Hot Springs Skinny

As the end of 2016 nears, there’s one thing for certain … We are all eager to know what’s in store for the real estate market in 2017.  According to the Fiscal Times, “Nearly a decade after the real estate crisis set off wild swings in the housing market, most markets finally stabilized last year. The election of Donald Trump has brought uncertainty into the industry, however. While the President-elect built his empire on real estate, he has said relatively little about what policy changes he might make regarding housing. That’s not too unusual, since when the housing market is doing well it is generally not a campaign issue.”   Click here  for the full story. Here’s what some of the experts are saying they expect to see in 2017: 1.  Rising prices will keep pushing up homeowners’ net worth. 2. But mortgage rates are going up. 3. It’s getting easier to get a mortgage. 4. Rents will continue to level off.  5. The share of cash buyers will move closer to normal. 6. New ho

With the election finally behind us, you’re probably wondering  What does President Trump mean for the real estate market?”  Will he use real estate to kickstart the economy? According to an article by Inman News this week, “Trump has used real estate himself as an investment, and although he hasn’t said much about his housing platform, what he has said indicates that he’s interested in boosting homeownership. Much of Trump’s platform has centered around deregulating the financial market in order to more fully revive it, and that alone could also give a boost to real estate.”  Click here  to read the full article.  It talks about 8 ways our new commander-in-chief could affect homeownership for the next four years. In our local market, residential sales are up 4% over last year for Garland County. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 10/31/15:  173 1/1/16 – 10/31/16:  158             Number of

Conditions are better than ever in Hot Springs for buying and selling a home.   Inventory is down 6% over last year, bank rates are good, sales are up 9% over last year, and the weather is fantastic for buyers to shop.   Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 9/30/15:  176 1/1/16 – 9/30/16:  155             Number of Listings Sold 1/1/15 – 9/30/15:  1020 1/1/16 – 9/30/16:  1128                        Average Price of Sold Listings 1/1/15 – 9/30/15:  $165,094 1/1/16 – 9/30/16:  $163,858 MLS Sold Volume 1/1/15 – 9/30/15:  $168,396,237 1/1/16 – 9/30/16:  $184,832,900 (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 numbers are in for August for residential real estate sales in Garland County, Arkansas and the total sales volume is up 8% over this time last year.  We are also pleased to report that August won the “best month for home sales” so far this year in Garland County with 141 home sales.  May is in second place with 127 home sales, and April is following in third place with 111 home sales in the area. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 8/31/15:  177 1/1/16 – 8/31/16:  153             Number of Listings Sold 1/1/15 – 8/31/15:  896 1/1/16 – 8/31/16:  986                        Average Price of Sold Listings 1/1/15 – 8/31/15:  $165,985 1/1/16 – 8/31/16:  $163,805 MLS Sold Volume 1/1/15 – 8/31/15:  $148,722,994 1/1/16 – 8/31/16:  $161,512,079 (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

The numbers are in for July for residential real estate sales in Garland County, Arkansas and the total sales volume is up 6% over this time last year. Below is an overview of this year’s sales compared to this same time period year-over-year.  Average Days on Market 1/1/15 – 7/31/15:  180 1/1/16 – 7/31/16:  156             Number of Listings Sold 1/1/15 – 7/31/15:  773 1/1/16 – 7/31/16:  807                       Average Price of Sold Listings 1/1/15 – 7/31/15:  $164,588 1/1/16 – 7/31/16:  $168,276 MLS Sold Volume 1/1/15 – 7/31/15:  $127,226,628 1/1/16 – 7/31/16:  $135,799,061 (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 t

The numbers are in for the first half of the year for residential real estate sales in Garland County, Arkansas and the total sales volume is up 10% over this time last year. if you’ve been keeping up with the economists across the country, you have heard reports that another housing bubble is brewing, however, Warren Buffett says NO.  According to Fortune Business News,  "Warren Buffett says now is a good time to buy a house, though not as good as it was four years ago. Still, Buffett says he thinks the chances of housing prices collapsing are very low”. While the rest of the country began seeing the real estate market going strong in 2012 with increased prices and multiple offers on properties, it’s “slow and steady” for the spa city.  2016 seems to be the year that we are comfortable to say that the real estate market in Hot Springs is very stable.  We’re seeing shorter selling periods and values slowly rising again. Below is an overview of this year’s sales compared to th

The numbers are in for May for residential real estate sales in Garland County, Arkansas and the total sales volume is up 15% over this time last year. Can you guess which market segment spiked in May? While all other segments of the market have recovered over the past couple of years, the resort and vacation home market has been slow to recover. However, CONDO SALES almost tripled compared to the month before!!   - YA YA!!! It’s so exciting to see this segment of the market picking up. There were 28 condo sales in May, which is more condo sales than there have been in one month in Hot Springs since the market crashed in 2007. Hot Springs is such a beautiful city, and it’s so exciting to see the growth and revitalization going on! Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 5/31/15:  191 1/1/16 – 5/31/16:  159             Number of Listings Sold 1/1/15 – 5/31/15:  507 1/1/16 – 5/31/16:  558    

