What's Selling Now
It’s been discussed many times over that real estate is very “local” in nature. Nothing could be more true in Hot Springs Village. All the chatter in the press about lack of inventory seems a bit arcane if you’re a Realtor in the Village. There are currently 465 homes for sale in HSV according to CARMLS Inc. and this number has held within 10 percent of that figure for that last three years.
The good news is that homes are selling a bit faster. For the January to August time frame, there have been 324 homes sold which is a 13% increase over last year. And, while it took 4.6 months to sell a home last year, that has improved to 3.7 this year so far. Consequently it would be fair to say that the pace of sales has picked up despite the rather high inventory.
“Our challenge has been moving the higher priced homes,” said Jeff Hollansworth. There have only been 5 homes sold above $500,000 this year (RE/MAX sold 4 of the 5) and this segment of the market remains a “buyers-market.” In the same time period last year, there were 7 homes sold above the half million dollar mark and it may take some more time for these homes to get the attention they deserve despite the fact that there are some real bargains out there.”
Village homes that are selling the best are those priced under $300,000. For the past two years, about 85% of all the homes that were actually sold were under $300,00 making this the clear “sweet-spot” for buyers. New construction sales have been slow to materialize in the Village this year with only 19 builder homes sold through August.
“Nonetheless, there are reasons to be optimistic,” said Hollansworth. “Through our robust Internet strategy, we’re seeing a significant increase in potential buyers from Texas, Illinois, Louisiana, Tennessee and Oklahoma. These are the primary states where we’re bringing buyers from. And, while it would be nice if we could find buyers closer to home like Little Rock or Hot Springs, our statistics show that less than 1% of buyers come from our neighboring cities.”