Real Estate Information

The Kennedy Team Blog

Paulia Kennedy

Blog

Displaying blog entries 1-10 of 94

Hot Springs Market Update

by Paulia Kennedy

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 – 6/30/14:  165
1/1/15 – 6/30/15:  191            

Number of Listings Sold
1/1/14 – 6/30/14:  628
1/1/15 – 6/30/15:  640                      

Average Price of Sold Listings
1/1/14 – 6/30/14:  $161,829
1/1/15 – 6/30/15:  $160,180

MLS Sold Volume
1/1/14 – 6/30/14:  $101,628,881
1/1/15 – 6/30/15:  $102,515,723

(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 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.

Warm regards,

Jeff and Paulia Kennedy

Luxury Home Market Kicked off in May

by Paulia Kennedy

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 – 5/31/14:  492
1/1/15 – 5/31/15:  504                      

Average Price of Sold Listings
1/1/14 – 5/31/14:  $156,876
1/1/15 – 5/31/15:  $159,159

MLS Sold Volume
1/1/14 – 5/31/14:  $77,183,356
1/1/15 – 5/31/15:  $80,216,481

(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 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.

Warm regards,

Jeff and Paulia Kennedy

Hot Springs Market Update

by Paulia Kennedy

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:  $41,906,154
1/1/15 – 3/31/15:  $40,763,796

(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 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.

Warm regards,

Jeff and Paulia Kennedy

Hot Springs Market Update

by Paulia Kennedy

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 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 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.

Warm regards,

Jeff and Paulia Kennedy

Hot Springs Market Update

by Paulia Kennedy

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:  84
1/1/15 – 1/31/15:  81                      

Average Price of Sold Listings
1/1/14 – 1/31/14:  $175,159
1/1/15 – 1/31/15:  $128,585

MLS Sold Volume
1/1/14 – 1/31/14:  $14,713,374
1/1/15 – 1/31/15:  $10,415,446

(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 market in Garland County, AR. This report will give you a better look at the supply and demand of homes.

We love Hot Springs and we’re doing our best to help our community gain recognition as the best place to live!  Another statistic that we are pleased to report for 2014 is our sales history. Did you know that we sold more listings in Hot Springs last year than any other real estate agent/team? We don’t call it a job when you love what you do!  Thank you so much for trusting us to handle your real estate transactions, and thank you for your referrals!

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.

Warm regards,

Jeff and Paulia Kennedy

Wrapping up 2014 on the Upswing ... 2015's looking Mysterious

by Paulia Kennedy

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 like in one word.  His answer? “Mysterious.”  His response tells us that, for one, the real estate market can confound even the experts. But, more importantly, it suggests that housing has reached an inflection point. With home prices in many markets at or above pre-bubble levels, we can no longer expect the “rebound effect” to power home values higher each month.” 

The article then went on to talk about the trends to watch this year, and we found it interesting that the first trend to watch was the movement of the Millennials. “The demographic wave of Millennials will help boost prices: The U.S. has been stuck in a demographic rut, which has dragged down the demand for homes. For the past decade, the largest portion of the American population was made up of Baby Boomers, folks who long ago settled down and started families. But late last year, the Census Bureau announced that the cohort of now-23-year-old Americans is the largest in the country, followed by 24 and 22-year olds, respectively. As this ascendant generation ages another year, more of them will start families and look to buy homes of their own.”  To read the full article, click here.   We think you will find it enlightening, and will offer a better picture of what to expect in our local market in 2015.

Below is an overview of sales for this period:

Average Days on Market
1/1/13 – 12/31/13:  171
1/1/14 – 12/31/14:  165

Number of Listings Sold
1/1/13 – 12/31/13:  1192
1/1/14 – 12/31/14:  1296                     

Average Price of Sold Listings
1/1/13 – 12/31/13:  $166,655
1/1/14 – 12/31/14:  $161,349

MLS Sold Volume
1/1/13 – 12/31/13:   $198,652,776
1/1/14 – 12/31/14:   $209,108,920

(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)

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 help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.

Warm regards,

Jeff and Paulia Kennedy

Housing Inventory Hits Record Low

by Paulia Kennedy

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                     

Average Price of Sold Listings
1/1/13 – 11/30/13:  $167,688
1/1/14 – 11/30/14:  $162,499

MLS Sold Volume
1/1/13 – 11/30/13:   $187,810,666
1/1/14 – 11/30/14:   $195,648,983

(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)

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 help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.

