By Lloyd Sherman

This report covers the current activities against the same timeframe last year. In this case, June of 2021 vs June 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 June 2022

  • 65 sold 
  • Available for sale = 52 (As of July 1, 2022) 
  • Average selling price – $366,953
  • Median selling price – $320,000
  • Average selling price per square foot – $148.12
  • Average days on market – 10
  • Under Contract – 61
  • Taking Backup Offers – 23

A total of 309 homes have been closed for YTD 2022, through 6/30/2022. Of those 30 are new builds of which 8 were closed in June 2022. The average PSF of new builds was 184.44, with the lowest being $157.33 PSF and the highest being $224.21. The total closed houses in Saline County this year have been 152, with an average selling price of $403,747 or an average PSF of $160.89. Garland County had 157 closed of the total YTD at an average selling price of $268,349 or $132.56 per square foot. Keep in mind that the majority of new builds are from central to east Village and that does impact PSF costs by county.

Single Family properties sold in June 2021

  • 71 sold
  • Average selling price – $288,287
  • Median selling price – $249,000
  • Average price per square foot – $129.59
  • Average days on market 26

State of the Market

  1. Inventory seems to have somewhat stabilized in the low 50s. Still a very low number, but certainly higher than we have seen in over a year now. This situation continues to create a seller’s market and continues to bode well for new builds. 
  2. Of the 309 that have been closed in YTD 2022, 30 are new builds sold through the MLS which represents 9.7% of total sales, which is up .6% from last month.  
  3. It remains very much a Seller’s Market for those who want or need to sell. However, the seller’s market is easing slightly across the US, but I don’t personally believe we will see the same impact here in the Village for another year to 18 months.
  4. We are currently running 31 closings behind where we were at this time period last year. However, when you look at the average PSF it is up $61.15 or 50%. Of course, some that can be attributed to new builds and the increasing costs of building materials.
  5. I continue to 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 inventory, so for at least the rest of this year and most likely into next year, I don’t 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 but by less than ½ of 1%.

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 62 townhome sales on a year-to-date basis with an average selling price of $170,219. That compares to 48 sold during this same timeframe last year with an average selling price of $129,262.

Note: When comparing total living unit sales (single-family & townhomes) we are lagging 2021 results by 18 units.

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. Last year at the end of June the MLS showed a total of 495 lots for sale. This year it is at 637.

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 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.

HSV Property Comparison Activities for June 2022

Lloyd Sherman

Author & Real Estate Agent
Email: lloydhsv@gmail.com