First-Time Home Buyer Sales up 37% in Hot Springs

The numbers are in for June for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the total sales volume is almost identical to this time last year with the average home price now at $160,180.
June was the month for first-time home buyers and downsizing buyers.  The number of single family homes sold under $150,000 was up 37% over May,
While single family home sales are doing better, condo sales seem to be slow to bounce back. Summer months are generally the time of year when we see condo sales pick up, but June was a little different this year.  Condo sales dropped 27% compared to May.
Another positive factor in our real estate market is a look at the inventory level.  Inventory is staying low this summer, which is beneficial in the market improving.  Compared to this same time last year, inventory is down 11% 
Below is an overview of this year’s sales as of last month:
Average Days on Market
1/1/14 – 6/30/14:  165
1/1/15 – 6/30/15:  191            
Number of Listings Sold
1/1/14 – 6/30/14:  628
1/1/15 – 6/30/15:  640                      
Average Price of Sold Listings
1/1/14 – 6/30/14:  $161,829
1/1/15 – 6/30/15:  $160,180
MLS Sold Volume
1/1/14 – 6/30/14:  $101,628,881
1/1/15 – 6/30/15:  $102,515,723
(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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