Hot Springs Skinny

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. 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.) Vacation ho...

HAPPY, HAPPY New Year!  It’s always fun to kick off a new year with a fresh outlook filled with new goals, big plans, and high expectations! One of my favorite sayings that a new year brings to mind is “Shoot for the moon so that even if you miss, you'll still land among the stars”. We are really excited about the plans for the future in Hot Springs in 2019.  Hot Springs has frequently been making headlines throughout the country and even the world.  Hot Springs was recently named by the Travel Channel as one of the  “Must-Visit Geothermal Baths Around the World” . Then Trip Savvy included Hot Springs in their list of “ The 20 Best Hot Springs Destinations in the World ”.  Discover Arkansas featured a cool story about the iconic Arlington Hotel as it’s “considered  one of the grandest hotels in the state ” and filled with rich history.  And of course the Arkansas Business Journal is always taking note of all of the...

What a great year it’s been!  This time of year is always so special.  It’s a time of reflection, a time of gratitude, a time for new adventures & treasured traditions, and it’s a time of excitement for another new year ahead. Looking back, we’re happy to report that the real estate market in the Hot Springs area continues to be good, and the overall residential sales volume for the year is up 16% 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 – 10/31/17:  168 1/1/18 – 10/31/18:  149            Number of Listings Sold 1/1/17 – 10/31/17:  1,334 1/1/18 – 10/31/18:  1,505                Average Price of Sold Listings 1/1/17 – 10/31/17:  $181,172 1/1/18 – 10/31/18:  $187,518 MLS Sol...

This month marks our 16 th  anniversary of calling Hot Springs home. At the time, it was a BIG leap of faith following a dream which meant leaving a secure lifestyle in Memphis, Tennessee to move to a small town with everything unknown – but guess what?  It was one of the best decisions we ever made, and we are still LOVING Hot Springs.  If you’ve been on the fence about choosing Hot Springs as your next home, or you’ve been thinking about buying that perfect little vacation retreat – we would love to help! We’ve been in your shoes, and know all of your questions. If Hot Springs is already home and you’re ready to upsize, downsize or just want something different – we would love to help!  We know the market well, and superb marketing is our specialty.   If other commitments are calling you away from Hot Springs, we hate to see you go but we will do our best to help you with a smooth transition to your next home.  After years of network...

It keeps getting Better and Better in Hot Springs!  According to the Hot Springs Realtors Association data for August, the overall residential sales volume for the year is up 22% over last year, and the housing inventory is down 12% compared to this same time period last year.  Apparently the secret is out. Vacationers love Hot Springs! Increased sales are significantly related to the rise in the resort & vacation home market. Lakefront home sales are up 36% 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 – 8/31/17:  170 1/1/18 – 8/31/18:  187            Number of Listings Sold 1/1/17 – 8/31/17:  1,050 1/1/18 – 8/31/18:  1,217                  Average Price of Sold Listings 1...

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...

Consumer confidence along with increased tourism continue to drive the “spa city’s” housing market upward.  People haven’t been this optimistic about the housing market since 2005. Home sales continue to soar with a 12% increase in total sales volume year over year for the Hot Springs area.  The hot segment for the month of May was the $150,000 - $300,000 range with 45% of home sales falling in this category. 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 – 5/31/17:  164 1/1/18 – 5/31/18:  229            Number of Listings Sold 1/1/17 – 5/31/17:  595 1/1/18 – 5/31/18:  664            Average Price of Sold Listings 1/1/17 – 5/31/17:  $179,244 1/1/18 – 5/31/18:  $180,413 MLS Sold Volume 1/1/17 – 5/31/17:  $106,650,...

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 ...

Should you buy or sell real estate in Hot Springs in 2018? The real estate market in the Hot Springs area is very healthy. Home prices are appreciating and it’s a safe investment over the long term. The tax cuts should also help although the Fed is counteracting that growth with a questionable raising of interest rates which seems to have sparked the sudden stock market volatility. Although some disincentives are present for home buying in certain price ranges, that will help keep the market balanced for 2018. Overall, predictions and outlook for the local housing market  are positive. That’s because the  US economy  is on its strongest roll in a while, bolstered by lower taxes, and growing American confidence. It’s very evident that the American dream has been kindled again when you drive through the thriving little “spa city”. Below is an overview of this year’s sales compared to this same time period year-over-year. Average Days on Market 1/1...

Signs are good for the residential real estate market in the Hot Springs area.  Inventory continues to drop (down 10% year-over-year), homes are selling faster, and the city is thriving. It’s no wonder that Hot Springs is doing well and continues to be one of the favorite places to call home. In fact, Hot Springs was named again in “the 25 Best Small Towns in America” reported by  Architectural Digest Feb 7, 2018 And if you haven’t been downtown lately, you’re in for a shock. The city’s downtown commercial development is booming! Cole McCaskill of the Hot Springs Metro Partnership reported in a newsletter this week that “Downtown Hot Springs welcomed 41 new businesses and over $23 million in investment” in 2017, and “our growth in downtown outpaced the average Arkansas downtown by more than 10x for the 3rd year in a row!”  At this rate, it’s safe to say that real estate in Hot Springs would be a good investment today. Below is an overview of this year’s ...

