By Lloyd Sherman
This report covers the current activities against the same timeframe last year. In this case, September 2021 vs September 2022. 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 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 being updated by the Realtor community. This report is effective with data available on 10/5/2022.
Single Family properties sold in September 2022
55 closed in September – 488 for YTD 2022
Available for sale = 52 (As of October 1, 2022)
Average selling price – $352,049
Median selling price – $315,981
Average selling price per square foot – $155.75
Average days on market – 23
Under Contract – 40
Taking Backup Offers – 29
Six (6) new builds were closed in September 2022. Saline county had 27 of the 55 closed in September with an average selling price of $416,181 or $170.71 per square foot (PSF). 28 were closed in Garland County at an average selling price of $275,716 or an average PSF of $140.04
A total of 488 homes have been closed for YTD 2022. The average selling price for the YTD 488 is $342,271. Of the YTD 488, 44 are new builds of which 6 were closed in September 2022. The average PSF of new builds was 186.28, with the lowest being $153.43 PSF and the highest being $224.21. The total closed houses in Saline County this year have been 237, with an average selling price of $414,171 or an average PSF of $166.23. On a YTD basis, the listing price and selling price in Saline County are within $356 of each other. Garland County had 249 closed of the total YTD at an average selling price of $273,235 or $136.40 per square foot. In Garland County on a YTD basis, the selling price exceeded the listing price by $734. For September closings, the selling price was 1.7% below the asking price, continuing the trend that started in August 2022.
Single Family properties sold in September 2021
Average selling price – $329,684
Median selling price – $293,500
Average price per square foot – $140.44
Average days on market 18
Through September 2021, there had been 539 single-family properties sold. The average selling price through the first nine months was 302,196, or 128.00 per square foot. The average days on the market was 25.
During this same period in 2021, an additional 95 townhomes had been closed making the overall total 634.
For YTD 2022, there have been an additional 82 townhomes sold making the combined total of 570. This represents an 11.2% decrease in total sales from ’21 to ’22.
State of the 2022 Market
1) While still relatively low, inventory seems to have somewhat stabilized in the 50’s. Still a very low number, but certainly higher than we have seen in over a year now. Even with the lower inventory, it does appear that we peaked as a seller’s market in July 2022 and are now seeing a slowing market.
2) Reports are continuing that the real estate market is cooling on a national basis. One indication of that in the Village might be that on a YTD basis, the average selling price was more than the average listing price. That has not been the case with the August and September 2022 numbers. Nationally, increased interest rates are lowering the purchasing power of those who finance.
3) We are currently running 64 closings behind where we were at this time last year factoring in both single-family and townhome sales.
4) With inflation continuing to be a factor, and interest rates rising, we have reached a point where a certain sector of buyers has been priced out of the market. With an 11.2% decline in properties sold on a year-over-year basis, the economy is now eating into the real estate 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.
As reported above, townhome sales continue to lag behind last year’s results. We also continue with a very low inventory.
Through 9/30/2021 224 lots had been closed. In 2022 that number is 180. This category shows a reduction of 44 properties or 24.4%.
The overall inventory of available lots increased to 600 this last month. Keep in mind this number does not take into account the 5,506 POA lots in inventory or any For Sale by Owners (FSBO).
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 being 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 [email protected] 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.
Author & Real Estate Agent
Email: [email protected]
Lloyd, appreciate your information and analysis.
Always like reviewing your post. Thanks for keeping us up-to-date.
Thanks for the info, Lloyd.