The dataset will include all active listings (including contingent listings that are under contract) located in Garland County, Arkansas that are NOT condos, not Manufactured Homes, and not Lakefront. It will cover all sizes, all number of bedrooms, all school districts within the county surrounding Hot Springs. NEXT, we will look and see the prices of the SOLD listings in those categories in the last year.

I hope you don't need pictures to read... I don't feel like putting a picture in here, so stay focused...LOL

First, the table of what's for sale: There are 578 homes for sale (see above criteria, as our market contains different types of homes... this is only THOSE homes listed above)

Obviously, a 3 million dollar home for sale bumps up the average asking price... this is why it is good to look at median prices as well. There is another blog post about statistical overload... you might want to check it out. Now, go back a few months and compare the data to past entries.

 
LIST PRICE:
 
HIGH LOW AVERAGE MEDIAN TOTAL PRICE
$2,950,000
$15,900
$224,554
$173,600
$129,792,757

 

Now for the sold data for the last year for the same criteria.

I took one of the listings out because it was an auction, and they list them at $1... which I think throws off the data... so sue me, ok? ;)

One year, above criteria 783 sales (shows that if NO new listings came on the scene, we have enough homes to last at this sales rate for almost 9 months... I don't think that this qualifies as a home shortage, do you?...still, if a home is PRICED compellingly, they do not stay on the market long.) Here's the table for one year:

 
 TOTAL    HIGH  LOW  AVG  MED
LISTING COUNT:
783
DAYS ON MARKET:
2337
0
138
98
 
 

 

 
LIST PRICE:
SOLD PRICE:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE
$767,500
$5,900
$147,380
$129,900
$115,399,103
$778,885
$5,000
$141,074
$126,000
$110,461,106

From this data, it looks like ON AVERAGE a home that SELLS goes for about 96% of asking. Now, does this mean you can overprice your home and expect to get 96% of that??? NOT AT ALL. Look at the table just above the pricing data... see that Days on market of 2,337? That was the number of days it took to sell the hardest to sell home. The average days on market (and this is NOT accurate) is showing 138 days. It is actually longer than this, but that's what we have without spending days of going through sales history. Over 4 months on average...and it depends on all those factors...curb appeal, location, condition and of course PRICE. 

Happy 4th of July!!