by Lloyd Sherman, September 1, 2019
First, let me remind you that this report ONLY includes information directly from the Central Arkansas MLS and doesn’t reflect new starts where a property owner has a lot, selects a builder and builds outside the MLS reporting structure. It does contain new builds that are contracted through the various brokerages of the HSV Board of Realtors. Also, it does not contain any sales that are considered for sale by owner.
For the most part, the real estate market is remaining good as it compares to the same period last year. While the average selling price shows a slight decline (1.4%), the average per square foot selling cost remains flat to up slightly. Actual single-family properties sold is up 42 over last years results as well as condos/townhomes are up 7 over last year. While the number of property sales is up, our inventories of homes for sale are on the low-side.
What does this mean to property owners? In essence, our values are remaining flat. I often get questions about what Zillow reports as to property values and I always advise that Zillow is not the MLS and there are too many factors Zillow does not take into consideration in determining house value. In the end, the comps of both your neighborhood and the Village, in general, will indicate whether values are going up or sliding backward. Right now we are pretty much “running in place.”
Also, remember that reported values are also reliant upon the mix of home sales and there is a slight trend upward in the number of properties sold up to $300K as noted in the report.
Any specific questions you have are always welcomed and you will also only get the unvarnished reality of what is happening from my perspective.
Lloyd Sherman Comparison – Village Property Activities for 8 Months of 2018 versus 8 Months of 2019
First-Eight-Months-Comp-2019
Vicki Husted
09/02/2019 — 12:05 am
Thank you, Lloyd, for keeping us updated on our property values. It’s pertinent information for all of us. Some of us more than others. I appreciate all your efforts and look forward to voting for you as a new Board member.
Andy Kramek
09/15/2019 — 10:49 pm
Lloyd, I was looking on Realtor.com today (9/15/2019) and entering just “Hot Springs Village, AR” and selecting single family homes, I see 247 listed for sale. According to your numbers – which I realize are probably more accurate – there were only 189 single family homes available as of 9/1/2019. So the number of homes for sale has increased by 30% in just over two weeks.
Is that a real increase in homes on the market?
If so is that normal for this time of year?
Lloyd Sherman
09/16/2019 — 6:07 am
Andy – Thank you for the question. Realtor.com and Zillow can have listings that are not up to date and can only provide general information on the market and may include properties outside the gates but within the 71909 zip code. Additionally, if I compare the numbers as of this morning, the MLS shows 190 active homes on the market and the number jumps to 209 if I include TBU’s (taking backup offers). I break these out on my monthly report as they are units that have a contract on them but they may not actually close. Our active inventory has jumped from a low of 170 to 235 this year. I do keep an eye on these listings on a regular basis to see if a trend if forming and I don’t see one yet. Hope that helps.