We hear so much about shrinking inventories and people beating down the doors to make multiple offers, and that the real estate recovery is in full swing. If you ask any real estate agent in the USA, they SHOULD have the perspective that real estate is a LOCAL phenomenon. What is happening in one area of the country is not necessarily happening in another.
Let's see for ourselves. I normally compare data to the last report, but in this report, we are going to go back to July 27, 2013 and see how the active market has changed.
This will be a copy of the report post preceding but will be compared to the data set from the July 27 report instead of the two week report. It ought to give us a more accurate picture.
The first data set will include both Residential homes for sale in Hot Springs and Garland County, AND waterfronthomes for sale in Hot Springs and Garland County (all non contingent).
As of 10:20-10:45 am CDT today (it changes moment by moment):
There are 852 (There were 899 in July) Homes currently listed for sale (non-contingent) in Hot Springs and Garland County within the hot Springs Board of Realtors® multilist.
These range in price from $19,500 ($13,860 in July) to $4,425,000 (unchanged) resulting in an average Hot Springs home price of $277,441 ($291,045 in July) and a median price of $186,200 ($199,900 in July). This includes BOTH Residential Homes for sale AND waterfront homes for sale. This again, is BOTH residential AND waterfront homes together.
Filtering by home type:
Residential Homes for sale in Hot Springs, Garland County (non waterfront):
There are 664 Active (677 in July), non-contingent listings, ranging from $19,500 to $1,700,000 (the lower was $13,820 in July, upper unchanged) with an average Home price of $192,220 ($202,512) and a median price of $157,700 ($162,500 in July).
Interesting, huh? What does it mean that the average price has gone down while the median price has gone up? I'm no mathematician, but I would think this indicates people are buying the cheaper homes and removing them from the inventory. Imagine that...people wanting something for less?
Waterfront Homes for sale in Hot Springs:
There are 186 Active, non-contingent listings (211 in July), the range is from $97,500 to $4.425,000 (same 2 as before) with an average Home price of $581,670 ($575,101 in July) and a median price of $445,000 (450,000 in July). These areWATERFRONT homes for sale in Hot Springs, Garland County Currently Active in the hot Springs Board of Realtors® multilist.
Although this data is probably much more accurate than what you will find on your own, It is general, and thereforenon specific to your very specific needs (look for the earlier posting in "Statistical Overload").
If you have specific needs (and you do), give me a call. If you are working with an agent, that agent should be able to obtain this same statistical info for you. You really should steer clear of an agent that is NOT in the market you are looking in, no matter how great they are or how much you like them. They simply do not have the data at their fingertips. This goes for listing also, but that will be handled in another post...
On specific needs (an example would be if you are looking for a strictly 3/2 RESIDENTIAL home (non waterfront), the data would change a great deal...to: 303 listings (283 in July), Ranging from 29,900 -$499,900 (which is unchanged again); average: 163,430 (171,389); median: 149,900 (156,500 in July).
This is your Hot Springs Homes for sale Data for 10:45am, today. This info does NOT contain any information on Condos, Manufactured (except waterfront) for sale in Hot Springs, or Land for sale in Hot Springs. Shoot me an email and I'll look it up for you, custom for your criteria (down to neighborhood, school district, whatever I can plug in to the big$$$ search engine I have :)
Again, real estate is local, NOT national.
How to play with this data and make it somewhat meaningful??? We can look at absorbtion rate, although that too can be a bit contrived. Let's take THIS part of the report on 3/2 homes in Garland County and then see what happened in reported SALES for the last year:
' strictly 3/2 RESIDENTIAL home (non waterfront), the data would change a great deal...to: 303 listings (283 in July), Ranging from 29,900 -$499,900 (which is unchanged again); average: 163,430 (171,389); median: 149,900 (156,500 in July)."
The SALES data (Homes that closed in the preceding year) reports the following: 316 sales, basically meaning that there is about a YEAR of inventory currently sitting on the market in Garland County if you are thinking of buying or selling a 3 bedroom, 2 bath home.
Broaden it out to ALL Residential homes? 687 sales verses 664 active... about the same. One year.