Resort and Vacation Home Market on the Rise in Hot Springs

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                      
Average Price of Sold Listings
1/1/15 – 5/31/15:  $159,108
1/1/16 – 5/31/16:  $166,779
MLS Sold Volume
1/1/15 – 5/31/15:  $80,667,881
1/1/16 – 5/31/16:  $93,062,992
(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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