Housing numbers improve in Fort Smith region

Home sales in the Fort Smith region continue to post double-digit declines compared to 2008, but the level of decline is moving in the right direction, according to information from the Arkansas Realtors Association.

The number of homes sold in Crawford, Franklin and Sebastian counties during the first four months of 2009 fell 13.17% compared to the same period in 2008, according to ARA figures released Tuesday (June 2). However, the number of homes sold in the three counties during the first three months of 2009 was down 22% compared to the first quarter of 2008.

There were 560 homes sold in the first four months of 2009 in Crawford, Franklin and Sebastian counties, down from the 645 sold in the same period of 2008. The combined value of the homes sold in the first four months of 2009 in the three regional counties was $67.82 million, down 12.4% from the same period in 2008.

“It is certainly a good sign,” said Ethan Nobles, director of media relations for the association. “What we are seeing are a lot of first-time home buyers move back into the market. That lower- to mid-range (home) is doing well, and it’s doing especially well in your area.”

An $8,000 federal credit for first-time home buyers and low interest rates are the primary reasons for an improving home sales market, Nobles said.

However, Nobles was not willing to suggest a positive trend in the reduction of decline of homes sold and value of those homes sold in the Fort Smith region. He said May, June and July are the typically the best month for home sales, and any talk of a trend must wait until the summer ends.

“The question is, ‘Will the momentum built up during the summer continue into the fall?’ If the numbers continue going up into September, then, yes, maybe we might start talking about this being a good trend,” Nobles explained.

Statewide, the number of homes sold in the first four months of 2009 was 6,547, down 18.17% from the same period in 2008. The value of homes sold statewide during the first four months of 2009 is $914.24 million, down 22.23% from the same period in 2008.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-Apr. 2009: 175
Jan.-Apr. 2008: 199

Franklin County
Jan.-Apr. 2009: 21
Jan.-Apr. 2008: 23

Sebastian County
Jan.-Apr. 2009: 364
Jan.-Apr. 2008: 423

• Value of homes sold
Crawford County
Jan.-Apr. 2009: $20.79 million
Jan.-Apr. 2008: $24.06 million

Franklin County
Jan.-Apr. 2009: $1.43 million
Jan.-Apr. 2008: $1.83 million

Sebastian County
Jan.-Apr. 2009: $45.58 million
Jan.-Apr. 2008: $51.54 million

• Average price of homes sold
Crawford County
Jan.-Apr. 2009: $118,840
Jan.-Apr. 2008: $120,953

Franklin County
Jan.-Apr. 2009: $68,540
Jan.-Apr. 2008: $79,748

Sebastian County
Jan.-Apr. 2009: $125,247
Jan.-Apr. 2008: $121,857

The top five Arkansas counties in terms of number of homes sold Jan.-Apr. 2009 are:
Pulaski County (1,142, down 22.3% from the same period in 2008)
Benton County (903, down 10.5% from the same period in 2008)
Washington County (503, down 19.1% from the same period in 2008)
Saline County (382, down 17.4% from the same period in 2008)
Faulkner County (365, down 11.4% from the same period in 2008)