Average area home prices slipping

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets dropped 7.2% and 2.7%, respectively, between Aug. 4 and Mar. 23, according to figures from the Arkansas Realtors Association.

The declines seen in new and existing home sales in late 2008 continued into 2009, with the number of homes sold in January in Crawford, Franklin and Sebastian counties dropping 27.3% compared to January 2008. Statewide, the number of homes sold in January 2009 was down 27%.

The combined value of the homes sold in January in the three regional counties was $11.29 million, down more than 33% from the same period in January 2008. The value of homes sold statewide in January was down 33.32%.

Figures from the ARA show the following:

Fort Smith/Van Buren real estate markets
Average list price of new and existing homes
23 MAR: $189,094
4 AUG: $203,911

Median list price of new and existing homes
23 MAR: $149,752
4 AUG: $154,000

Inventory of new and existing homes
23 MAR: 1,040
4 AUG: 1,116

Statewide, the inventory of new and existing homes dropped from 14,070 in early August to 12,149 by Mar. 23. The more than 13.6% decline in that almost eight-month period is good news for a state working its way through an oversupply of housing.