Inventory is dropping and Sales are climbing

The numbers are in for the mid-year in residential real estate sales in Garland County, Arkansas.  Compared to the year before, residential sales are up 10% over the same period of last year, and up 20% over the previous month (5/2014). 
Below is an overview of sales for the first quarter:
Average Days on Market
1/1/13 – 6/30/13:  172
1/1/14 – 6/30/14:  169 
Number of Listings Sold
1/1/13 – 6/30/13:  561
1/1/14 – 6/30/14:  609                     
Average Price of Sold Listings
1/1/13 – 6/30/13:  $160,165
1/1/14 – 6/30/14:  $163,081
MLS Sold Volume
1/1/13 – 6/30/13:   $89,852,945
1/1/14 – 6/30/14:   $99,316,381
(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)
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.
Contrary to the norm for the summer months, inventory dropped a little more in June with a 36% increase in single family home sales which offset the drop in condo sales for that month. 
Land sales are also on the rise this year with a 29% increase in total sales volume over this same time period last year.  At mid-year in 2013 there  were 75 parcels sold with an average sales price of $55,584.  This year during the same period there were 68 parcels sold with an average sales price of $79,508. … fewer sales, but at higher prices.
If we can help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.
Warm regards,
Jeff and Paulia Kennedy

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