A New Season of Shifts and Stability

The first half of 2024 for the real estate market in Garland County has revealed a new season with varied trends across different segments. We conducted a thorough analysis of numerous market segments to provide you with a comprehensive market report. While some segments remain stable with minimal change, the resort and second home market is shifting in favor of buyers.

Resort and Vacation Home Market

Financial constraints are leading families to shed luxury items such as vacation homes. All waterfront home sales are down 14% compared to last year, with the condo market experiencing a more significant decline of 40%. This lag in condo sales is largely attributed to stricter lending regulations and rules.

Market Dynamics and Inventory

The number of days on the market for all residential sales has increased by 38%, now averaging 54 days for a new listing to go under contract. An additional 30 to 40 days is typically required to reach the closing table. Inventory is also rising, up 34%, which is favorable for buyers. Sellers are now adjusting their pricing strategies, resulting in frequent price reductions for homes that have been on the market for more than 30 days.

Single Family Home Market

Despite these changes, the single-family home market remains very stable, with no significant change in the number of home sales compared to last year. The average price for a single-family home in Garland County has increased slightly to $341,974.

Conclusion

In conclusion, the presidential election year often impacts the real estate market as many individuals adopt a wait-and-see approach regarding the economy, tax changes, retirement planning, and job stability. If you have questions about buying or selling, please feel free to contact us. We are always available to assist you, seven days a week.