I hope everyone is enjoying the New Year. There are lots of interesting things going on in real estate, new closing regulations, new interest rates, new this, new that... "change" seems to be the only thing that stays the same.
Let's see what happened last year...
Looking through the entire YEAR in residential home SALES (These homes went through closing). Garland County (Hot Springs area home sales)...Remember, residential= non condo, non manufactured/modular/non, or lakefront)
781 Homes closed, with an average SOLD price of $147, 349. The Median SOLD price was $129,900 (which indicates more homes sold for less than the average price).
The range of sold prices was $10,000 to $1,020,000...yep, quite a range in that data, no? (in fact the first 47 houses in the list are below $30,000)
Looking at Lakefront homes, same period: 148 sales. Average SOLD price :$407, 080, Median Sold price: $340,000. The range of sold prices was $83,000- $1,600,000. 73 lakefront single family homes sold below the median price.
As always, your situation is different and unique. Currently, there are 164 lakefront single family homes on the market, which gives us a little less than a year's inventory... the thing that throws accuracy off is that the winter inventory, especially lakefront homes, drops significantly... so we will see what happens with the spring coming along....