Hot Springs Market Update

Well, the “norm” for this time of year is NOT the “norm” for this year.  We’ve been selling real estate in Hot Springs for over fifteen years, and every year around early August, the real estate activity almost comes to a halt during the whole month of August and then trickles through December. Guess what? Our market has broken the normal cycle this year.  We’re still going FULL BLAST with no slow down as of today.  All indicators are showing signs of a stronger real estate market in Hot Springs. Downtown continues to blossom and bring in more tourists (with 24 new businesses this year).  Then on the other side of town, we have the widening of Hwy 7 South/Central Avenue going toward Bismarck – which is gaining a lot of attention for investors and more new businesses. And the major highway improvements along Hwy 70 coming into town from Little Rock is very impressive and 50% complete, which should make travel to and from the big city a breeze with a wide and safer highway.
The total residential sales volume is up 16% year-over-year for Garland County.  While closing another property at one of our favorite title companies last week, we spoke with Les Warren, President of Hot Springs Title Co. and he was thrilled to report -  “August was the second highest grossing month we have had since 2005.”
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 – 8/31/16:  155
1/1/17 – 8/31/17:  172            
Number of Listings Sold
1/1/16 – 8/31/16:  993
1/1/17 - 8/31/17:  1034                 
Average Price of Sold Listings
1/1/16 – 8/31/16:  $163,234
1/1/17 – 8/31/17:  $182,812

MLS Sold Volume
1/1/16 – 8/31/16:  $162,091,879
1/1/17 – 8/31/17:  $189,028,498
(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

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