By Lloyd Sherman, November 1, 2019
Let me first remind readers that this report ONLY reports on results inside the gates of Hot Springs Village and data will not match up with figures obtained from Zillow or Realtor.com as they report on zip codes. Additionally, any information obtained through Zillow or Realtor.com should be tempered with the understanding that data may be outdated. This report comes directly from the MLS.
Single Family Residences
The real estate market within the gates of Hot Springs Village continues robust through October 31, 2019, as compared to results for the same time period of 2018. Inventory of houses for sale remains low while both the average selling price and average per square foot cost track ahead of 2018 results.
In 2018 the annual sales volume of 533 SOLD homes currently compares to 500 through October 2019. This is 55 properties YTD higher than in 2018. We currently are tracking on selling 600 homes in 2019, which is a substantial increase over last year.
I also often hear from residents that they are considering a move before values of their houses decline. Based on the continuing favorable results we get month after month, I would like to suggest that the numbers DO NOT reflect those concerns. However, we also cannot bury our heads in the sand and not recognize that more people are listing their homes and selling them fairly quickly. We can conclude that seasoned residents are leaving and being replaced with more people who know less about our history and the charged political environment that has been created within the Village. I personally hate to see seasoned property owners leaving, but at the same time, we have to realize it is happening.
Condos/Townhomes
This sector of the market continues to show improvement in average selling price and price per square foot. There are fewer of these units available in general compared to single-family housing units and inventory is low which results in fewer sales in 2019 than we experienced in 2018.
Lots
Lot sales for 2019 are running slightly behind 2018, however, not significantly lower than last year and are currently tracking at around 100 lot sales for 2019. However, new building permits are running behind last year, so the challenge seems to be how do we motivate these lot sales to turn into rooftops?
Attached is this month’s report and feel free to share with those you feel would be interested. Should there be any further items you would like to see added to this monthly report, do not hesitate to contact me. I am also happy to provide you any specific information you may be interested in.
Hot Springs Village Property Activities Comparison for 10 months of 2018 vs 10 months of 2019
First-Ten-Months-Comp-2019By Lloyd Sherman, November 1, 2019
Anonymous
11/01/2019 — 9:34 pm
Realtors sell existing homes … they will not play a significant part in growing Hot Springs Village, and neither with the POA by marketing.
It will take a ‘hands-on approach’ by a strong direct sales force skilled in selling NEW HOMES … working for a unified group of builders, a developer, or some combination.
Our POA is a maintenance management organization … meaning its’ main goal is preservation of our assets like Balboa. It needs to be restructured … meaning new personnel in key areas are a must.
Tom Blakeman
11/02/2019 — 8:47 am
Anonymous:
Wrong on many fronts. Realtors sell both new and resale homes. Typically Realtors bring the buyer to 60% or more of all builders’ new home sales. Of all homes sold (new or resale) Realtors are involved on 90%+ of the transactions. Realtors are great at selling – and they do it without costing POA a dime.
We do not have any need for a ‘direct sales force’ or any ‘unified group of builders’. What we need is for POA to properly market all the virtues and positives of the Village to the key target markets, one of which is golfers who are retiring or retired. They have not been doing that.
This doesn’t take more ‘new personnel’, which in the last 5 years has meant more managerial staff with trendy titles. In fact, we need less management and more ‘workers’, the ones out on the job that do the repairs and maintenance that make HSV shine.
If POA was doing their job correctly current residents would be happy, resale homes would be at 30 days or less on market (not 60+), and buyers would be falling all over themselves to buy up any good lots and find builders – all with the assistance of the hard working village Realtors.
Frank Shears aka Bubba
11/02/2019 — 3:10 pm
Well said, Tom! Thank you.
Anonymous
11/05/2019 — 6:27 am
Tom Blakeman, YES!
Kim Bailey
11/19/2019 — 11:56 am
You are exactly correct.
Man from the clouds
11/02/2019 — 10:22 am
Correct tom right on target
Nameless
11/02/2019 — 5:15 pm
We bought our oroperty on the West End for 90k in 2002. 10 years ago value was 130k and now we will be lucky to get 70k. Our lot in Village center is worthless because we can not see it. Seems your numbers should many moving out – not as many moving in.
Anonymous
11/17/2019 — 11:05 pm
“We currently are tracking on selling 600 homes in 2019, which is a substantial increase over last year.” Only goes to show that people are getting out of here at a higher rate than ever before. Gee! Wonder why?