By Lloyd Sherman

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

  • 62 sold
  • Available for sale = 55 (As of August 1, 2022)
  • Average selling price – $365,030
  • Median selling price – $325,000
  • Average selling price per square foot – $158.93
  • Average days on market – 7
  • Under Contract – 61
  • Taking Backup Offers – 23

3 new builds were closed in July 2022. Saline county had 28 of the 62 closed in July with an average selling price of $474,903 or $182.76 per square foot (psf). The psf cost in Saline ran from a low of $126.58 to $273.74. 34 were closed in Garland County at an average selling price of $274,547 or avg psf of $139.29. The low in Garland was $73.64 and the high of $185.71.

A total of 373 homes have been closed for YTD 2022, through 7/31/2022. Of those 33 are new builds of which 3 were closed in June 2022. The average PSF of new builds was 184.13, with the lowest being $157.82 PSF and the highest being $224.21. The total closed houses in Saline County this year have been 180, with an average selling price of $417,156 or an average PSF of $165.04. Garland County had 193 closed of the total YTD at an average selling price of $270,370 or $134.16 per square foot.

By comparison, there were 404 homes sold through July of 2021 at an average selling price of $295,825 or PSF of $124.63.

Single Family properties sold in July 2021

  • 62 sold
  • Average selling price – $306,866
  • Median selling price – $265,000
  • Average price per square foot – $133.43
  • Average days on market 17

State of the Market

1) While still relatively low, inventory seems to have somewhat stabilized in the high 50’s and low 60’s. 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) While it remains a Seller’s Market for those who want or need to sell, reports are being received that nationally the market is cooling. What that means for HSV still remains to be seen. It appears the huge escalation of per square foot prices may have cooled in our market, but the reality is we continue to have more buyers than we have inventory for. With the school year about to begin, that will also have an impact on the number of buyers available.
3) We are currently running 21 closings behind where we were at this time period last year factoring in both single-family and townhome sales.
4) With inflation continuing to be a factor, and interest rates rising, we are reaching, or may have reached, a point where a certain sector of buyers may have been priced out of the market. Again, what factor will that have on our market is yet to be seen. For the sector that has been preparing for retirement, it may have little to no impact.

  • 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

With the low inventory we are experiencing, townhomes also continue to do well.

  • 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, plus those listed on the MLS, and FSBO, 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 [email protected]m 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 July 2022