Hot Springs Market Update
Thought you would be interested in a market update. As we reviewed the market statistics for the month of July, here’s what we noticed – the total number of single family homes sales increased in July with a total of 77 sales during that month – which was a significant increase over June’s total number of sales at 53. While this seemed to be a sliver of good news, the current inventory level of single family homes actively on the market for sale is at 1,111. Yes, this means there’s huge competition out there for our sellers, still making it a strong Buyer’s market. In this kind of market, competitive pricing seems to be the biggest factor.
While single family home sales picked up in July, the condo market stayed about the same. There were a total of 13 condos that sold in July (which was about the same number as the previous month). The total number of active condos on the market is 384. While the summer months are normally the peak season for condo sales – we are seeing this market suffering the most with the lack of expected sales during this peak period, which is also having an affect on the sales prices. Unfortunately, we are seeing the values for waterfront condos continuously decreasing this year.
Our website tracking reports are also very good indicators of our current market, and we are pleased to report that we had a record breaking number of total hits for the month of July. This was the first month that we have received hits over 100,000 and the total figure was 122,647 total hits for that month. This figure tells us that the real estate market is very active – with buyers hovering, reviewing, researching, and continuously thinking about the real estate market. While this number peaked in July, the month of August has started to slide downward in hits. We’re hopeful that this is only part of the normal cycle that we see every year with summer coming to an end, vacations slowing down, and the kids preparing to start back to school. In a normal market in this area, we tend to see this three week slow down in August every year.
As we continue to watch the trends of our market, we’ll keep you posted. Click here for an overall view