September home sales up 31% in Crawford & Sebastian counties

Don’t break out the party hats just yet, but September home sales in Crawford and Sebastian counties were up more than 31% over September 2008 activity.

Crawford County recorded 61 home sales in September, up 56% over September 2008. Sebastian County had 101 home sales, up 20% over September 2008. The gains in homes sold did not come at the expense of home prices, with the rolling 12-month home price in Crawford County down just 0.8% in September, and the price in Sebastian County up 0.3%.

“For the first time this year both Crawford and Sebastian Counties exceeded last year’s monthly closings,” Ernie Schimmelman, a Realtor with King Realty Group said in his monthly report. “For Crawford this continues a rather contrary trend over 2008, and for Sebastian let’s hope the trend continues to exceed last year which might be a signal of recovery for the River Valley.”

Schimmelman’s report could be the first positive indicator for area home sales in many months. For the first seven months of the year, figures from the Arkansas Realtors Association show that Crawford County home sales (323) declined 14% compared to the same period in 2008, and Sebastian County home sales (720) were down 13.5%. The ARA is expected to release its August report by mid October.

The September report from Schimmelman also shows that Crawford and Sebastian counties are a seller’s market (more prospective buyers than homes) for homes priced under $150,000, and a buyer’s market (more homes than prospective buyers) for all other home prices. For example, homes in the two-county area priced between $501,000 and $650,000 spend an average of 239 days on the market before selling at an average of 92% of the original list price.

Area homebuyers have more to choose from. The number of homes on the market has increased almost 14% from 1,011 in May to 1,152 in September.

The King Realty Market Group Report (as prepared by Schimmelman):

Key figures:
• Crawford County (September)
Homes listed: 325
Homes sold, September 2009: 61
Homes sold, September 2008: 39
Mean price, September (rolling 12-month rate): $118,941
Homes listed $0 to $200,000: 247
Homes listed $201,000 to $500,000: 76
Homes listed $501,000 and up: 2

• Sebastian County (September)
Homes listed: 827
Homes sold, September 2009: 101
Homes sold, September 2008: 84
Mean price, September (rolling 12-month rate): $127,376
Homes listed $0 to $200,000: 574
Homes listed $201,000 to $500,000: 212
Homes listed $501,000 and up: 41