Hot Springs Skinny

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

This month marks our 16 th  anniversary of calling Hot Springs home. At the time, it was a BIG leap of faith following a dream which meant leaving a secure lifestyle in Memphis, Tennessee to move to a small town with everything unknown – but guess what?  It was one of the best decisions we ever made, and we are still LOVING Hot Springs.  If you’ve been on the fence about choosing Hot Springs as your next home, or you’ve been thinking about buying that perfect little vacation retreat – we would love to help! We’ve been in your shoes, and know all of your questions. If Hot Springs is already home and you’re ready to upsize, downsize or just want something different – we would love to help!  We know the market well, and superb marketing is our specialty.   If other commitments are calling you away from Hot Springs, we hate to see you go but we will do our best to help you with a smooth transition to your next home.  After years of networking with real estate agents across the count

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

It’s that time of year again with the kiddos heading back to school, summer vacations wrapping up and a new season peeping around the corner. In the past, this time of year normally brings a slight slow-down in the real estate market in the Hot Springs area. However, our market is still on the rise with no signs of a slow-down. According to the Hot Springs Realtors Association data for July, average sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The average sales price in July was $190,769, an increase of 5% from last July. The Hot Springs area housing inventory totaled 808 units in July, a decrease of 16% from July 2017. July home sales were at 161, an  increase  of 38% from the previous year. The overall residential sales volume for the year is up 24% over last year.  And the resort and vacation home market is on  FIRE  this year with condominium sales up 50% over last year. Below is an overview of this year’s residential sales in Garland

Consumer confidence along with increased tourism continue to drive the “spa city’s” housing market upward.  People haven’t been this optimistic about the housing market since 2005. Home sales continue to soar with a 12% increase in total sales volume year over year for the Hot Springs area.  The hot segment for the month of May was the $150,000 - $300,000 range with 45% of home sales falling in this category. 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 – 5/31/17:  164 1/1/18 – 5/31/18:  229            Number of Listings Sold 1/1/17 – 5/31/17:  595 1/1/18 – 5/31/18:  664            Average Price of Sold Listings 1/1/17 – 5/31/17:  $179,244 1/1/18 – 5/31/18:  $180,413 MLS Sold Volume 1/1/17 – 5/31/17:  $106,650,385 1/1/18 – 5/31/18:  $120,277,184 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not rep

This spring’s home sales season is shaping up to be the most interesting one in years in the Hot Springs area. This little tourist town has been on fire with its downtown development creating a variety of new activities, fabulous dining and trendy warehouse living.  In addition, the highway expansions at both ends of the city is the icing on the cake to position the city for another surge of new real estate development. All of this excitement seems to be stirring visitors into making smart investments in our fantastic “spa city”. Some segments are hotter than others and we have been seeing sales surge in recent months.When we look closer at this year’s first quarter compared to last year’s first quarter – We have seen an uptick at the higher end of the market with an 18% increase in sales of luxury homes (homes over $500,000).  The resort condo market has also experienced a 13% increase in sales. (Hint: If you have a luxury home or condo that you’ve been thinking of selling – we wou

Should you buy or sell real estate in Hot Springs in 2018? The real estate market in the Hot Springs area is very healthy. Home prices are appreciating and it’s a safe investment over the long term. The tax cuts should also help although the Fed is counteracting that growth with a questionable raising of interest rates which seems to have sparked the sudden stock market volatility. Although some disincentives are present for home buying in certain price ranges, that will help keep the market balanced for 2018. Overall, predictions and outlook for the local housing market  are positive. That’s because the  US economy  is on its strongest roll in a while, bolstered by lower taxes, and growing American confidence. It’s very evident that the American dream has been kindled again when you drive through the thriving little “spa city”. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1/17 – 2/28/17:  138 1/1/18 – 2/28/

Signs are good for the residential real estate market in the Hot Springs area.  Inventory continues to drop (down 10% year-over-year), homes are selling faster, and the city is thriving. It’s no wonder that Hot Springs is doing well and continues to be one of the favorite places to call home. In fact, Hot Springs was named again in “the 25 Best Small Towns in America” reported by  Architectural Digest Feb 7, 2018 And if you haven’t been downtown lately, you’re in for a shock. The city’s downtown commercial development is booming! Cole McCaskill of the Hot Springs Metro Partnership reported in a newsletter this week that “Downtown Hot Springs welcomed 41 new businesses and over $23 million in investment” in 2017, and “our growth in downtown outpaced the average Arkansas downtown by more than 10x for the 3rd year in a row!”  At this rate, it’s safe to say that real estate in Hot Springs would be a good investment today. Below is an overview of this year’s sales compared to this same t

Are you interested in the year-end results for the residential real estate market in Garland County for 2017?  The total sales volume is up 12% year-over-year with the average sales price at $179,110, and the average selling time is around 5.6 months.  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 – 12/31/16:  164 1/1/17 – 12/31/17:  168            Number of Listings Sold 1/1/16 – 12/31/16:  1481 1/1/17 - 12/31/17:  1558                 Average Price of Sold Listings 1/1/16 – 12/31/16:  $167,981 1/1/17 – 12/31/17:  $179,110 MLS Sold Volume 1/1/16 – 12/31/16:  $248,781,004 1/1/17 – 12/31/17:  $279,054,596 (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