Hot Springs Skinny

The numbers are in for the residential real estate market and we are pleased to report that the total residential sales volume is up 13% year-over-year for Garland County. The housing inventory continues to drop and is down another 8% since last month, while the demand is strong with qualified buyers ready to buy.  With the new year approaching along with the recent tax changes, we’re seeing many different “2018 prediction” reports making it difficult to speculate. However, there’s one thing for sure …. Change can be good and bad; it depends on how you look at it.  We choose “good” and believe that 2018 is going to be a great year for the real estate industry in Arkansas. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/16 – 11/30/16:  165 1/1/17 – 11/30/17:  168            Number of Listings Sold 1/1/16 – 11/30/16:  1365 1/1/17 - 11/30/17:  1424                Average Price of Sold Listings 1/1/16 – 11/30

The residential real estate market in the Hot Springs area continues to improve and could possibly be shifting to a “sellers’ market” in the near future. The housing inventory in the spa city has dropped another 4% since last month and the demand continues to increase. The number of homes purchased in October was up 6% over the month before, and we have a long list of buyers waiting for that “perfect” home to hit the market. We are pleased to report that the total residential sales volume is up 15% year-over-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 1/1/16 – 10/31/16:  160 1/1/17 – 10/31/17:  170             Number of Listings Sold 1/1/16 – 10/31/16:  1260 1/1/17 - 10/31/17:  1315                Average Price of Sold Listings 1/1/16 – 10/31/16:  $164,741 1/1/17 – 10/31/17:  $182,253 MLS Sold Volume 1/1/16 – 10/31/16:  $207,574,734 1/1/17 – 10/31/17:  $239,662,962 (data obtained

Real Estate experts across the country continue to make predictions on What to Expect for the Remainder of 2017.  According to an article by Forbes, “ At the start of 2017  experts anticipated price growth would slow, inventory would bottom and mortgage rates would climb. So far, things are not going as forecast…. here's a look at where thing stand and where they could go next: 1. Inventory will remain an albatross.  2. Climbing demand will continue to push prices higher.  3. Affordable housing will be elusive.  4. Homes that do hit will move fast. 5. Mortgage rates will stay low. ”   Click here  to read the full article. While demand is high and supply is low across the country – Garland County is following the trend, yet at a slower pace.  The inventory of homes in Garland County is down 3% since last month; we’re experiencing more “multiple offers” on homes than we’ve seen in years; and we have many buyers sitting on the sidelines ready and willing to buy as soon as

Well, the “norm” for this time of year is NOT the “norm” for this year.  We’ve been selling real estate in Hot Springs for over fifteen years, and every year around early August, the real estate activity almost comes to a halt during the whole month of August and then trickles through December. Guess what? Our market has broken the normal cycle this year.  We’re still going FULL BLAST with no slow down as of today.  All indicators are showing signs of a stronger real estate market in Hot Springs. Downtown continues to blossom and bring in more tourists (with 24 new businesses this year).  Then on the other side of town, we have the widening of Hwy 7 South/Central Avenue going toward Bismarck – which is gaining a lot of attention for investors and more new businesses. And the major highway improvements along Hwy 70 coming into town from Little Rock is very impressive and 50% complete, which should make travel to and from the big city a breeze with a wide and safer highway. The total

Summer is almost over and a new season is around the corner.  Change is often exciting and refreshing, and it’s always fun to watch the activities change in our booming little resort town. The “end of summer” also has an impact on the real estate market in Hot Springs. Families are settling in and focusing on the upcoming school year ahead, while savvy investors are on the rise in search for those bargain buys in the real estate market. It’s normally the best time of year to snatch up a bargain.  While there are still plenty of homes on the market, inventory is down 9% compared to this time last year.  The residential real estate market continues to improve. The total sales volume is up 14% year-over-year for Garland County.  The resort home market is the major component for the increase in sales volume. The number of single-family lake home sales are up 33% while lake condo sales are only up 9%. The average selling price of lake homes also rose 7%, with the average selling price of

The heat has finally made it to Hot Springs with the heat index feeling like 101 this week.  Along with the heat comes some exciting things in the real estate world in the spa city.  If you haven’t been downtown in a while, you will be pleasantly surprised to see all of the improvements and new businesses popping up. There is also some big news that hit the press earlier this week.  Did you hear that Arkansas’ largest hotel – The Arlington recently transferred hands in a private transaction? Sky Capitol Group LP of Little Rock acquired the hotel with plans to continue the renovations and “will be working to maintain it as one of the great American grand hotels” – according to the press release from the Sentinel Record earlier this week.  We are also pleased to report the numbers for the first half of the year.  The residential real estate market is now up 12% year-over-year for Garland County. Below is an overview of this year’s sales compared to this same time period year-over-year

