Hot Springs' Luxury Home Market Surged in October

The numbers are in for October for residential real estate sales in Garland County, Arkansas. October was a record-breaking month for the luxury home market, which contributed a rise in the average home price in Garland County ($171,717) along with a 4% increase in the total residential sales volume year-over-year.  During the month of October, there were FIVE home sales over $1 million – which is more million dollar home sales than the ENTIRE year of 2014.  This brought the million home sales up to a total of TEN home sales for 2015. 
The number of single family home sales also surged 25% over last month with more sales in all price ranges, while condo sales took a beating with a 76% decline from last month.
Below is an overview of this year’s sales as of last month:
Average Days on Market
1/1/14 – 10/31/14:  163
1/1/15 – 10/31/15:  175            
Number of Listings Sold
1/1/14 – 10/31/14:  1149
1/1/15 – 10/31/15:  1140                      
Average Price of Sold Listings
1/1/14 – 10/31/14: $163,587
1/1/15 – 10/3115:  $171,717
MLS Sold Volume
1/1/14 – 10/31/14:  $187,961,672
1/1/15 – 10/31/15:  $195,757,715
(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 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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