Experts are forecasting a strong housing market in 2020. Here’s what a few of them have to say…
Freddie Mac “We expect mortgage rates to remain low over the next two years, averaging 3.8% in 2020 and 2021.”
Frank Martell, President and CEO of CoreLogic “We expect home prices to rise at least another 5% over the next 12 months.”
Doug Duncan, Chief Economist at Fannie Mae “We now expect single-family housing starts and sales of new homes to increase substantially, aided by a large uptick in new construction”
Geore Ratiu, Senior Economist at Realtor.com “Housing remains a solid foundation for the U.S. economy going into 2020.”
Now, let’s take a closer look at the residential market in the Hot Springs area for 2019. The housing inventory is at a historically low number; only 566 homes on the market today in Garland County, which is down 13% compared to this time last year. The total residential sales volume in Garland County is up 6% over the prior year, and the average number of days on market for a home has dropped to 133. It’s a fantastic market in Hot Springs!
Below is an overview of this year’s residential sales in Garland County compared to this same time period year-over-year.
Average Days on Market
1/1/18 – 12/31/18: 147
1/1/19 – 12/31/19: 133
Number of Listings Sold
1/1/18 – 12/31/18: 1753
1/1/19 – 12/31/19: 1793
Average Price of Sold Listings
1/1/18 – 12/31/18: $185,209
1/1/19 – 12/31/19: $192,229
MLS Sold Volume
1/1/18 – 12/31/18: $324,487,719
1/1/19 – 12/31/19: $344,668,074
(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.
If there’s anything we can help you with, please give us a call today at (501) 655-6247. It is always our pleasure to serve you!
