Mid-Year RE/MAX Real Estate Update

Now that we are past the mid-way point in 2018, this is a great time to look at trends in various aspects of our Real Estate Market. This is specifically comparing the first eight months of the year (January through mid- August):

Homes Sold in Hot Springs Village:

2018      358
2017      418
2016      386
2015      335

Average Price of Homes Sold in Hot Springs Village

2018     $199,583

2017     $181,005
2016     $172,432
2015     $181,655

Average Mortgage Interest Rate (30 year loan):

2018    4.73%
2017    3.88%
2016    3.44%
2015    3.91%

New Home Permits in Hot Springs Village

2018    42 (with 7 additional awaiting approval)
2017    52 (entire year)
2016    40 (entire year)
2015    33  (entire year)

The Trends indicate that there had been a decline in the total number of Homes Sold (15% lower than last year) & an increase in new home construction (a 20% increase over last year).  The average price of Homes Sold is up over $18,000 for this same timeframe and the Mortgage Interest rates appear to be on the incline.

per CARMLS 8/13/18, RS, 163 & 164 & FedPrimeRate.com on 8/13/18

 

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