Is the Hot Springs Real Estate Market About to Explode?

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 would love to talk! We have buyers.)
While the resort and luxury home market is on the upswing, the first-time home buyers & “down-sizers” seem to have settled in with fewer moves this year.  Home sales below $150,000 dipped 8%, which could be related to slim inventory with fewer new homes being built. 
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 – 3/31/17:  182
1/1/18 – 3/31/18:  170           
Number of Listings Sold
1/1/17 – 3/31/17:  333
1/1/18 – 3/31/18:  341           
Average Price of Sold Listings
1/1/17 – 3/31/17:  $171,957
1/1/18 – 3/31/18:  $180,211

MLS Sold Volume
1/1/17 – 3/31/17:  $57,261,814
1/1/18 – 3/31/18:  $61,452,166
(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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