Hot Springs Skinny

The numbers are in for June for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the total sales volume is almost identical to this time last year with the average home price now at $160,180. June was the month for first-time home buyers and downsizing buyers.  The number of single family homes sold under $150,000 was up 37% over May, While single family home sales are doing better, condo sales seem to be slow to bounce back. Summer months are generally the time of year when we see condo sales pick up, but June was a little different this year.  Condo sales dropped 27% compared to May. Another positive factor in our real estate market is a look at the inventory level.  Inventory is staying low this summer, which is beneficial in the market improving.  Compared to this same time last year, inventory is down 11%  Below is an overview of this year’s sales as of last month: Average Days on Market 1/1/14 – 6/...

The numbers are in for May for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the total sales volume is up 3% with the luxury home market kicking in gear. For the past five years, there have been an average of two home sales each year with a price tag over $1 million in the area. This year, Hot Springs has already experienced four home sales over $1 million and three of those sales were in May. In 2006, Hot Springs had one sale breaking a luxury home market record for the area with a sale at $3.1 million.  Since then, Hot Springs saw a couple more homes sell on Lake Hamilton for more than $2 million.  Could 2015 be the year for another record breaking year in the luxury home market? Below is an overview of this year’s sales as of last month: Average Days on Market 1/1/14 – 5/31/14:  167 1/1/15 – 5/31/15:  194             Number of Listings Sold 1/1/14 – 5...

The numbers are in for the first quarter for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the number of home sales are up 3% with the total sales volume down slightly due to the luxury home market lagging.  Inventory rose slightly in March yet the total number of homes on the market is still hovering at record lows for this time of year (less than 1000 homes currently on the market). Below is an overview of sales for the first quarter: Average Days on Market 1/1/14 – 3/31/14:  166 1/1/15 – 3/31/15:  200             Number of Listings Sold 1/1/14 – 3/31/14:  266 1/1/15 – 3/31/15:  276                       Average Price of Sold Listings 1/1/14 – 3/31/14:  $157,541 1/1/15 – 3/31/15:  $147,694 MLS Sold Volume 1/1/14 – 3/31/14:...

The numbers are in for the February for residential real estate sales in Garland County, Arkansas. Compared to this same time last year, the number of home sales are up 7% with the majority of sales in the lower market segment (homes under $150,000) and inventory dropped 2%.  Below is an overview of sales for February: Average Days on Market 1/1/14 – 2/28/14:  158 1/1/15 – 2/28/15:  187             Number of Listings Sold 1/1/14 – 2/28/14:  160 1/1/15 – 2/28/15:  172                       Average Price of Sold Listings 1/1/14 – 2/28/14:  $165,887 1/1/15 – 2/28/15:  $139,625 MLS Sold Volume 1/1/14 – 2/28/14:  $26,542,002 1/1/15 – 2/28/15:  $24,015,543 (data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales no...

The numbers are in for the first month of 2015 for residential real estate sales in Garland County, Arkansas and sales are off to a slower start. Compared to the year before, residential sales are down over last January, however sales volume in January of last year started off with a real bang with a few big luxury home sales boosting the figures – so we don’t consider this a true picture yet, nor negative news. In fact, one segment of the market that looked interesting when we took a closer look was the condo market.   Condo sales were up 70% with 17 condo sales this January, and the condo inventory is much lower than the average for last year.   We’re hopeful that this may be the year for the condo market to make a good come back! Below is an overview of sales for January: Average Days on Market 1/1/14 – 1/31/14:  181 1/1/15 – 1/31/15:  177             Number of Listings Sold 1/1/14 – 1/31/14: ...

The numbers are in for the year of 2014 in residential real estate sales in Garland County, Arkansas, and it’s been a good year!   Compared to the year before, the total residential sales volume is up 5% over the same period of last year.   Our team was blessed to have a fantastic year as well.   We helped our customers buy and sell 33 homes totaling almost $11 million in transaction value last year.   Around 75% of our business came from either repeat or referrals, and we truly appreciate those of you who have helped us make our business a success! As we start off another new year, it’s a time of goal setting and predictions.   While reviewing many of the predictions for real estate by economists, we thought the news release on December 9, 2014 by Fortune was interesting.   “At a recent panel discussion on the 2015 real estate market, the chairman of Standard and Poor’s Index Committee, David Blitzer, was asked to describe what the market will look lik...

The numbers are in for November in residential real estate sales in Garland County, Arkansas.  Compared to the year before, the total residential sales volume is up 4% over the same period of last year.  As we review the market closely every month, we’re pleased to report that our market has continued to make slow and steady progress, and inventory is at a record low. The total number of homes on the market in Garland County dropped below 1000 for the first time since we’ve been keeping records.   We’re optimistic that the supply and demand will continue to level and bring us a balanced market in the near future for buyers and sellers. Below is an overview of sales for this period: Average Days on Market 1/1/13 – 11/30/13:  172 1/1/14 – 11/30/14:  163  Number of Listings Sold 1/1/13 – 11/30/13:  1120 1/1/14 – 11/30/14:  1204               ...