Inventory Drops to its Lowest in Over 4 years!
The market stats are in ... and while the overall pictures isn't glowing with improvement, we were able to find a silver lining in the cloud and a bit of positive news. Below is the overall year-to-date report (information obtained from the Hot Springs Board of Realtors® mls):
Average Days on Market
1/1/10 – 10/31/10: 172
1/1/11 – 10/31/11: 166
Number of Listings Sold
1/1/10 – 10/31/10: 1067
1/1/11 – 10/31/11: 1039
Average Price of Sold Listings
1/1/10 – 10/31/10: $152,158
1/1/11 – 10/31/11: $150,605
MLS Sold Volume
1/1/10 – 10/31/10: $162,353,137
1/1/11 – 10/31/11: $156,478,698
Then when we looked closer at the detailed report (click here for details), we noticed one really POSITIVE factor. Inventory is at the lowest we have seen it in at least 4 years (total of 1072 homes on the market vs. an average of 1350 homes on the market in our area). We think this could be a good indicator that our market may start to improve soon. With inventory steadily dropping, we hope to see the pendulum swing back a little more evenly and start to level out the supply and demand.
With inventory at its lowest, NOW may be your best chance to sell your home so let’s make sure it’s priced right, dressed right and it’s out-shining the competition. If you have any questions or would like to talk more, please feel free to give us a call at 501.655.6247 or 501.276.4446.