Fort Smith/Van Buren area sees big gain in home inventory

The number of homes for sale in Fort Smith and Van Buren is up 21% between January and Nov. 23, with the average list price of new and existing homes down 3% for almost 11-month period.

A recent Arkansas Realtors Association report shows that the average price of homes in the Fort Smith/Van Buren markets as of Nov. 23 was $181,552. The average price was down 3% from the average on Jan. 5, and is the lowest average price of the four metro areas in the ARA report. The average price of new and existing homes as of Nov. 23 in the other three metro areas were:
• Northwest Arkansas, $234,376;
• Central Arkansas, $224,452; and
• Jonesboro area, $190,508.

There were 1,440 homes sold in Crawford, Franklin and Sebastian counties during the first nine months of 2009, a decline of 13.14% over the same period in 2008, according to the ARA. The combined value of the homes sold in the first nine months of 2009 in the three regional counties was $177.148 million, down 16.8% from the $212.958 million value recorded during the same period in 2008.

For the year, homes sold statewide total 18,426, down 8.47% from the same period in 2008. The value of homes sold statewide during the first nine months of 2009 is $2.668 billion, down 12.31% from the same period in 2008.

ARA HOUSING STATS
Fort Smith/Van Buren real estate markets
Average list price of new and existing homes
23 NOV: $181,552
5 JAN: $187,232

Median list price of new and existing homes
23 NOV: $144,900
5 JAN: $146,900

Inventory of new and existing homes
23 NOV: 1,238
5 JAN: 1,023