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Hot Springs Village
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$75 Million Sold in 2010
Forecasting the future is never easy when it comes to real estate sales. What
is easy, however, is documenting what has already happened. Looking in the rear
view mirror this past year presents some very interesting facts and gives a
small glimpse into what we might expect going forward. Put your seatbelt on as
we look at the year in review. (statistics provided by CARMLS inc.)
Total Property Sales in HSV
Yes, there was actually $75 million dollars of property transacted in 2010,
which includes house, vacant land and commercial sales inside the Village.
Before you get too excited about that enormous number, one must compare it to
previous years for some perspective. That $75 million was eclipsed by four of
the past five years and when you compare it to the $104 million sold as recently
as 2007, it is apparent that the Village has not been immune to the nationwide
slowdown.
Home Sales
New and existing home sales may have finally turned the corner. The Village
finished out the year with 375 homes sold versus 317 in 2009. This 18% increase
is substantial and may represent a reversal in what was a four year decline.
Home sales peaked in 2006 with 618 units sold coinciding with what has been
determined to be the peak year for home sales nationwide. Some others have
referred to it as the height of the bubble in housing.
Lot Sales
The news here is not so good. There were 122 vacant lots sold last year and many
of those were sold at fire sale prices. A person only has to look back to the
good old days of 2005 when there were 1,200 lots sold in the year and it looked
like there was no end to the party. Many Villagers remember the intense
marketing of lots from companies like National Recreational Properties and the
resulting speculation in prices that occurred. The majority of the demand for
lots now appears to be from homebuilders attempting to cherry pick the most
affordable and well positioned lots for spec and custom home construction.
New Construction
Last year turned out to be another turn-around year for new home permits.
Seventy permits were issued in 2010 and Carriage Homes continued as the most
significant builder in the Village for three years running. Again, the
high-water mark for building permits occurred in 2006 when there were 306
permits issued in the Village. The only year eclipsing that was 1993 when there
were 448 permits recorded
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