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                     
Average Price of Sold Listings
1/1/13 – 7/31/13:  $166,742
1/1/14 – 7/31/14:  $162,137
MLS Sold Volume
1/1/13 – 7/31/13:   $111,717,790
1/1/14 – 7/31/14:   $121,765,200
(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.

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.

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