For much of this year, we have seen both the national and local real estate markets continue to show steady growth on the whole. As we look at the statistics for the Great Smoky Mountain real estate market through August of this year, we will see that these trends, particularly in this real estate market, largely continue. Let’s now see what the numbers have to say.
In the category of Residences Sold, we see that in comparing August 2013 to that of August 2012, the number of residences sold is unchanged, showing no increases or decreases at all. This shows and reflects a general steadiness in the real estate market, and as we look at the rest of the statistics, we will see that the market is still quite stable and we expect this to continue and improve.
In the category of Residential Dollar Volume for the year, we actually see an increase of 5% through August of this year, as opposed to through August in 2012. With the steadiness of the numbers as it relates to Residences Sold, the recent local and national trends of increasing home prices continue to show that a greater dollar volume in homes is being sold on the whole, continuing to show a gradual and strengthening market reflective of greater confidence on the part of both buyers and sellers.
There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for the year, prices still show a gradual rise of 5% in August of this year versus that of August 2012, reflecting the recent local and national trends towards higher home prices. As inventory continues to decrease, we expect prices to continue their gradual increase, in line with both national and local trends.
In addition, available homes on the market continue to decline. Through August 2013, we see a slight decrease of 1%, or 33 less homes on the market. As activity continues to stabilize, along with the national and local trends of rising home prices, this number will likely continue to dwindle.
As markets continue this gradual trend of growth across the nation, home prices will continue their rise and housing inventory will continue to decrease. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer?
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The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121