Housing Numbers Show Statewide Slump, Parts of Region 8 An Exception

JONESBORO, AR (KAIT)- According to the city of Jonesboro's monthly broker's report, real estate sales city-wide are up 33 percent for the month of May compared to the same month in 2007.

For the year, sales are up seven percent.

Coldwell Banker's Carroll Caldwell says it's all good news and he credits area banks for the success of the local real estate market.

"Jonesboro's never been overbuilt," said Caldwell. "We've never had runaway inflation. Other cities, other states had runaway inflation. People paid too much for what it was worth. Now they can't sell it for what they have in it."

With a rate of inflation at 2 or 3 percent, Caldwell says Jonesboro is a prime location for more commercial development because, as he says, there's money to be made ... not lost.

"The more there is, the more there is," he said. "So, it just all feeds off each other."

Kari Gann is with the Jonesboro Board of Realtors.

She says the sales of housing and commercial properties are intertwined and the real estate market in Jonesboro has shown no signs of slowing.

"With all the commercial sales that we have going on, the residential sales are backing that up as well," said Gann.

Across the entire state of Arkansas however, the numbers of homes sold aren't as promising.

According to April's Housing Market Report from Arkansas Realtors Association, statewide sales of new and existing homes are down almost 19 percent.

But, some Region 8 counties such as Clay county and Izard county actually saw an increase in sales of up to 25 percent.

Caldwell says on the whole, Jonesboro's real estate market is positioned to profit. It's a stark contrast with some of the harder-hit areas of the nation.

"The smaller towns are staying small because they're all moving to Jonesboro."

According to the Arkansas Realtors Association Housing Market Report Summary for April 2008: Greene County saw a decrease in new and existing homes sold of 5.97%, Sharp County saw an increase of 160%, White County saw a decrease of 17.39%, Independence County saw a decrease of 17.24% and Mississippi County saw a decrease of 21.21%. Craighead County also saw a decrease of 12.39%.

Questions or Comments? E-mail me at rsmith@kait8.com