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.
Jeff and Paulia Kennedy