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 period year-over-year.
Average Days on Market
1/1/16 – 5/31/16:  155
1/1/17 – 5/31/17:  167            
Number of Listings Sold
1/1/16 – 5/31/16:  580
1/1/17 – 5/31/17:  572                  
Average Price of Sold Listings
1/1/16 – 5/31/16:  $162,906
1/1/17 – 5/31/17:  $183,147

MLS Sold Volume
1/1/16 – 5/31/16:  $94,485,892
1/1/17 – 5/31/17:  $104,760,655
(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 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
Hot Springs 1st Choice Realty
(501) 655-6247
Jeff@BestofHotSprings.com

Let’s connect socially:
Facebook
Twitter

Comments

Post a Comment

Popular posts from this blog

Hot Springs Market Update

It keeps getting Better and Better in Hot Springs!  According to the Hot Springs Realtors Association data for August, the overall residential sales volume for the year is up 22% over last year, and the housing inventory is down 12% compared to this same time period last year.  Apparently the secret is out. Vacationers love Hot Springs! Increased sales are significantly related to the rise in the resort & vacation home market. Lakefront home sales are up 36% over last year.   Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year. Average Days on Market 1/1/17 – 8/31/17:  170 1/1/18 – 8/31/18:  187            Number of Listings Sold 1/1/17 – 8/31/17:  1,050 1/1/18 – 8/31/18:  1,217                  Average Price of Sold Listings 1/1/17 – 8/31/17:  $181,648 1/1/18 – 8/31/18:  $192,224 MLS Sold Volume 1/1/17 – 8/31/17:  $190,730,728 1/1/18 – 8/31/18:  $233,745,315 (data obtained from the Hot Springs Board
Read more

Real Estate Market may be Headed in a New Direction

As we review the first month of the new year in the real estate industry in the Hot Springs area, we are always eager to determine the direction of the real estate market for the year.  Wouldn’t it be nice if that crystal ball would tell us the exact time that’s best to buy and sell to get the most for your money?!  So far, the numbers are pretty close to this time last year, however just a tad bit less in total sales volume for residential sales (but not enough to talk about). With over 16 years in the real estate industry, we have experienced many shifts in the market, but this year is feeling a little different.  We have made a few predictions for the upcoming year and wanted to share our thoughts with you. This will be a year of more “multi-offers” on homes, so be sure to choose an experienced real estate agent with good negotiating skills to represent you. (Inventory is at a record low for our area, creating a scramble on good homes.) Vacation home sales will increase signif
Read more

the Future Looks Bright in Hot Springs

What a great year it’s been!  This time of year is always so special.  It’s a time of reflection, a time of gratitude, a time for new adventures & treasured traditions, and it’s a time of excitement for another new year ahead. Looking back, we’re happy to report that the real estate market in the Hot Springs area continues to be good, and the overall residential sales volume for the year is up 16% over last year. Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year. Average Days on Market 1/1/17 – 10/31/17:  168 1/1/18 – 10/31/18:  149            Number of Listings Sold 1/1/17 – 10/31/17:  1,334 1/1/18 – 10/31/18:  1,505                Average Price of Sold Listings 1/1/17 – 10/31/17:  $181,172 1/1/18 – 10/31/18:  $187,518 MLS Sold Volume 1/1/17 – 10/31/17:  $241,684,392 1/1/18 – 10/31/18:  $282,027,270 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner
Read more