The Luxury Market is on the Rise
The numbers are in for July in residential real estate sales in Garland County, Arkansas. Compared to the year before, residential sales are up 9% over the same period of last year, and the luxury market is making a come back. This same time last year there were 20 homes that sold over $500,000 with only one sale over a million during the first seven months of the year. This year there have been 27 home sales over $500,000 with two sales over a million … that’s a 35% increase in our luxury market! Over the most recent years, many luxury home owners gave up and took their home off the market. Today, our team has three more luxury homes currently under contract in this price range with two of them priced over a million. It’s exciting to see this segment of the market back on the rise! Below is an overview of sales for this period: Average Days on Market 1/1/13 – 7/31/13: 175 1/1/14 – 7/31/14: 166 Number of Listings Sold 1/1/13 – 7/31/13: 670 1/1/14 – 7/31/14: 751