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.

1. 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.)
2. Vacation home sales will increase significantly in Hot Springs largely due to Oaklawn’s $100 million expansion.  
3. The overall average “Days on Market” for a home on the market will drop from 147 (in 2018) to less than 125 this year with the rental condo market as the HOT segment. (Condos that allow nightly rentals have started selling as soon as they hit the market when priced correctly.)
4. There will be more “brand new” real estate agents in the real estate industry since 2006, prior to the market crash so be sure to interview thoroughly when choosing an agent. (Experience can make a BIG difference.)
   
   As the year progresses, we’ll refer back to our predictions and give you an update.  And please feel free to contact us with any thoughts or questions.  We always enjoy hearing from you!
   

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
1/1/18 – 1/31/18:146
1/1/19 – 1/31/19:  114

Number of Listings Sold
1/1/18 – 1/31/18:  111
1/1/19 – 1/31/19:   98            

Average Price of Sold Listings
1/1/18 – 1/31/18:  $140,965
1/1/19 – 1/31/19:  $139,642

MLS Sold Volume
1/1/18 – 1/31/18:  $15,647,139
1/1/19 – 1/31/19:  $13,684,964

(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 there’s anything we can help you with, 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