Resort & Vacation Home Sales Up 50%

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 County compared to this same time period year-over-year.
Average Days on Market
1/1/17 – 7/31/17:  167
1/1/18 – 7/31/18:  193           
Number of Listings Sold
1/1/17 – 7/31/17:    882
1/1/18 – 7/31/18:  1,044                 
Average Price of Sold Listings
1/1/17 – 7/31/17:  $180,594
1/1/18 – 7/31/18:  $190,769

MLS Sold Volume
1/1/17 – 7/31/17:  $159,284,685
1/1/18 – 7/31/18:  $198,972,967
(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 give us a call today at (501) 655-6247. It is always our pleasure to serve you.
Warm regards,
Jeff and Paulia Kennedy
Hot Springs 1stChoice Realty
(501) 655-6247
Jeff@BestofHotSprings.com

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