This report is designed to cover the current activities against the same timeframe last year. In this case, May of 2021 vs May of 2022. However, it also reflects the results over the last five years. I also break down sales on single-family properties by county and provide 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 May 2022
48 sold
Available for sale = 45 (As of June 1, 2022)
Average selling price – $335,896
Median selling price – $325,000
Average selling price per square foot – $146.29
Average days on market – 14
Under Contract – 75
Taking Backup Offers – 22
A total of 242 homes have been closed for YTD 2022. Of those 22 are new builds. No new builds were closed in May 2022. However, building activity is high and many new rooftops can be seen while driving around the Village. I will keep reporting on this number as we progress through the year. Total closed houses in Saline County this year have been 121, with an average selling price of $389,101 or an average PSF of $159.95. 19 of the 121 have been new builds, averaging $179.20 PSF. Garland County had 121 closed of the total YTD at an average selling price of $263,052 or $132.35 per square foot. Of those closed in Garland County, 3 were new builds with an average PSF cost of $171.42. As you can see, close activity is split evenly between our two counties.
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
1) Inventory is currently bouncing around from the mid-40-s to the low 50’s. Still a very low number, which continues to create a seller’s market. Finding the right home for some buyers still remains an issue.
2) Of the 242 that have been closed in YTD 2022, 22 are new builds representing 9.1% of total sales that have been closed. However, that percentage will increase in the short-term given the number of properties under construction.
- 3) 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.
4) We are currently running 24 closings behind where we were at this time period last year. However, when you look at the average selling price, the average this year is up 9.8%.
5) I believe we have essentially hit a plateau and won’t see dramatic increases going forward, but I do believe this particular market may be somewhat shielded from what we may see in other markets. We have high demand and low see this market doing anything but remaining pretty much as it is today.
6) The average sales price is still exceeding the average asking price, which means we continue to have high demand for those properties that do come onto the market.
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
There have been 49 townhome sales on a year-to-date basis with an average selling price of $173,695 or $121.23 PSF. That compares to 42 sold during this same timeframe last year with an average selling price of $126,871 or $88.23 PSF.
Lot Sales
The overall inventory for available lots still remains very high, but is being chipped away at. Given the POA inventory of lots, we are not likely to have a lot shortage any time soon.
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.
Lloyd Sherman
Author & Real Estate Agent
Email: lloydhsv@gmail.com
