prices slipping
by February 16, 2009 3:17 pm 76 views
Average and median prices of new and existing homes in the Fort Smith/Van Buren markets dropped 11.1% and 2.6%, respectively, between Aug. 4 and Feb. 16.
The overall housing market remains weak. In Crawford, Franklin and Sebastian counties, the combined value of homes sold in 2008 was $266.92 million, down 12.5% from 2007, according to the Arkansas Realtors Association.
Also, Crawford, Franklin and Sebastian counties posted a 13.9% percentage decline in the number of homes sold in 2008 compared to 2007.
Figures from the ARA show the following:
Fort Smith/Van Buren real estate markets
Average list price of new and existing homes
16 FEB: $181,138
4 AUG: $203,911
Median list price of new and existing homes
16 FEB: $149,900
4 AUG: $154,000
Inventory of new and existing homes
16 FEB: 1,093
4 AUG: 1,116
Statewide, the inventory of new and existing homes dropped from 14,070 in early August to 12,064 by Jan. 16. The more than 16.6% decline in that more than five-mont period is good news for a state working its way through an oversupply of housing.
OTHER MARKET STATS
The average number of days on market of homes sold in Crawford and Sebastian counties during 2008 remained steady despite a significant decline in the number of homes sold in the area.
The following is price and other information — supplied by the Arkansas Realtors Association — for home sales activity in the two counties.
Crawford County
Highest price for a home sold, 2008: $700,000
Highest price for a home sold, 2007: $550,000
Average days on market for all homes sold, 2008: 122
Average days on market for all homes sold, 2007: 117
Average square-foot price of all homes sold, 2008: $71.74
Average square-foot price of all homes sold, 2007: $72.66
Average size in square feet of all homes sold, 2008: 1,767
Average size in square feet of all homes sold, 2007: 1,682
Sebastian County
Highest price for a home sold, 2008: $2.3 million
Highest price for a home sold, 2007: $5.6 million
Average days on market for all homes sold, 2008: 115
Average days on market for all homes sold, 2007: 109
Average square-foot price of all homes sold, 2008: $69.52
Average square-foot price of all homes sold, 2007: $71.09
Average size in square feet of all homes sold, 2008: 1,775
Average size in square feet of all homes sold, 2007: 1,764