Hot Springs Skinny

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...