We hope each of you had a great New Year! As we move in to 2013 we would like to look at the final statistical numbers for 2012 that the Great Smoky Mountain Association Of REALTORS has released. If we go all the way back to the statistics early in the year we know 2012 started with a whirlwind of activity and the trend continued all year. Let’s take a look.
In the category of Total Residences Sold we finished out 2012 with an overall increase of 12%. Buyers were very active throughout the year and took advantage of all time low mortgage rates.
In conjunction with the above category Total Volume of real estate sold in the area was also up with an increase over last year of over $11,000,000.
Prices were still down at the close of the year but have continued to show improvement. As supply continues to dwindle prices will keep pushing towards positive numbers.
The amount of time homes spent on the market showed a decrease of 2.5%. As market factors continue to stabilize we expect to see this number continue to improve.
We would also like to note that 2012 finished with only a 3% increase in inventory vs. 2011. This is an improvement from the 2011 vs. 2010 number which showed a 9% increase. If financing continues to stay at low rates, which we expect it to, inventory will continue to decrease resulting in a balancing of supply and demand in the Great Smoky Mountain region.
It’s a fresh new year and we expect 2013 to continue the upward trend for real estate. It may be the right time to consider an investment or second home purchase in the mountains. Take a look at what the market has to offer by visiting our website. We are happy to help with making your Smoky Mountain real estate dream become a reality!
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|Old Time Charm On 6 Acres!! Charming vintage log cabin updated with modern conveniences but with old time charm sitting on 6 beautiful wooded acres. Type: Single Family Home Location: Pittman Center Price: $179,900 Get more information >|
|Beautiful Mountain Sunsets Incredible large diameter log construction creates a special, solid, and timeless appeal. Type: Single Family Home Location: Pigeon Forge Price: $450,000 Get more information >|
|Charming & Authentic Log Cabin Did $22,907 in rental income from April – December of 2011. Charming and authentic log cabin located in desirable Sky Harbor community between tourist centers of Gatlinburg and Pigeon Forge. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $169,900 Get more information >|