Hot Springs Market Update
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