As we move into a new year, a glance at what’s happening in the real estate market in Fort Smith gives us plenty of reasons to look forward to a strong 2016.

The number of homes sold here has stabilized after the economic downturn in 2008, and sales totals in 2015 in several price categories have been higher than in any year during the last decade.

It’s the “lower-priced” homes that are still trying to catch up to their pre-recession numbers.

In the $70,000 to $100,000 price range, 140 homes have been sold through the end of November 2015.  December sales will likely increase that number so that it tops the totals for the previous four years and possibly more.

Home sales in this price range hit a 10-year peak in 2005, with 242 sales.  The fewest homes sold in this category was 135 in 2012.

Of all price categories in the real estate market in Fort Smith, the highest number of sales over the last 10 years came in the $101,000-$150,000 range.  A total of 278 homes were sold in 2005.  In the first 11 months of 2015, 181 were sold.  This is the only price category where home sales have remained on a down-slide throughout the decade.

Homes on the higher end, however, are selling at a much faster relative pace.  Let’s take a look at sales numbers in various categories in 2005, 2010 and through the end of November this year:

$151,000-$200,000

2005: 136

2010: 136

2015: 134

$201,000-$250,000

2005: 49

2010: 81

2015: 72

$251,000-$300,000

2005: 22

2010: 35

2015: 60

$301,000-$400,000

2005: 36

2010: 27

2015: 49

$401,000-$600,000

2005: 12

2010: 19

2015: 22

$601,000 and up

2005: 9

2010: 5

2015: 6

 

The strongest sales are clearly happening with homes priced between $200,000 and $300,000.  It’s our goal this year to work hard to bring those buyers – who we know are out there – into the more moderately priced homes that they’re shopping for.  We are totally focused on helping to boost sales numbers in the lower price categories up to and beyond pre-recession levels.

Nick & Ellie