May was a fantastic month for the residential real estate market in the Hot Springs area.  The number of sales are up 36% from April, and the total sales volume is up 10% year-over-year for Garland County. The luxury market is the major contributor for the uptick in the market this year (homes $500,000 and above).  The luxury market is up 57% over this same time last year, with four sales above $1 million.  Interestingly, the luxury buyers also seem to be migrating to the “FAR” side of town, with many newer luxury neighborhoods in that area, ie. Oak Shores, Farr Shores, the Arkridge area, etc. The lake condo market remains steady with sales running neck-to-neck with last year. The first-time home buyer and small family market (homes $150,000 and below) has dropped 5% this year. Land sales are also down 39% this year with many buyers finding better value in purchasing existing homes instead of building.  Below is an overview of this year’s sales compared to this same time per

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. According to the “Market Watch”, there are 9 signs that the housing market will continue to get hotter.  1)   Mortgage activity is strong:  According to recent data from the Mortgage Bankers Association, purchase activity is up 3% year over year despite an increase in interest rates. While the longer-term trend for rates is higher, we are seeing a bit of relief right now as well-qualified borrowers start seeing rates of 4% or less —the lowest levels of 2017. That will only spark more activity in the coming months, fueling already high demand.  2)  Unemployment is ultralow:   the labor market is very tight and Americans are finding plenty of work. The headline unemployment rate fell to 4.4% in April as payrolls surged after a March lull. The details also were encouraging, with hourly pay up 2.5% year over year and hours worked slightly higher. A strong job market means more Americans w

The real estate market in the Hot Springs area continued to pick up steam during March. The market is up 20% over last year for the total sales volume, with the average sales price at $177,250. While Hot Springs is still a buyers’ market with the average days on market a little over six months, we are beginning to see some homes experience multi-offers when they hit the market staged and priced right. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/16 – 3/31/16:  148 1/1/17 – 3/31/17:  187             Number of Listings Sold 1/1/16 – 3/31/16:  306 1/1/17 – 3/31/17:  317                   Average Price of Sold Listings 1/1/16 – 3/31/16:  $152,934 1/1/17 – 3/31/17:  $177,250 MLS Sold Volume 1/1/16 – 3/31/16:  $46,797,958 1/1/17 – 3/31/17:  $56,188,448 (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) Clic

The numbers are in for February and the residential real estate market in the Hot Springs area is in good shape.  We are up 21% over last year for the total sales volume. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/16 – 2/28/16:  154 1/1/17 – 2/28/17:  145             Number of Listings Sold 1/1/16 – 2/28/16:  172 1/1/17 – 2/28/17:  176                    Average Price of Sold Listings 1/1/16 – 2/28/16:  $146,047 1/1/17 – 2/28/17:  $172,684 MLS Sold Volume 1/1/16 – 2/28/16:  $25,120,145 1/1/17 – 2/28/17:  $30,392,502 (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 home sales 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 d

The Spa City is in full gear, kicking off the year with a HOT real estate market in January!  Not only did Oaklawn open the gates for the thoroughbreds to run in January … the resort buyers also kicked open the gates and have been pouring into Hot Springs.  We’re back to 12 hour - 7 day work weeks and loving it (well, most of the time). In our local market, residential sales started off 43% over last year for total sales volume in January. Below is an overview of this year’s sales compared to this same time period year-over-year. Let’s keep this momentum going and balance our market with an even playing field between buyers and sellers this year! Average Days on Market 1/1/16 – 1/31/16:  184 1/1/17 – 1/31/17:  148             Number of Listings Sold 1/1/16 – 1/31/16:  71 1/1/17 – 1/31/17:  86                    Average Price of Sold Listings 1/1/16 – 1/31/16:  $157,976 1/1/17 – 1/31/17:  $187,262 MLS Sold Volume 1/1/16 – 1/31/16:  $11,216,300 1/1/17 – 1/31/17:  $16,104,550 (

Great News!  The numbers are in for residential real estate sales in Garland County for 2016 and the total sales volume  is up 11% over last year. The numbers in all other categories also improved … Homes sold faster and for more money in 2016.  Looks like we’re headed in the right direction for 2017! Below is an overview of this year’s sales compared to last year’s sales. Average Days on Market 1/1/15 – 12/31/15:  170 1/1/16 – 12/31/16:  164             Number of Listings Sold 1/1/15 – 12/31/15:  1335 1/1/16 – 12/31/16:  1479                    Average Price of Sold Listings 1/1/15 – 12/31/15:  $167,701 1/1/16 – 12/31/16:  $168,054 MLS Sold Volume 1/1/15 – 12/31/15:  $223,881,277 1/1/16 – 12/31/16:  $248,553,004 (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 Gar