I have been reporting on the ACTIVE asking prices for homes for sale in Hot Springs (Garland County), Arkansas for some time now. This report will give you some murky insight into sales prices from the last month. Then, we will se how that compares in another post over 6 months. PLease keep in mind that these statistics will be general, and NOT apply to your specific case. Real Estate is a LOCAL thing, and in an already local report will be subject to specifics, such as school district, neighborhood, number of bedrooms, square footage, etc., etc., and so on. This is a blanket report, and even though national headlines use totally blanket reports that have NOTHING usually to do with any true local market... well... you see my opinion on general stats... let's begin.
The following is a report on Hot Springs, Arkansas real estate. CLOSED transactions that closed in the last month.
The average selling price in the last month for a closed transaction (one that successfully changed hands) for a residential, single family home that was listed on the Hot Springs Board of REALTORS® multilist... was...(fanfare and drumroll) was $154,974. The median price was$123,250. Shifting the data to a 3/2, 1700-1900 s/f will change to: $145,800 and $140,000 respectively. It will also reduce the number of sales from 50 to 5. This is for RESIDENTIAL, single family homes, no waterfront or condos or manufactured.
Shifting these parameters to WATERFRONT single family homes. In general, there were 8 closed sales and the average was $254,112. Median sold price was $211,200. This is for 1 month. Dec.20-Jan.20. Now when we go out 6 months, things change... it is a seasonal thing. Going back 6 months gives us 10 times the waterfront transactions to look at, and they shift up in price... $358,707 as the average, and $307,000 as the median. Many folks take the lakefront listing off the market in winter.
Shifting the 6 month window to residential homes, we find 373 transactions and an average of $150,317 and a median of $130,000. Average seems to be ticking up, but again... real estate is all about a trending value, not a specific value in a snapshot in time. For most of us average folks, it should not be looked at in the same "real time" appreciation as the stock market...
Well, that's the report for Hot Springs real estate for this time. Have a wonderful day!