So, I spent some time, looking back in the blog posts concerning the "Market" for Hot Springs Homes for sale, and found unfortunately that my reports are wanting. It goes back to the post on statistical overload, and the old goal of statistically comparing apples to apples. THAT is what we should be doing, and unfortunately, I have not.
I've tried to cut the length of these reports because people do not want length...
It was a mistake, because now when I go back to try to compare data to an earlier point in time, it is difficult (It is abreviated due to internet needs) because accuracy matters to me... I'm not trying to grab a headline here.
So here is a quick and dirty comparison between Last October and today in the Hot Springs Real Estate Market, Homes for sale division...
October 21,2014: 844 Homes for sale, both Lakefront and Residential. Avg. asking price: $276,000. Median Price: $189,000.
Today, 12-19-14: 748 Homes for sale, both Lakefront and Residential. Avg Asking Price: $284,000. Median Price: $189,000.
So what does this tell us? Looking straight at the data, The headline would be that there are almost 100 FEWER homes on the market!!! That's good, less inventory, less competition to home sellers. Now look at the price... Average asking price is $8,000 more!! Does that mean that the home is going to sell for that? Nope..sorry, it does not. Median Price, that home price that is right in the middle of the line... is unchanged. That is important to note.
Once again, I'll make the statement... Real Estate is not only local, it is hyper-local. There are so many factors in home prices...school district, neighborhood, square footage, age, materials, etc... The one thing that remains constant is that this average data is HUGELY general, and not directly applicable to your particular needs when you are searching. I can put a LOT of what you are wanting into my search engine that I pay $$$$$ for and shoot you far more narrow results. Just email me. Remember.... I do not pressure anyone, but you DO need to be well informed about data that you are using to make probably the largest financial decision you will make.