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Hot Springs Market Update

by Paulia Kennedy

The numbers are in for July for residential real estate sales in Garland County, Arkansas and the total sales volume is up 6% over this time last year.

Below is an overview of this year’s sales compared to this same time period year-over-year. 

Average Days on Market
1/1/15 – 7/31/15:  180
1/1/16 – 7/31/16:  156            

Number of Listings Sold
1/1/15 – 7/31/15:  773
1/1/16 – 7/31/16:  807                      

Average Price of Sold Listings
1/1/15 – 7/31/15:  $164,588
1/1/16 – 7/31/16:  $168,276

MLS Sold Volume
1/1/15 – 7/31/15:  $127,226,628
1/1/16 – 7/31/16:  $135,799,061

(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 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 half of the year for residential real estate sales in Garland County, Arkansas and the total sales volume is up 10% over this time last year.

if you’ve been keeping up with the economists across the country, you have heard reports that another housing bubble is brewing, however, Warren Buffett says NO.  According to Fortune Business News, "Warren Buffett says now is a good time to buy a house, though not as good as it was four years ago. Still, Buffett says he thinks the chances of housing prices collapsing are very low”.

While the rest of the country began seeing the real estate market going strong in 2012 with increased prices and multiple offers on properties, it’s “slow and steady” for the spa city.  2016 seems to be the year that we are comfortable to say that the real estate market in Hot Springs is very stable.  We’re seeing shorter selling periods and values slowly rising again.

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 6/30/15:  191
1/1/16 – 6/30/16:  152            

Number of Listings Sold
1/1/15 – 6/30/15:  646
1/1/16 – 6/30/16:  692                      

Average Price of Sold Listings
1/1/15 – 6/30/15:  $160,342
1/1/16 – 6/30/16:  $165,716

MLS Sold Volume
1/1/15 – 6/30/15:  $103,581,123
1/1/16 – 6/30/16:  $114,675,899

(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 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

Resort & Vacation Home Market on the Rise in Hot Springs

by Paulia Kennedy

The numbers are in for May for residential real estate sales in Garland County, Arkansas and the total sales volume is up 15% over this time last year.

Can you guess which market segment spiked in May? While all other segments of the market have recovered over the past couple of years, the resort and vacation home market has been slow to recover. However, CONDO SALES almost tripled compared to the month before!!  - YA YA!!! It’s so exciting to see this segment of the market picking up. There were 28 condo sales in May, which is more condo sales than there have been in one month in Hot Springs since the market crashed in 2007. Hot Springs is such a beautiful city, and it’s so exciting to see the growth and revitalization going on!

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 5/31/15:  191
1/1/16 – 5/31/16:  159            

Number of Listings Sold
1/1/15 – 5/31/15:  507
1/1/16 – 5/31/16:  558                      

Average Price of Sold Listings
1/1/15 – 5/31/15:  $159,108
1/1/16 – 5/31/16:  $166,779

MLS Sold Volume
1/1/15 – 5/31/15:  $80,667,881
1/1/16 – 5/31/16:  $93,062,992

(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 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
 

Garland County Sales up 16% with Land Sales Way UP!

by Paulia Kennedy

The numbers are in for April for residential real estate sales in Garland County, Arkansas and it’s still looking GOOD!  The total sales volume is up 16% over this time last year with buyers focusing heavily on land investments (up 27% over last year).  While land sales are picking up, it appears that buyers may be parking their money and sitting tight for the time being.  Residential building permits issued this year are down 50% compared to this time last year. 

With new construction inventory down, interest rates low, and buyer confidence much improved, it appears that this may be a good time for some new residential neighborhoods.

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 4/30/15:  200
1/1/16 – 4/30/16:  162            

Number of Listings Sold
1/1/15 – 4/30/15:  390
1/1/16 – 4/30/16:  414                      

Average Price of Sold Listings
1/1/15 – 4/30/15:  $148,308
1/1/16 – 4/3016:  $165,604

MLS Sold Volume
1/1/15 – 4/30/15:  $57,840,480
1/1/16 – 4/30/16:  $68,560,407

(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 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

Real Estate Market is Looking GOOD in Hot Springs!

by Paulia Kennedy

The numbers are in for the first quarter of 2016 for residential real estate sales in Garland County, Arkansas and it’s all looking GOOD!  All of the numbers we watch have improved year over year with the average days on market 28% BETTER, the number of listings sold 1% BETTER, the average selling price 9% BETTER, the total sales volume 10% BETTER, and the housing inventory is holding low (below 1000) as compared to an average of 1450 back in 2010. All indicators are forecasting a great year for real estate in Garland County in 2016!

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 3/31/15:  199
1/1/16 – 3/31/16:  155            

Number of Listings Sold
1/1/15 – 3/31/15:  281
1/1/16 – 3/31/16:  284                      

Average Price of Sold Listings
1/1/15 – 3/31/15:  $146,995
1/1/16 – 3/31/16:  $161,167

MLS Sold Volume
1/1/15 – 3/31/15:  $41,305,796
1/1/16 – 3/31/16:  $45,771,458

(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 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 February of 2016 for residential real estate sales in Garland County, Arkansas.  While the sales volume looks like a mirror image of last year, it sure feels like we’re gearing up to have a great year!  In spite of the heavy rains this week, it hasn’t slowed our buyers down. The gas pump has been a frequent stop for us lately, and our passenger seat is staying warm with rotating buyers from all of the bordering states.  Inventory also remains lower than usual, and it’s a great time to sell.

