AWESOME NEWS!!!! The numbers are in for the first month of 2014 for residential real estate sales in Garland County, Arkansas, and one word sums it up …. “WOW!” Compared to the year before, residential sales are up 75% over last January.
This exciting news is driven by an up-tick in our luxury market. The Luxury Insights reported this week that "The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away.” And so says The New York Times in Sunday's Business Day article: "The Middle Class Is Steadily Eroding. Just Ask the Business World." In a nutshell: Income inequality is deepening. Affluent consumers are spending more and driving the economic engine. From restaurants to retail, appliances to casinos, the "high-end" is where the action is and it is largely driving what growth there is in the economy. "The current recovery has been driven almost entirely by the upper crust...about 90 percent of the overall increase in inflation-adjusted consumption between 2009 and 2012 was generated by the top 20 percent of households in terms of income."
We expect to see the luxury segment as the "good news" story in real estate and in most markets, as it continues to be the dominant segment driving the post-recession recovery.
Below is an overview of sales for January:
Average Days on Market
1/1/13 – 1/31/13: 117
1/1/14 – 1/31/14: 186
Number of Listings Sold
1/1/13 – 1/31/13: 66
1/1/14 – 1/31/14: 81
Average Price of Sold Listings
1/1/13 – 1/31/13: $125,372
1/1/14 – 1/31/14: $179,428
MLS Sold Volume
1/1/13 – 1/31/13: $8,274,561
1/1/14 – 1/31/14: $14,533,702
(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)
While we enjoy working with all buyers and sellers, we have additional experience and expertise in marketing the upper-tier market as the only certified luxury home marketing specialists in this area. and our office normally holds the lead position with the highest average sales price. In fact, Jeff Kennedy and two other agents in our office sold the top three luxury homes in January: $410,000 in Stonegate, $590,000 in Quail Ridge, and $1,200,000 in Oak Shores.
Click here to take a look at the next report that shows a more detailed overview of the current market in Garland County, AR. This report will give you a better look at the supply and demand of homes.
If we can ever help more, please don’t hesitate to give us a call at 501.655.6247. It is always our pleasure to serve you.
the Kennedy Crew