Hot Springs Market Update

Real Estate experts across the country continue to make predictions on What to Expect for the Remainder of 2017.  According to an article by Forbes, “At the start of 2017 experts anticipated price growth would slow, inventory would bottom and mortgage rates would climb. So far, things are not going as forecast…. here's a look at where thing stand and where they could go next:
1. Inventory will remain an albatross. 
2. Climbing demand will continue to push prices higher. 
3. Affordable housing will be elusive. 
4. Homes that do hit will move fast.
5. Mortgage rates will stay low.”  Click here to read the full article.
While demand is high and supply is low across the country – Garland County is following the trend, yet at a slower pace.  The inventory of homes in Garland County is down 3% since last month; we’re experiencing more “multiple offers” on homes than we’ve seen in years; and we have many buyers sitting on the sidelines ready and willing to buy as soon as the “right” home hits the market.
The market is good and we are pleased to report that the total residential sales volume is up 14% year-over-year for Garland County.
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 – 9/30/16:  158
1/1/17 – 9/30/17:  172            
Number of Listings Sold
1/1/16 – 9/30/16:  1134
1/1/17 - 9/30/17:  1164                 
Average Price of Sold Listings
1/1/16 – 9/30/16:  $163,520
1/1/17 – 9/30/17:  $182,215

MLS Sold Volume
1/1/16 – 9/30/16:  $185,432,700
1/1/17 – 9/30/17:  $212,098,397
(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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