So it is now October in 2016. Our thoughts, good or bad will be forced to an election. We STILL have a reality of realty for some of us. Fall mornings are crisp...ahh a good time to think of selling real estate. We read the headlines of multiple offers and bidding wars and figure our little market here in Hot Springs must be just like that.... well... nope.
Sure, if you price your home compellingly and it is in great shape and updated, etc., that might happen... but the chances are sadly, no.
I just posted a market analysis for the up to date market conditions as compared to November of last year and found little evidence in the empirical data indicating we were approaching a general sellers market. The "sold" data I used was "sort of" apples to apples...maybe gala apples vs. Granny Smith apples, so let's do a quick study on comparing the last 5 months of sales for 2016 with the same 5 months of sales for 2015 and see what shakes out...
2015 will be in black and 2016 will be in red.
As always, the data will cover all of Garland County. Rsidential home sales will be stick built single family homes, not manufactured or condos. Lakefront homes will be both, stick built AND manufactured homes, no condos. The data will cover the dates from May 2- Oct 2 in each year.
Lakefront Single Family: 2016 2015
Total # sales: 66 ($125,000-$1,125,000) 85 ($83,000-$1,525,000)
Average price $392,900 $386,830
Median Price $370,000 $315,000
Av Days on Mkt** 128 163
Med. Days on Mkt** 88 115
Longest DOM** 501 1034 (wow)
**Days on Mkt is always going to be inaccurate as an average, due to listings expiring and being renewed...but it IS an interesting data point when you consider that the figure for averages should be even higher...
So what does this tell you????? Last year there were more lakefront sales, but they were for less $ in general... so maybe home prices are going up by a smidge... In GENERAL. "General" does not cut it though. Again...real estate is LOCAL, and in THIS case...HYPER LOCAL, down to the view, the lake front foot, the home, the flood plain, the water depth, the lot, the approach to the home through neighborhoods...well...the list goes on and on with a lakefront here.
Residential Single family sales: 2016 2015
Number of sales (and range): 411 ($10,000- $990,000) 364 ($10,000-$769,000)
Average sold price: $151,913 $155,011
Median Sold Price: $137,500 $138,050
Av. DOM:130 121
Median DOM: 88 82
Longest DOM: 822 (over 2 years) 834
Again, a similar trend for residential....more homes sold, but sell a little bit less on average and are on the market (average) a week less. Again... "General" and "average" does not fit YOUR situation. Remember HYPER local.