Could 2015 be a Record Breaker for the Luxury Home Market?

The numbers are in for May for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the total sales volume is up 3% with the luxury home market kicking in gear.
For the past five years, there have been an average of two home sales each year with a price tag over $1 million in the area. This year, Hot Springs has already experienced four home sales over $1 million and three of those sales were in May. In 2006, Hot Springs had one sale breaking a luxury home market record for the area with a sale at $3.1 million.  Since then, Hot Springs saw a couple more homes sell on Lake Hamilton for more than $2 million.  Could 2015 be the year for another record breaking year in the luxury home market?
Below is an overview of this year’s sales as of last month:
Average Days on Market
1/1/14 – 5/31/14:  167
1/1/15 – 5/31/15:  194            
Number of Listings Sold
1/1/14 – 5/31/14:  492
1/1/15 – 5/31/15:  504                      
Average Price of Sold Listings
1/1/14 – 5/31/14:  $156,876
1/1/15 – 5/31/15:  $159,159
MLS Sold Volume
1/1/14 – 5/31/14:  $77,183,356
1/1/15 – 5/31/15:  $80,216,481
(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.
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.
Warm regards,

Jeff and Paulia Kennedy

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