Will 2023 be a Buyer's market or a Seller's market?
For the past couple of years, it was clearly a seller’s market in the Hot Springs area. However, buyers are beginning to gain back a little leverage in some segments of the market. Residential sales volume is down 24% compared to this time last year.
Prices are up 10% over this time last year. There are still plenty of potential buyers patiently waiting to enter the market, yet they are expecting homes in tip-top shape with modern updates and a great location if they are going to pay today’s prices.
The supply is still low yet it’s up 24% compared to this time last year. We are not likely to see a huge boost in supply from new construction anytime soon. Current homeowners are unlikely to trade in their 3 percent mortgage for a new home with a 7 percent loan unless they absolutely have to, so existing home inventory should remain low. Throughout the pandemic, we saw a new spike of bidding wars in vacation homes which also created a saturation in the vacation rental market. This could potentially create increased inventory in the condo market soon.
Take a look at the latest real estate market for residential properties sold in Garland County.
Average Days on Market
1/1/23 – 5/31/23: 107
1/1/22 – 5/31/22: 142
Number of Properties Sold
1/1/23 – 5/31/23: 601
1/1/22 – 5/31/22: 827
Average Price of Sold Listings
1/1/23 – 5/31/23: $290,584
1/1/22 – 5/31/22: $262,167
MLS Sold Volume
1/1/23 – 5/31/23: $174,641,509
1/1/22 – 5/31/22: $216,812,750
(data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not reported thru our local mls)
Click here to take a look at the next report that shows a more detailed overview of the current home sales in Garland County, AR. This report will give you a better look at the supply and demand of homes.
We are committed to guiding you through the home buying and selling process as smoothly as possible as it is our goal to always exceed your expectations. Questions? We have the answers. Call (501) 655-6247 today.
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