Regional home sales down 13% in first half of 2009

There were 887 homes sold in Crawford, Franklin and Sebastian counties during the first six months of 2009, a decline of 13.37% over the same period in 2008, according to Tuesday’s (Aug. 12) report from the Arkansas Realtors Association.

Unfortunately, the six month percentage decline ends two consecutive months of year-over-year of reductions in the percentage of decline. The trend is best noted in this comparison of homes sold in Crawford, Franklin and Sebastian counties during the respective periods.
Jan.-June 2009 compared to the same period in 2008: 13.37%
Jan.-May 2009 compared to the same period in 2008: 11.6%
Jan.-Apr. 2009 compared to the same period in 2008: 13.1%
Jan.-Mar. 2009 compared to the same period in 2008: 22%

“In June, the results throughout Arkansas were mixed. In central Arkansas, Pulaski County posted the first gain in sales since April 2007, for example. Meanwhile, in Crawford and Sebastian counties, the markets reported drops in both sales and prices that are out of place when compared with the rest of the year,” noted Ethan Nobles, director of media relations for the ARA. “Meanwhile, housing inventories have remained somewhat flat over the past three months, indicating that supply is keeping up fairly well with demand.”

During June, Crawford County home sales (276) declined 10.39% compared to June 2008; Franklin County home sales (39) were down 23.08%; and Sebastian County home sales (581) were down 14.18%.

The combined value of the homes sold in the first six months of 2009 in the three regional counties was $108.22 million, down 16.4% from the $129.47 million value recorded during the same period in 2008.

The numbers also show a continued decline in the average price of homes being sold in the region. Between January and June, the average prices of new and existing homes sold in Crawford County declined 2.99%; down 22.6% in Franklin County; and down 3.19% in Sebastian County.

Statewide, the number of homes sold in the first six months of 2009 was 11,125, down 14.07% from the same period in 2008. The value of homes sold statewide during the first six months of 2009 is $1.6 billion, down 17.84% from the same period in 2008.

REAL ESTATE STATS
• Number of homes sold
Crawford County
Jan.-June 2009: 276
Jan.-June 2008: 308

Franklin County
Jan.-June 2009: 30
Jan.-June 2008: 39

Sebastian County
Jan.-June 2009: 581
Jan.-June 2008: 677

• Value of homes sold
Crawford County
Jan.-June 2009: $33.31 million
Jan.-June 2008: $38.32 million

Franklin County
Jan.-June 2009: $2.05 million
Jan.-June 2008: $3.46 million

Sebastian County
Jan.-June 2009: $72.84 million
Jan.-June 2008: $87.68 million

• Average price of homes sold
Crawford County
Jan.-June 2009: $120,721
Jan.-June 2008: $124,441

Franklin County
Jan.-June 2009: $68,628
Jan.-June 2008: $88,739

Sebastian County
Jan.-June 2009: $125,386
Jan.-June 2008: $129,518

The top five Arkansas counties in terms of number of homes sold Jan.-June 2009 are:
Pulaski County (1,996, down 16.17% from the same period in 2008)
Benton County (1,572, down 5.81% from the same period in 2008)
Washington County (920, down 10.24% from the same period in 2008)
Saline County (640, down 12.81% from the same period in 2008)
Faulkner County (621, down 11.66% from the same period in 2008)

Link here for the complete ARA report.