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.