Homes Sales up 8 Percent in Garland County

The numbers are in for November for residential real estate sales in Garland County, Arkansas.  The home sales volume is up 8% over last year with the number of homes sold up 2% year-over-year.
Listing inventory trended down 1% over October, which is a normal seasonal pattern as we enter Christmas mode.
The national median age of inventory is at 84 days according to the Chief Economist with Realtor.com, while our market is a little more than double that at 173 days. It’s unrealistic to expect our market to match the national average since a large percentage of our market is resort homeowners and retirees. Yet we are pleased to see a recent uptick in buyers snatching homes a little more quickly as homes hit the market, and we’re even seeing a few multiple offers on a well-priced home as it hits the market.
The average home sales price is at $171,136, which signified a 5% increase year-over year.  This is largely due to the uptick in luxury home sales this year.
Below is an overview of this year’s sales as of last month:
Average Days on Market
1/1/14 – 11/30/14:  163
1/1/15 – 11/30/15:  173            
Number of Listings Sold
1/1/14 – 11/30/14:  1224
1/1/15 – 11/30/15:  1249                      
Average Price of Sold Listings
1/1/14 – 11/30/14: $161,388
1/1/15 – 11/30/15:  $171,136
MLS Sold Volume
1/1/14 – 11/30/14:  $197,539,291
1/1/15 – 11/30/15:  $213,750,052
(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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