Village Real Estate Update
Hot Springs Village Real Estate Update
For the past 18 months, national headlines relating to real estate, have
shown steady optimism. And, for that same time period, the Village has been
stubborn to participate in much of that news. Things may be changing now as
positive indicators are beginning to flash "green" in the Village market.
"Last month, RE/MAX put 44 Village homes under contract and you have to go
back to 2007 to find a month that good," remarked Jeff Hollansworth. In
July, our parking lot looked like a shopping mall the day before Christmas
as our agents kept busy showing homes in all size and price categories. At
the end of the month we all let out a collective "sigh" and celebrated one
of the best July's ever."
Year-to-date through July, there were 264 homes sold/closed in the Village
compared with 244 last year (+8%). For the month of July, there were 42
homes sold/closed which represents a 14% increase from last year.
Currently, there are 485 Village homes on the market; a number that is
declining over the past couple months and a positive sign of an improving
"Perhaps the most encouraging change we've seen is evidence that prices have
finally stopped falling," said Hollansworth. We've watched the rest of the
country enjoy 12 months of month-over-month price increases and the Village
has been slow to participate. That appears to have changed and we may have
turned the corner." The price per square foot of HSV sold homes went from
$81 last July to $86 last month. "This is significant and we hope we are
beginning to see a trend in these numbers," said Hollansworth.
"Another positive indicator for the Village is that homes in the higher
price category are beginning to show life," said Hollansworth. There are
seven Village homes priced over $375K that are currently under-contract on
August 9th according to CARMLS. RE/MAX is pleased to report that 6 of those
7 homes are RE/MAX listings." Confidence in the Village market and the
economy are appear to be coming back. Through the first half of the year,
RE/MAX agents have sold, on average, 290% more Village homes than non-RE/MAX
agents (ref CARMLS).