For the past year, both local & national real estate markets have experienced a continuous, but steady, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through September 2016, we find that our local market continues to reflect the trends of gradual and continuous growth both here locally and nationally. We have come to see this trend for some time now. The numbers below will reflect that continued growth for September 2016 as compared to that of September 2015.
In the category of Residences Sold, we see that comparing September 2016 to the same month the previous year, the number of residences sold increased by 18%, as 231 more homes were sold at the end of September 2016, as opposed to the year prior. This vigorous growth is largely in line with the continued growth in this same category that we have experienced for the past several months. We fully expect this trend to continue in this category.
In the category of Residential Dollar Volume for September 2016, versus September 2015, we also see an increase of 25%. This percentage is up 1% JUST from the month prior! This continues to reflect a consistent and steady climb with a high percentage growth from year-to-year. This statistic shows the largest increase in this category for the past several months. This trend shows the consistently higher home prices that have been taking place over the past couple of years on a national scale.
Sellers in our area continue to experience good news in the category of Average Sold Price! For September 2016, compared to that of September 2015, the average sold price shows an increase of 6%, which, also reflects a steady and consistent growth of a stronger local market in this category. The average sold price is up $12,634 from last year. As confidence continues to grow in both local and national markets, we expect that this upward trend of higher home prices will continue in the foreseeable future.
Lastly, the available homes on the market continue to show a slow decrease, which the market has reflected over the past several months. Through September 2016 versus September 2015, the number of available homes has declined by 8%, which is a decrease of 338 homes in available inventory. This same trend for available inventory has occurred for the past several months. This is in-line with the national real estate trends. With this declining inventory, the local market is showing signs toward more people wanting to buy the available properties currently on the local market, and that with higher home prices, more people may feel a greater sense of confidence in listing their homes for sale, along with a increased interest in buying what inventory is currently available.
This Week’s Featured Properties:
1435 Wiley Oakley Drive, Unit 173, Gatlinburg, TN 37738 – $79,900!!! What a steal! 2BD/2BA Condo located on Ski Mountain just minutes from Ober Gatlinburg, Downtown Gatlinburg, and many attractions. This condo features a beautiful fireplace and loft area. This condo includes a gently flowing mountain stream, as well as being set in a beautiful wooded setting in the Smokies, along with having easy access to City-maintained roads & services. Inside this condo, located on the top floor, you have a large great room, combining living rm, dining rm, & kitchen into one room, along w/having high, vaulted ceilings & a large masonry F/P. Great deal–Come see for yourself!
1215 Wiley Oakley Drive, Gatlinburg, TN 37738 – $875,000! Private, spacious, & well-built, 4 BD/3.5 BA, 2,800+ sq ft mountain chalet, sitting on 14+ acres, complete w/amazing mtn. views, located w/in mins. to many of the Gatlinburg area’s attractions. Access to city-maintained roads. This home has one of the best views in the county! Give us a call to schedule a showing today!