Arkansas Realtors: Homes Sales up More Than 8 Percent in April

Home sales were up more than 8 percent in April compared to a year ago, according to numbers released by the Arkansas Realtors Association.

More: Click here to read the April report (PDF).

According to the report, 2,425 homes were sold throughout the state in April, compared to 2,241 a year ago, which signifies an 8.21 percent increase in units sold. 

Since 2009, it was the second-highest total for the month of April trailing only April 2010 when 2,777 homes were sold. In addition, home sales from January and February of this year were the highest totals for those two months since 2009.

In the past five years through April, 2014 has seen the most sales with 7,997. The second-highest total was 7,618 homes sales through April in 2010.

In the state's top five markets, home sales were up 7.53 percent compared to numbers a year ago. In April, 1,286 homes were sold compared to 1,196 a year ago. Pulaski County saw the most homes sold in April with 424, compared to 375 a year ago, which signifies a 13.07 percent increase. 

Of the top five markets, Saline County saw the biggest percentage change, 29.75 percent, with 157 units sold in April, compared to 121 a year ago. Faulkner County, 7.69 percent, and Benton County, 6.34 percent, also saw increases this year. Washington County, which dropped to 193 units sold from 220 units a year ago, was the only of the top five markets to see a percentage decrease, 12.27 percent.

Like across the state, home sales in 2014 in the top five markets were at a five-year high in January and February. Home sales in the top five markets in April was second to that of the same month in 2010.

Valuations Up More Than 2.5 Percent

Valuations were also up across the state by 2.54 percent in April, coming in at $364.7 million, compared to $355.7 million a year ago. 

In the top five markets, valuations were up 0.91 percent to more than $227.6 million, compared to $225.5 million a year ago. Totals in January, February and March of this year were at five-year highs. Home values in April were second only to home values in April 2010, more than $232 million.

Pulaski County had the highest valuation, more than $74.6 million, in April. That's up 1.70 percent from more than $73.4 million a year ago. Saline County realized the biggest percentage change, 33.55 percent, in valuation in April, coming in at more than $25.7 million, compared to more than $19.3 million a year ago.

Benton County, at more than $73.8 million, and Faulkner County, at more than $19.9 million, also saw increases of 4.54 percent and 0.61 percent, respectively.

Highest Valuations (April)
County     April '14         April '13         Change (%)
Pulaski     $74.6M         $73.4M         1.70
Benton     $73.8M         $70.6M         4.54
Washington     $33.3M         $42.3M         -21.23
Saline     $25.7M         $19.3M         33.55
Faulkner     $19.9M         $19.8M         0.61
Top Five Markets     $227.6M         $225.5M         0.91
Statewide     $364.7M         $355.7M         2.54

Home Prices Down

While units sold and valuations were up across the state, average home prices were down 5.24 percent to $150,426, compared to $158,739 last year.

Although Benton County, at $191,357, Pulaski County, at $176,086, and Washington County, at $172,964, had the top three average home prices in the state, the three counties saw decreases of 1.69 percent, 10.05 percent, and 10.22 percent, respectively. 

Saline County, at $164,200, and Garland County, at $161,908, were the only of the top five markets to see increases on average home prices from a year ago. Saline County's average home price was $159,534 in April 2013, while Garland County's average home price was $161,074.

Across the state, 22 counties reported lower average home prices in April than a year ago.

Average Home Prices (April)
County     April '14         April '13         Change (%)
Benton     $191,357         $194,637         -1.69
Pulaski     $176,086         $195,762         -10.05
Washington     $172,964         $192,643         -10.22
Saline     $164,200         $159,534         2.92
Garland     $161,908         $161,074         0.52
Statewide     $150,426         $158,739         -5.24  

 

Year-to-Date Totals

So far in 2014, home sales are up 10.20 percent across the state with 8,405 units sold so far in 2014, compared to 7,627 a year ago. Sales in the state's top five markets are also up so far, 11.53 percent, with 4,508 homes sold compared to 4,042 units sold a year ago.

Benton County has seen the most units sold so far in 2014 with 1,480. That's up from 1,264 units sold, or 17.09 percent, at this time last year. Sebastian County, which ranks fifth with 418 units sold in 2014, saw the largest percentage increase, 23.30 percent, from a year ago.

Pulaski County is second with 1,315 units sold in 2014, up 5.20 percent. Washington County is third with 798 homes sold so far in 2014, up 5 percent from last year, and Saline County is fourth with 497 homes sold so far this year, up 15.85 percent.

Most Homes Sold (YTD)
County     YTD 2014         YTD 2013         Change (%)
Benton     1,480         1,264         17.09
Pulaski     1,315         1,250         5.20
Washington     798         760         5
Saline     497         429         15.85
Sebastian     418         339         23.30
Top Five Markets     4,508         4,042         11.53
Statewide     8,405         7,627         10.20

Across the state, valuations are also up in the year-to-date, at more than $1.24 billion, compared to $1.16 billion a year ago, which signifies a 7.32 percent increase. The state's top five markets have a valuation of more than $787.5 million in the year-to-date, up 10.61 percent from $711.9 million a year ago.

Benton County has the highest year-to-date valuation at more than $267 million, up 17.22 percent from $227.8 million a year ago. Pulaski County, which is second at $227.8 million, is the only of the top five markets to see a decrease, 0.70 percent, from a year ago.

Garland County, at more than $69.9 million, saw the largest percentage increase, 29.68 percent, compared to numbers at this time last year, $53.9 million.

Washington County, at more than $142.1 million, Saline County, at more than $80.4 million, were third and fourth. The two counties saw increases of 9.03 percent and 14.37 percent, respectively.

Highest Valuations (YTD)
County     YTD 2014         YTD 2013         Change (%)
Benton     $267.0M         $227.8M         17.22
Pulaski     $227.8M         $229.4M         -0.70
Washington     $142.1M         $130.3M         9.03
Saline     $80.4M         $70.3M         14.37
Garland     $69.9M         $53.9M         29.68
Top Five Markets     $787.5M         $711.9         10.61
Statewide     $1.2B         $1.1B         7.32

Like in the monthly numbers, the average home prices for the year are also down. Across the state, the average home price is $148,623 in the year-to-date, which is down 2.62 percent from $152,617 at this time last year.

While the state average is down, only one of the top five markets in the state has a lower average home price in the year-to-date when compared to a year ago. Pulaski County, at $173,271, is down 5.60 percent from a year ago, $183,559.

Benton County has the highest average home price so far this year at $180,452. That's up 0.11 percent from $180,248 a year ago. Garland County, at $177,606, has seen the largest percentage increase, 15.85 percent, from numbers a year ago, $153,302.

Washington County, at $178,144, and Cleburne County, at $177,761, were second and third in the year-to-date numbers. The two counties have seen increases of 3.83 percent and 8.07 percent, respectively.

Across Arkansas, 26 counties reported lower average home prices so far in 2014, compared to numbers in 2013.

Average Home Prices (YTD)
County     YTD 2014         YTD 2013         Change (%)
Benton     $180,452         $180,248         0.11
Washington     $178,144         $171,565         3.83
Cleburne     $177,761         $164,492         8.07
Garland     $177,606         $153,302         15.85
Pulaski     $173,271         $183,559         -5.60
Statewide     $148,623         $152,617         -2.62