Warm regards,

Jeff and Paulia Kennedy

Luxury Home Sales Up 24%

by Paulia Kennedy

The numbers are in for the third quarter in residential real estate sales in Garland County.  Compared to the year before, the total residential sales volume is up 5% 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 month after month this year with the luxury market still on the rise. Home sales over $500,000 are up 24% this year with a total of 41 sales over $500,000 in Garland County with three sales over a million.  The largest sale so far this year was $1,600,000 by Jeff Kennedy. Last year during this same period - there were only 33 home sales over $500,000 with one sale over a million. 

Below is an overview of sales for this period:

Average Days on Market
1/1/13 – 9/30/13:  173
1/1/14 – 9/30/14:  162 

Number of Listings Sold
1/1/13 – 9/30/13:  949
1/1/14 – 9/30/14: 1015                     

Average Price of Sold Listings
1/1/13 – 9/30/13:  $168,155
1/1/14 – 9/30/14:  $166,591

MLS Sold Volume
1/1/13 – 9/30/13:   $159,579,443
1/1/14 – 9/30/14:   $169,089,975

(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)

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 help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.

Warm regards,

Paulia

Summer Selling

by Paulia Kennedy

The numbers are in for August in residential real estate sales in Garland County, Arkansas.  Compared to the year before, the total residential sales volume is up 3% over the same period of last year.   While the total sales volume has leveled throughout the year, the number of properties sold is up 7% over the year before.  Inventory is also steadily dropping and is down 7% as compared to this same period last year. 

Below is an overview of sales for this period:

Average Days on Market
1/1/13 – 8/31/13:  174
1/1/14 – 8/31/14:  164 

Number of Listings Sold
1/1/13 – 8/31/13:  821
1/1/14 – 8/31/14:  880                     

Average Price of Sold Listings
1/1/13 – 8/31/13:  $167,783
1/1/14 – 8/31/14:  $162,476

MLS Sold Volume
1/1/13 – 8/31/13:   $137,750,393
1/1/14 – 8/31/14:   $142,979,546

(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)

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 help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.

Warm regards,

Jeff and Paulia Kennedy
 

The Luxury Market is on the Rise

by Paulia Kennedy

The numbers are in for July in residential real estate sales in Garland County, Arkansas.  Compared to the year before, residential sales are up 9% over the same period of last year, and the luxury market is making a come back. This same time last year there were 20 homes that sold over $500,000 with only one sale over a million during the first seven months of the year.  This year there have been 27 home sales over $500,000 with two sales over a million … that’s a 35% increase in our luxury market! Over the most recent years, many luxury home owners gave up and took their home off the market. Today, our team has three more luxury homes currently under contract in this price range with two of them priced over a million. It’s exciting to see this segment of the market back on the rise!

Below is an overview of sales for this period:

Average Days on Market
1/1/13 – 7/31/13:  175
1/1/14 – 7/31/14:  166 

Number of Listings Sold
1/1/13 – 7/31/13:  670
1/1/14 – 7/31/14:  751                     

Average Price of Sold Listings
1/1/13 – 7/31/13:  $166,742
1/1/14 – 7/31/14:  $162,137

MLS Sold Volume
1/1/13 – 7/31/13:   $111,717,790
1/1/14 – 7/31/14:   $121,765,200

(data obtained from the Hot Springs Board of Realtors mls.  This report includes ALL residential sales in Garland County sold by a licensed real estate agent who is a member of the Hot Springs Board of Realtors mls - including land, condos, mobile homes, single family homes and other properties categorized as residential)

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 help more, please don’t hesitate to give us a call at 501.655.6247.  It is always our pleasure to serve you.

Warm regards,

Jeff and Paulia

p.s. If you know anyone who would like to be added to our monthly market update report, please let us know and we'll be glad to keep them in the loop.

Displaying blog entries 1-10 of 94

Contact Information

Photo of Jeff and Paulia Kennedy Real Estate
Jeff and Paulia Kennedy
Hot Springs 1st Choice Realty
135 Mall
Hot Springs AR 71913
501-655-6247

This information has been collected from sources that are believed to be reliable, but is provided 'AS IS.' No representations or warranties as to accuracy, reliability or completeness of this information are made or implied, and all warranties are specifically disclaimed. Jeff & Paulia Kennedy are licensed REALTOR®s in the State of Arkansas.