This report is designed to cover the current activities against the same timeframe as last year. In this case, April of 2021 VS April of 2022. However, it also reflects the results over the last five years. I am also breaking down sales on single-family properties by county and providing some additional granular data.
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 worthy to note 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 by the Realtor community.
Single Family properties sold in April 2022
- 61 sold
- Available for sale = 39 (As of May 1, 2022)
- Average selling price – $337,478
- Median selling price – $299,900
- Average selling price per square foot – $151.07
- Average days on market – 19
- Under Contract – 57
- Taking Backup Offers – 20
On a 2022 YTD basis, a total of 191 homes have closed. Of those 22 are new builds. With all the building going on in the Village, it surprises me that number is not higher. I will keep reporting on this number as we progress through the year. Total closed houses in Saline County this year have been 97, with an average selling price of $386,551 or an average PSF of $159.55. 16 of the 97 have been new builds, averaging $172.97 PSF. Garland County represents 94 closed of the YTD 191 at an average selling price of $263,820 or $133.33 per square foot. Of the 94 closed in Garland County, 3 were new builds with an average PSF cost of $171.42.
Single Family properties sold in April 2021
- 60 sold
- Average selling price – $302,926
- Median selling price – $254,750
- Average price per square foot – $128.81
- Average days on market 20
State of the Market
- Inventory remains in the 30’s range vs the 20’s we had been experiencing, however, finding the right home for some buyers still remains an issue. Many of the homes being put on the market currently are being sold AS IS, which means the seller will not be performing any repairs, regardless of what might be found. We continue to encourage buyers to perform an inspection so they have the data to determine if they want to continue with the purchase.
- Of the 191 that have been closed in YTD 2022, 22 are new builds representing 11.5% of total sales that have been closed.
- It remains very much a Seller’s Market for those who want or need to sell. However, the seller’s market pretty much exists across the country so inflated prices will be encountered about everywhere you would look.
- Comparing April to April, the average selling price of homes is running significantly above what was experienced in April of 2021. Average selling price is up 11.4% over April of 2021. While the PSF costs have somewhat stabilized for the moment, it still remains an issue of availability of materials and labor, along with inflation.
- Many agencies continue to have a backlog of buyers looking to purchase, and patience continues to be the word of the day. As mentioned previously, the other factor is the number of houses being sold AS IS and this is having an impact on those in the lower income brackets. While they might be able to afford to purchase a home, they can’t do that and take on an additional financial burden of repairs and updates.
- Overall, closings are up from 2021 and given the unsure nature of the market, and the recent increase in interest rates, it is hard to predict what may happen to our particular market, but one can only conjecture it will continue to thrive.
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
Townhome sales are running ahead of last year and much like the single-family market both the average selling price and per square foot cost have also increased. We are also continuing to see an inventory shortage in this sector of the market.
Lot Sales
Lot sales appear to have slowed. There are 645 lots available for sale on the MLS; the POA has about 450 lots that have been released to the realtor market for resale; and of course, the POA owns a total of about 5,500 lots. Investors who bought significant numbers of lots last year from the State are also trying to sell these via the internet at rock bottom prices.
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 worthy to note 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 by the Realtor community.
DISCLAIMER: Many continue to ask how long this market will continue. Given the current national climate, I don’t see much of a change in our current market for at least the remainder of 2022. These statements represent only the opinions of the writer and the questions I have about the current market conditions and how much further buyers will go before the price becomes a limiting decision. The fact that many are fleeing high-density areas and relocating to places like the Village should be a favorable sign for us, but like most things these days, time will tell.
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.
Hot Springs Village Property Comparison Activities for March 2022
Lloyd Sherman
Author & Real Estate Agent
Email: lloydhsv@gmail.com
