This report covers the current activities against the same timeframe last year—in this case, February 2023 against February 2024. It also reflects the annual results for 2023, 2022, 2021, and 2020. I also break down sales for single-family properties by county and provide some additional granular data based on the current month.
Hot Springs Village
Single Family properties closed in February 2024
- 44 closed in Feb. 2024 – 76 for YTD 2024
- Available for sale = 86 (As of Mar. 1, 2024)
- Average selling price – $359,547
- Median selling price – $311,000
- Average selling price per square foot – $159.29
- Average days on market – 53
- Under Contract – 29
- Taking Backup Offers – 25
Three (3) of the homes closed in February, 2024 were new builds. The selling price of these homes was $380,528 or $198.98 per square foot. There are 13 new builds in the current MLS inventory of homes available for sale.
On a monthly basis, 44 single-family homes have closed. Of the 44, 22 were closed in Saline County at an average selling price of $460,922 or $178.12 psf. Twenty-two (22) were closed in Garland County at an average selling price of $258,172 or $140.46 psf.
Single Family properties closed in February 2023
- 35 closed in Feb. 2023 – 67 for YTD 2023
- Average selling price – $354,846
- Median selling price – $345,000
- Average price per square foot – $160.59
- Average days on market 20
State of HSV Market
1) HSV is balanced and holding steady. A balanced market has a decent inventory and a healthy number of buyers. However, sales can remain impacted by higher interest rates, and currently, it is taking longer for a sale to close.
2) The current selling price to the listing price is 97%. Last year, the selling to listing price was 97.5%, further indicating housing prices have stabilized and remain balanced.
3) 34.1% of the transactions closed in Feb. 2024 were cash. For Jan. 2024, that percentage was 43.8. On a YTD 2024 basis, this equates to 38.2% of closed transactions being cash. One indication that can be drawn from this is that more buyers have adjusted to interest rates being higher and have decided to buy.
4) Affordability of housing in HSV continues to be more favorable at $383,450 vs the national median of $402,646. January 2024 numbers were impacted upwardly due to the number of homes purchased in the $400K and above categories.
NOTE: Keep in mind that these numbers only include transactions that have gone through the MLS and, as such, will not include those where lot owners have contracted directly with a builder, or someone has sold FSBO.
Condos/Townhome Sales
Four (4) townhomes were closed in February 2024, with an average selling price of $209,666 or $145.86 psf.
Lot Sales
In January 2024, six (6) lots were closed through the MLS.
The overall inventory of available MLS lots is now 477, up from 603 last year. This does not include the 5,474 lots owned by the POA. Another 6,084 are in the Delinquent/Unproductive category.
Information provided comes directly from the MLS (Cooperative Arkansas Realtors MLS – CARMLS) and contains only information from within the Village boundaries. Other sources may be providing their statistics based on zip code and most of them also contain lot and townhome information, which this report breaks out as their own categories. It is also worth noting that these numbers are provided several days after the month has closed, which may result in differences down the road due to data not
having been updated timely by the real estate community. This report is effective with data available on 3/5/24.
Arkansas Real Estate Market*
The latest information available on the Arkansas market is from January 2024 and February information will not be released until late March.
National Real Estate Market*
The latest information available on the National market is from January 2024, and February information will not be released until late March.
*Data on an AR and National basis tend to lag by one month, whereas data regarding HSV is available through the end of the current month.
Feel free to reach out to me at lloydhsv@gmail.com if I can answer any questions for you. For disclosure purposes, I am a Realtor® and the numbers reported here come directly from the MLS.
By Lloyd Sherman, Associate Broker, Trademark HSV Real Estate
Lloyd Sherman
Author & Real Estate Agent
Email: lloydhsv@gmail.com
Click here to read “Real Estate Update for Period Ending 1-31-2024.”
Click here to contact the HSV Gazette.
