NNational real estate results for last year went in the history books as the industry’s worst year on record.

The only bright spot was an uptick in the fall months due to the expiration of tax credit incentives put in place as part of the federal government stimulus plan. Things were not much better in the Village in 2009.

According to CARMLS, the local MLS service that tracks realty transactions, Hot Springs Village was in the proverbial tank for most of the year. Total home sales volume in the Village dropped 22 percent from 2008, and the average time it took for a home to sell rose to 134 days.

Also noteworthy was the fact that the average price of homes sold in the Village dropped from $226,000 to $191,000 – or 15 percent.  To make matters worse, new construction home permits were down 24 percent in the Village with a meager 63 home starts in all of 2009. As recently as 2006, the number of home permits issued were more than 300.

“We’re hopeful that most of the bad news is behind us,” said Jeff Hollansworth, owner of Re/Max in the Village. “Last year was like the perfect storm with all the financial markets and economic woes hitting at once. We were pleased to see our Re/MaxVillage market share grow to almost 60 percent, but it was little consolation for those who were unable to sell their homes.”

According to CARMLS mls data for sold homes, December and January are giving reasons for optimism. On a month-over-month basis, December was up about 20 percent from last year and January increased a surprising 67 percent in homes sold.

“There are several things working in favor of an improving housing picture right now,” said Hollansworth. “The federal government has provided tax credits for both first-time as well as existing homeowners choosing to buy a home before the end of April. “Additionally, there is a ‘high affordability’ factor now that home prices have experienced two years of price decline. Lastly, mortgage interest rates remain at historically low levels, tempting wouldbe buyers to lock in on lower payments than usual.”

Re/Max of Hot Springs Village has reported they have contracted, either as the listing or sales company, on 30 Village homes in January.

“This has taken us by surprise,” said Anthony Nicolosi, executive broker at Re/Max. “January is typically the slowest month of the year, and this type of activity is usually reserved for the busy summer months.

“Having a national presence has significant implications when things start picking up due to the referrals we receive from Re/Max agents throughout the country.

“Especially in slower times, it is important to choose an agency that has the ability to bring in buyers. In 2009, Re/ Max brought in more Village home buyers, by dollar volume, than all our competitors combined,” said Nicolosi.