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Real Estate Market may be Headed in a New Direction

As we review the first month of the new year in the real estate industry in the Hot Springs area, we are always eager to determine the direction of the real estate market for the year.  Wouldn’t it be nice if that crystal ball would tell us the exact time that’s best to buy and sell to get the most for your money?!  So far, the numbers are pretty close to this time last year, however just a tad bit less in total sales volume for residential sales (but not enough to talk about). With over 16 years in the real estate industry, we have experienced many shifts in the market, but this year is feeling a little different.  We have made a few predictions for the upcoming year and wanted to share our thoughts with you. This will be a year of more “multi-offers” on homes, so be sure to choose an experienced real estate agent with good negotiating skills to represent you. (Inventory is at a record low for our area, creating a scramble on good homes.) Vacation home sales will increase signif
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It's Going to Be a Great Year for Hot Springs!

HAPPY, HAPPY New Year!  It’s always fun to kick off a new year with a fresh outlook filled with new goals, big plans, and high expectations! One of my favorite sayings that a new year brings to mind is “Shoot for the moon so that even if you miss, you'll still land among the stars”. We are really excited about the plans for the future in Hot Springs in 2019.  Hot Springs has frequently been making headlines throughout the country and even the world.  Hot Springs was recently named by the Travel Channel as one of the  “Must-Visit Geothermal Baths Around the World” . Then Trip Savvy included Hot Springs in their list of “ The 20 Best Hot Springs Destinations in the World ”.  Discover Arkansas featured a cool story about the iconic Arlington Hotel as it’s “considered  one of the grandest hotels in the state ” and filled with rich history.  And of course the Arkansas Business Journal is always taking note of all of the new growth going on in town, and featured the story – “ Clarion
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the Future Looks Bright in Hot Springs

What a great year it’s been!  This time of year is always so special.  It’s a time of reflection, a time of gratitude, a time for new adventures & treasured traditions, and it’s a time of excitement for another new year ahead. Looking back, we’re happy to report that the real estate market in the Hot Springs area continues to be good, and the overall residential sales volume for the year is up 16% over last year. Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year. Average Days on Market 1/1/17 – 10/31/17:  168 1/1/18 – 10/31/18:  149            Number of Listings Sold 1/1/17 – 10/31/17:  1,334 1/1/18 – 10/31/18:  1,505                Average Price of Sold Listings 1/1/17 – 10/31/17:  $181,172 1/1/18 – 10/31/18:  $187,518 MLS Sold Volume 1/1/17 – 10/31/17:  $241,684,392 1/1/18 – 10/31/18:  $282,027,270 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner
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Hot Springs Market Update

This month marks our 16 th  anniversary of calling Hot Springs home. At the time, it was a BIG leap of faith following a dream which meant leaving a secure lifestyle in Memphis, Tennessee to move to a small town with everything unknown – but guess what?  It was one of the best decisions we ever made, and we are still LOVING Hot Springs.  If you’ve been on the fence about choosing Hot Springs as your next home, or you’ve been thinking about buying that perfect little vacation retreat – we would love to help! We’ve been in your shoes, and know all of your questions. If Hot Springs is already home and you’re ready to upsize, downsize or just want something different – we would love to help!  We know the market well, and superb marketing is our specialty.   If other commitments are calling you away from Hot Springs, we hate to see you go but we will do our best to help you with a smooth transition to your next home.  After years of networking with real estate agents across the count
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Hot Springs Market Update

It keeps getting Better and Better in Hot Springs!  According to the Hot Springs Realtors Association data for August, the overall residential sales volume for the year is up 22% over last year, and the housing inventory is down 12% compared to this same time period last year.  Apparently the secret is out. Vacationers love Hot Springs! Increased sales are significantly related to the rise in the resort & vacation home market. Lakefront home sales are up 36% over last year.   Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year. Average Days on Market 1/1/17 – 8/31/17:  170 1/1/18 – 8/31/18:  187            Number of Listings Sold 1/1/17 – 8/31/17:  1,050 1/1/18 – 8/31/18:  1,217                  Average Price of Sold Listings 1/1/17 – 8/31/17:  $181,648 1/1/18 – 8/31/18:  $192,224 MLS Sold Volume 1/1/17 – 8/31/17:  $190,730,728 1/1/18 – 8/31/18:  $233,745,315 (data obtained from the Hot Springs Board
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Resort & Vacation Home Sales Up 50%

It’s that time of year again with the kiddos heading back to school, summer vacations wrapping up and a new season peeping around the corner. In the past, this time of year normally brings a slight slow-down in the real estate market in the Hot Springs area. However, our market is still on the rise with no signs of a slow-down. According to the Hot Springs Realtors Association data for July, average sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The average sales price in July was $190,769, an increase of 5% from last July. The Hot Springs area housing inventory totaled 808 units in July, a decrease of 16% from July 2017. July home sales were at 161, an  increase  of 38% from the previous year. The overall residential sales volume for the year is up 24% over last year.  And the resort and vacation home market is on  FIRE  this year with condominium sales up 50% over last year. Below is an overview of this year’s residential sales in Garland
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Hot Springs Market Update

Consumer confidence along with increased tourism continue to drive the “spa city’s” housing market upward.  People haven’t been this optimistic about the housing market since 2005. Home sales continue to soar with a 12% increase in total sales volume year over year for the Hot Springs area.  The hot segment for the month of May was the $150,000 - $300,000 range with 45% of home sales falling in this category. Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year. Average Days on Market 1/1/17 – 5/31/17:  164 1/1/18 – 5/31/18:  229            Number of Listings Sold 1/1/17 – 5/31/17:  595 1/1/18 – 5/31/18:  664            Average Price of Sold Listings 1/1/17 – 5/31/17:  $179,244 1/1/18 – 5/31/18:  $180,413 MLS Sold Volume 1/1/17 – 5/31/17:  $106,650,385 1/1/18 – 5/31/18:  $120,277,184 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not rep
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