County real estate market holding strong in 2018
Home values on the rise, shortage of available lots
Crittenden County Realtors sold $75 million worth of property in 2017 compared to $66 million in 2016, and so far this year have sold $8 million versus $8.1 million at the same time last year.
Realtor Jack Poff of First Delta Realty gave the Quorum Court an update of county home sales on behalf of the Eastern Arkansas Realtors Association at their March meeting. “That was actually a 13 percent increase in total dollars sold,” Poff said. “So that’s good news. And for 2018 we look to be on track from a year ago.”
Marion had 48 percent of the homes sold in 2017 compared to West Memphis which had 42 percent of the sales volume. The value of the homes sold in Marion was $46 million, which was more than double the $22 million in West Memphis.
Poff attributed the large difference to the fact that the housing stock in Marion is newer than those in West Memphis.
“Sixty-two percent of the homes in Marion were built in the last 20 years,” Poff said. “ A lot of those homes are in need of some remodeling to make them competitive with some of the new construction.”
Poff said there are currently 185 homes for sale in the county and 77 homes under contract.
Home values are on the rise in the county, but the biggest thing holding Crittenden County back is a shortage of lots.
“That would lend it to be a seller’s market,” Poff said.
“But I think in reality we are a buyer’s market. And I don’t know that we are fully recovered from 2007.”
In other business:
• The Quorum Court passed a resolution authorizing the county to enter into a contract with East Arkansas Planning and Development District to act as the pass through entity for a $300,000 block grant for wastewater improvements in the Morning Sun subdivision in Jennette.
County Judge Woody Wheeless said Jennette is going to extend the sewer line east to the 31 homes in the subdivision.
“There are no services out there,” Wheeless said.
“Everybody is on septic. They were awarded the grant before but did not accept the money the last time. So now we are having to start over again. The mayor knocked on doors and got a consensus from all the residents to do this.”
• County Treasurer Charlie Suiter reported that February sales tax revenues were down by 3.4 percent, but that revenues in general were still $2,000 above normal for the year.
“February was a little slow,” Suiter said. “But our revenues are as strong as they can get and I don’t see any problems going forward. I think the weather played a factor. But we are still within our projections and there is nothing to get nervous about.”
• Wheeless reported that they paid the last gas bill for one line at the old hospital
but immediately called
Centerpoint Energy and
had it disconnected because they do not know what it is for.
“That way we will find out who it belongs to,” Wheeless said. “We will see one more partial bill, but we shut that service off last week. And so far nobody has called us yet.”
By Mark Randall