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 2/28/15:  201
1/1/16 – 2/29/16:  162            

Number of Listings Sold
1/1/15 – 2/28/15:  177
1/1/16 – 2/29/16:  159                      

Average Price of Sold Listings
1/1/15 – 2/28/15:  $139,460
1/1/16 – 2/29/16:  $156,425

MLS Sold Volume
1/1/15 – 2/28/15:  $24,684,543
1/1/16 – 2/29/16:  $24,871,665

(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 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

Indicators Point to Busiest Spring Since 2006

by Paulia Kennedy

The numbers are in for the January of 2016 for residential real estate sales in Garland County, Arkansas.  The residential real estate market is following a typical January pattern, with cooler demand, reduced inventory and slower market velocity than during warmer months.  However, according to Jonathan Smoke, chief economist of realtor.com, “All indicators point to this spring being the busiest since 2006. The decline in the stock market so far seems to be a net positive for real estate demand.”

Below is an overview of this year’s sales compared to this same time period year-over-year.

Average Days on Market
1/1/15 – 1/31/15:  180
1/1/16 – 1/31/16:  186            

Number of Listings Sold
1/1/15 – 1/31/15:  84
1/1/16 – 1/31/16:  70                      

Average Price of Sold Listings
1/1/15 – 1/31/15:  $126,671
1/1/16 – 1/31/16:  $159,641

MLS Sold Volume
1/1/15 – 1/31/15:  $10,640,446
1/1/16 – 1/31/16:  $11,174,870

(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 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 Residential Sales up 6% in 2015

by Paulia Kennedy

The numbers are in for the year of 2015 for residential real estate sales in Garland County, Arkansas.  The home sales volume is up 6% over last year with the number of homes sold up 2% year-over-year.

2015 was a good year for the luxury market with a total of 10 homes sold over a million dollars.  The most expensive home sold had 9,875 square feet and sold for $1.6 million by our office.  Ironically, the most expensive home sold the year before also sold for $1.6 million by our office (by us).  There were a total of only 3 homes sold over a million in 2014.

Below is an overview of this year’s sales as of last month:

Average Days on Market
1/1/14 – 12/31/14:  165
1/1/15 – 12/31/15:  170            

Number of Listings Sold
1/1/14 – 12/31/14:  1303
1/1/15 – 12/31/15:  1332                      

Average Price of Sold Listings
1/1/14 – 12/31/14:  $160,869
1/1/15 – 12/31/15:  $167,892

MLS Sold Volume
1/1/14 – 12/31/14:  $209,612,670
1/1/15 – 12/31/15:  $223,632,677

(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 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 November for residential real estate sales in Garland County, Arkansas.  The home sales volume is up 8% over last year with the number of homes sold up 2% year-over-year.

Listing inventory trended down 1% over October, which is a normal seasonal pattern as we enter Christmas mode.

The national median age of inventory is at 84 days according to the Chief Economist with Realtor.com, while our market is a little more than double that at 173 days. It’s unrealistic to expect our market to match the national average since a large percentage of our market is resort homeowners and retirees. Yet we are pleased to see a recent uptick in buyers snatching homes a little more quickly as homes hit the market, and we’re even seeing a few multiple offers on a well-priced home as it hits the market.

The average home sales price is at $171,136, which signified a 5% increase year-over year.  This is largely due to the uptick in luxury home sales this year.

Below is an overview of this year’s sales as of last month:

Average Days on Market
1/1/14 – 11/30/14:  163
1/1/15 – 11/30/15:  173            

Number of Listings Sold
1/1/14 – 11/30/14:  1224
1/1/15 – 11/30/15:  1249                      

Average Price of Sold Listings
1/1/14 – 11/30/14: $161,388
1/1/15 – 11/30/15:  $171,136

MLS Sold Volume
1/1/14 – 11/30/14:  $197,539,291
1/1/15 – 11/30/15:  $213,750,052

(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 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

Home Sales are UP in Garland County!

by Paulia Kennedy

The numbers are in for October for residential real estate sales in Garland County, Arkansas. October was a record-breaking month for the luxury home market, which contributed a rise in the average home price in Garland County ($171,717) along with a 4% increase in the total residential sales volume year-over-year.  During the month of October, there were FIVE home sales over $1 million – which is more million dollar home sales than the ENTIRE year of 2014.  This brought the million home sales up to a total of TEN home sales for 2015. 

The number of single family home sales also surged 25% over last month with more sales in all price ranges, while condo sales took a beating with a 76% decline from last month.

Below is an overview of this year’s sales as of last month:

Average Days on Market
1/1/14 – 10/31/14:  163
1/1/15 – 10/31/15:  175            

Number of Listings Sold
1/1/14 – 10/31/14:  1149
1/1/15 – 10/31/15:  1140                      

Average Price of Sold Listings
1/1/14 – 10/31/14: $163,587
1/1/15 – 10/3115:  $171,717

MLS Sold Volume
1/1/14 – 10/31/14:  $187,961,672
1/1/15 – 10/31/15:  $195,757,715

(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 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
 

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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.