Hot Springs Market Update & 2014 Predictions

The numbers are in for the year of 2013 residential real estate sales in Garland County, Arkansas, and it’s been a good year!  Compared to the year before, residential sales are up 12%, and inventory is down another 5% since last month. 
Average Days on Market
1/1/12 – 12/31/12:  191
1/1/13 – 12/31/13:  171            
Number of Listings Sold
1/1/12 – 12/31/12:  1049
1/1/13 – 12/31/13:  1187                   
Average Price of Sold Listings
1/1/12 – 12/31/12:  $168,156
1/1/13 – 12/31/13:  $167,380
MLS Sold Volume
1/1/12 – 12/31/12:   $176,396,670
1/1/13 – 12/31/13:   $198,680,576
(data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not reported thru our local mls)
Click here to take a look at the next report that shows a more detailed overview of the current market in Garland County, AR. This report will give you a better look at the supply and demand of homes. 

We predict 2014 to be a continuation of this positive trend.  Take a look at our six predictions for real estate in the Hot Springs area for 2014:
1.    Mortgage rates will reach 5% by year-end
2.    Home values will stay stabile with no significant changes
3.    Waterfront condos will still be slow-moving with sellers holding tight on prices
4.    Luxury market will continue to improve with increased sales
5.    Inventory will stay low
6.    New Home development will stay slow due to city development guidelines.
What are your thoughts?
If we can ever help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.


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