By Lloyd Sherman
This report covers the current activities against the same timeframe last year. In this case, February of 2022 vs. February of 2023. It also reflects the annual results for 2022, 2021, 2020, and 2019. I also break down sales for single-family properties by county and provide some additional granular data based on the current month.
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 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. This report is effective with data available 3/5/2023.
Single Family properties sold in February 2023
- 35 closed in February – 66✱ for 2023
- Available for sale = 59 (As of March 1, 2023)
- Average selling price – $354,846
- Median selling price – $345,000
- Average selling price per square foot – $160.50
- Average days on market – 32
- Under Contract – 36
- Taking Backup Offers – 27
✱Number for January was 31, and while it has not yet been classified into the correct category, but the number is corrected to reflect the actual HSV numbers.
In February 2023, 18 were closed in Saline County at an average selling price of $453,129 or $182.39 per square foot (psf). 17 were closed in Garland County at an average selling price of $250,783 or avg psf of $137.32. With 23% of the closed properties being new builds at an average of $202.74 psf, the overall psf number is elevated.
Eight (8) of the homes closed in February 2023 were new builds. The average selling price of these eight homes was $497,103 or $202.74 per square foot. 16 new builds remain in the current inventory of homes available for sale. This represents 27% of the total inventory available.
Single Family properties sold in February 2022
- 39 closed – 82 for 2022
- Average selling price – $295,531
- Median selling price – $265,000
- Average price per square foot – $137.96
- Average days on the market 19
State of the 2023 Market
1) Given the state of the economy, our inventory of available homes, while it remains relatively low compared to previous years, is adequate for the current demand.
2) 63.6% of the closed home sales in February 2023 were cash transactions.
3) January & February are considered non-prime months for sales. However, it is interesting to note that year-over-year, we continue to show lower sales closed between townhomes and single-family sales, 28 properties behind where we were at the end of February 2022.
4) On a national basis, “experts” are predicting a slow year for house sales and they project that by early 2024 there will be a 10% erosion of house values from where they were at the end of 2022. While HSV may follow the same path as the national trend, it should be noted that we have a unique market that should continue to attract those who want to escape high taxes and crime.
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.
Townhome sales for YTD ’23 are 9. In 2022 there were 12 units sold on a YTD basis. Much like the single-family market, the price per square foot remains high, but the market has softened, making pricing an even more difficult task.
Lot sales for the month of February 2023 were 13. On a YTD basis, 23 lots have been closed, which compares to 39 sold last year during this same period.
The overall inventory of available MLS lots is 597. This does not include the 5,507 lots that are owned by the POA. There is also another 6126 that are in the Delinquent/Unproductive category, which represents an increase of 99 from last month’s report.
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 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 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 2023. 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 [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.