The numbers are in for April for residential real estate sales in Garland County, Arkansas and it’s still looking GOOD!  The total sales volume is up 16% over this time last year with buyers focusing heavily on land investments (up 27% over last year).  While land sales are picking up, it appears that buyers may be parking their money and sitting tight for the time being.  Residential building permits issued this year are down 50% compared to this time last year.  With new construction inventory down, interest rates low, and buyer confidence much improved, it appears that this may be a good time for some new residential neighborhoods. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 4/30/15:  200 1/1/16 – 4/30/16:  162             Number of Listings Sold 1/1/15 – 4/30/15:  390 1/1/16 – 4/30/16:  414                       Average Price of Sold Listings 1/1/15 – 4/30/15:  $148,308 1/1/16 – 4/3016:  $165

The numbers are in for the first quarter of 2016 for residential real estate sales in Garland County, Arkansas and it’s all looking GOOD!  All of the numbers we watch have improved year over year with the average days on market 28% BETTER, the number of listings sold 1% BETTER, the average selling price 9% BETTER, the total sales volume 10% BETTER, and the housing inventory is holding low (below 1000) as compared to an average of 1450 back in 2010. All indicators are forecasting a great year for real estate in Garland County in 2016! Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 3/31/15:  199 1/1/16 – 3/31/16:  155             Number of Listings Sold 1/1/15 – 3/31/15:  281 1/1/16 – 3/31/16:  284                       Average Price of Sold Listings 1/1/15 – 3/31/15:  $146,995 1/1/16 – 3/31/16:  $161,167 MLS Sold Volume 1/1/15 – 3/31/15:  $41,305,796 1/1/16 – 3/31/16:  $45,771,458 (data obtained f

The numbers are in for February of 2016 for residential real estate sales in Garland County, Arkansas.  While the sales volume looks like a mirror image of last year, it sure feels like we’re gearing up to have a great year!  In spite of the heavy rains this week, it hasn’t slowed our buyers down. The gas pump has been a frequent stop for us lately, and our passenger seat is staying warm with rotating buyers from all of the bordering states.  Inventory also remains lower than usual, and it’s a great time to sell. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 2/28/15:  201 1/1/16 – 2/29/16:  162             Number of Listings Sold 1/1/15 – 2/28/15:  177 1/1/16 – 2/29/16:  159                       Average Price of Sold Listings 1/1/15 – 2/28/15:  $139,460 1/1/16 – 2/29/16:  $156,425 MLS Sold Volume 1/1/15 – 2/28/15:  $24,684,543 1/1/16 – 2/29/16:  $24,871,665 (data obtained from the Hot Springs Bo

The numbers are in for the January of 2016 for residential real estate sales in Garland County, Arkansas.  The residential real estate market is following a typical January pattern, with cooler demand, reduced inventory and slower market velocity than during warmer months.  However, according to Jonathan Smoke, chief economist of realtor.com, “All indicators point to this spring being the busiest since 2006. The decline in the stock market so far seems to be a net positive for real estate demand.” Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/15 – 1/31/15:  180 1/1/16 – 1/31/16:  186             Number of Listings Sold 1/1/15 – 1/31/15:  84 1/1/16 – 1/31/16:  70                       Average Price of Sold Listings 1/1/15 – 1/31/15:  $126,671 1/1/16 – 1/31/16:  $159,641 MLS Sold Volume 1/1/15 – 1/31/15:  $10,640,446 1/1/16 – 1/31/16:  $11,174,870 (data obtained from the Hot Springs Board of Realtors ml

The numbers are in for the year of 2015 for residential real estate sales in Garland County, Arkansas.  The home sales volume is up 6% over last year with the number of homes sold up 2% year-over-year. 2015 was a good year for the luxury market with a total of 10 homes sold over a million dollars.  The most expensive home sold had 9,875 square feet and sold for $1.6 million by our office.  Ironically, the most expensive home sold the year before also sold for $1.6 million by our office (by us).  There were a total of only 3 homes sold over a million in 2014. Below is an overview of this year’s sales as of last month: Average Days on Market 1/1/14 – 12/31/14:  165 1/1/15 – 12/31/15:  170             Number of Listings Sold 1/1/14 – 12/31/14:  1303 1/1/15 – 12/31/15:  1332                       Average Price of Sold Listings 1/1/14 – 12/31/14:  $160,869 1/1/15 – 12/31/15:  $167,892 MLS Sold Volume 1/1/14 – 12/31/14:  $209,612,670 1/1/15 – 12/31/15:  $223,632,677 (data obta