Are you interested in the year-end results for the residential real estate market in Garland County for 2017?  The total sales volume is up 12% year-over-year with the average sales price at $179,110, and the average selling time is around 5.6 months.  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 – 12/31/16:  164 1/1/17 – 12/31/17:  168            Number of Listings Sold 1/1/16 – 12/31/16:  1481 1/1/17 - 12/31/17:  1558                 Average Price of Sold Listings 1/1/16 – 12/31/16:  $167,981 1/1/17 – 12/31/17:  $179,110 MLS Sold Volume 1/1/16 – 12/31/16:  $248,781,004 1/1/17 – 12/31/17:  $279,054,596 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sale...

The numbers are in for the residential real estate market and we are pleased to report that the total residential sales volume is up 13% year-over-year for Garland County. The housing inventory continues to drop and is down another 8% since last month, while the demand is strong with qualified buyers ready to buy.  With the new year approaching along with the recent tax changes, we’re seeing many different “2018 prediction” reports making it difficult to speculate. However, there’s one thing for sure …. Change can be good and bad; it depends on how you look at it.  We choose “good” and believe that 2018 is going to be a great year for the real estate industry in Arkansas. 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 – 11/30/16:  165 1/1/17 – 11/30/17:  168            Number of Listings Sold 1/1/16 – 11/30/16:  1365 1/1/17 -...

The residential real estate market in the Hot Springs area continues to improve and could possibly be shifting to a “sellers’ market” in the near future. The housing inventory in the spa city has dropped another 4% since last month and the demand continues to increase. The number of homes purchased in October was up 6% over the month before, and we have a long list of buyers waiting for that “perfect” home to hit the market. We are pleased to report that the total residential sales volume is up 15% 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 – 10/31/16:  160 1/1/17 – 10/31/17:  170             Number of Listings Sold 1/1/16 – 10/31/16:  1260 1/1/17 - 10/31/17:  1315                Average Price of Sold Listings 1/1/16 –...

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 sitti...

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 hi...

Summer is almost over and a new season is around the corner.  Change is often exciting and refreshing, and it’s always fun to watch the activities change in our booming little resort town. The “end of summer” also has an impact on the real estate market in Hot Springs. Families are settling in and focusing on the upcoming school year ahead, while savvy investors are on the rise in search for those bargain buys in the real estate market. It’s normally the best time of year to snatch up a bargain.  While there are still plenty of homes on the market, inventory is down 9% compared to this time last year.  The residential real estate market continues to improve. The total sales volume is up 14% year-over-year for Garland County.  The resort home market is the major component for the increase in sales volume. The number of single-family lake home sales are up 33% while lake condo sales are only up 9%. The average selling price of lake homes also rose 7%, with the avera...

The heat has finally made it to Hot Springs with the heat index feeling like 101 this week.  Along with the heat comes some exciting things in the real estate world in the spa city.  If you haven’t been downtown in a while, you will be pleasantly surprised to see all of the improvements and new businesses popping up. There is also some big news that hit the press earlier this week.  Did you hear that Arkansas’ largest hotel – The Arlington recently transferred hands in a private transaction? Sky Capitol Group LP of Little Rock acquired the hotel with plans to continue the renovations and “will be working to maintain it as one of the great American grand hotels” – according to the press release from the Sentinel Record earlier this week.  We are also pleased to report the numbers for the first half of the year.  The residential real estate market is now up 12% year-over-year for Garland County. Below is an overview of this year’s sales compared to this same ti...

May was a fantastic month for the residential real estate market in the Hot Springs area.  The number of sales are up 36% from April, and the total sales volume is up 10% year-over-year for Garland County. The luxury market is the major contributor for the uptick in the market this year (homes $500,000 and above).  The luxury market is up 57% over this same time last year, with four sales above $1 million.  Interestingly, the luxury buyers also seem to be migrating to the “FAR” side of town, with many newer luxury neighborhoods in that area, ie. Oak Shores, Farr Shores, the Arkridge area, etc. The lake condo market remains steady with sales running neck-to-neck with last year. The first-time home buyer and small family market (homes $150,000 and below) has dropped 5% this year. Land sales are also down 39% this year with many buyers finding better value in purchasing existing homes instead of building.  Below is an overview of this year’s sales compared to...

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. According to the “Market Watch”, there are 9 signs that the housing market will continue to get hotter.  1)   Mortgage activity is strong:  According to recent data from the Mortgage Bankers Association, purchase activity is up 3% year over year despite an increase in interest rates. While the longer-term trend for rates is higher, we are seeing a bit of relief right now as well-qualified borrowers start seeing rates of 4% or less —the lowest levels of 2017. That will only spark more activity in the coming months, fueling already high demand.  2)  Unemployment is ultralow:   the labor market is very tight and Americans are finding plenty of work. The headline unemployment rate fell to 4.4% in April as payrolls surged after a March lull. The details also were encouraging, with hourly pay up 2.5% year over year and hours worked slightly higher. A s...

The real estate market in the Hot Springs area continued to pick up steam during March. The market is up 20% over last year for the total sales volume, with the average sales price at $177,250. While Hot Springs is still a buyers’ market with the average days on market a little over six months, we are beginning to see some homes experience multi-offers when they hit the market staged and priced right. 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 – 3/31/16:  148 1/1/17 – 3/31/17:  187             Number of Listings Sold 1/1/16 – 3/31/16:  306 1/1/17 – 3/31/17:  317                   Average Price of Sold Listings 1/1/16 – 3/31/16:  $152,934 1/1/17 – 3/31/17:  $177,250 MLS Sold Volume 1/1/16 – 3/31/16:  $46,797,958 1/1/17 – 3/3...