Well, it has been a while since I reported on this aspect of the real estate market in Hot Springs and the surrounding area of Arkansas. What with all the headlines of inventory shortages, bidding wars and all...PLEASE keep in mind that that is happening in other areas of the country... not to say that it isn't happening here on certain properties... but it is not the norm.
The bottom line for sellers is:"If you can price it right, it will sell quickly." Bottom line for buyers,"If it is priced right, you need to move it and not wait for the price to come down any more."
As of today, April 3, 2016 a little after 11am, here is the current up to date information concerning Residential Single Family (stick built, non-condo, non-lakefront) homes currently listed as active and active-contingent (those that have an offer accepted) in the Hot Springs Board of Realtors® Multiple Listing Service® located in Garland County, Arkansas.
554 Listings, ranging from $19,000 to $1,900,000 (yep...quite a spread, no?)
$211,501 is the average list price
$168,250 is the median list price
There have been 791 sales in this broad criteria reported in the last year. Absorbtion Rate for this data indicates we have 8.5 months of inventory currently. Still there is a pretty good bit of inventory of homes out there. Keep in mind that this is a BROAD criteria.
I like statistics... it is what separates many agents. Let's look more in line with an "average" home size (based on some other statistics)
We will change the broad general criteria to more specific and see what happens. We will look into the picture of 3 bedroom, 2 bath homes and between 1600 and 1900 square feet.
This changes the dynamic a bit:
63 total listings, ranging from $49,900 to $325,000
Average listing price: $153,388
Median List Price: $149,900
Using this criteria as a base, let look at the sold data...
103 homes in this criteria sold in the last year (actually closed) which makes for an absorbtion rate of: 7.4 months, meaning we have a bit over 7 months of inventory as of today. Keep in mind today that even though we narrowed it down somewhat, it does not meet your criteria, as it will be even narrower.