Hot Springs Market Update

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 this same time period year-over-year.
Average Days on Market
1/1/15 – 6/30/15:  191
1/1/16 – 6/30/16:  152            
Number of Listings Sold
1/1/15 – 6/30/15:  646
1/1/16 – 6/30/16:  692                      
Average Price of Sold Listings
1/1/15 – 6/30/15:  $160,342
1/1/16 – 6/30/16:  $165,716
MLS Sold Volume
1/1/15 – 6/30/15:  $103,581,123
1/1/16 – 6/30/16:  $114,675,899
(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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