Market Report Sevier County

Posted by Gatlin on August 3, 2017

Let’s take a look at the real estate market. Currently there are 219 sales pending in the market overall, leaving 743 listings still for sale. The resulting pending ratio is 22.8% (219 divided by 962).

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. Current inventory is described as “mildly active.”

The $150K – $200K price range has a relatively large number of contracts pending sale.

The $200K – $250K price range has a relatively large inventory of properties for sale at 142 listings. The average list price (or asking price) for all properties in this market is $334,531.

A total of 780 contracts have closed in the last 6 months with an average sold price of $232,350.

Breaking it down, the $150K – $200K price range contains the highest number of sold listings.

Alternatively, a total of 189 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K – $250K price range has the highest number of off-market listings at 37 properties.

Featured Properties:

526 Galloway Lane Gatlinburg, TN 37738

$214,900 ID#: 211383

Spacious, well-located, 3 BD/2 BA contemporary-style mountain chalet, complete w/an attached 2-car carport, fenced back yard, seasonal view, and located only mins. to dwtn. Gatlinburg. Ideal as a permanent or 2nd home, or even as an overnight rental; currently used as a long-term tenant-rental. More information

426 Trentham Lane Gatlinburg, TN 37738

$399,900 ID#: 211292

Prime commercial property in the heart of downtown Gatlinburg. Walking distance to shopping, restaurants, attractions, national park, and trolley stop. A corner parcel with access from two streets. Level lot. Current site plan from Trotter and Associates includes 30 Efficiency units, 15 One bedroom units, and 9 two bedroom units with a total 54 units and 66 parking spaces. This would make an excellent hotel, apartment or condo location. Public water, gas and sewer. Over 233 ft of road frontage. More information

Heading Into November, The Great Smoky Mountain Real Estate Market Continues to Show Slow, But Steady, Growth

Posted by Gatlin on November 7, 2013

For much of this year, we have seen both the national and local real estate markets continue to show slow, but steady, growth on the whole. As we look at the statistics for the Great Smoky Mountain real estate market through October of this year, we will see that these trends, particularly in this real estate market, are continuing, even in spite of the recent government shutdown. Let’s now see what the numbers have to say.

In the category of Residences Sold, we see that in comparing October 2013 to that of October 2012, the number of residences sold actually increased by 1% in terms of homes sold, in that 11 more homes were sold as of October 2013, as opposed to October 2012. This continues a trend of steadiness, and even very slight growth, in the real estate market as a whole, and as we look at the rest of the statistics, we will see that the market does indeed reflect a steady and slowly growing trend on balance, and we expect this to continue and improve over time.

In the category of Residential Dollar Volume for the year, we actually see an increase of 6% through October of this year, as opposed to through October 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 are being sold, along with continuing to show a slow 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 slow, but gradual, rise of 5% in October of this year versus that of October 2012, reflecting the recent local and national trends towards higher home prices. As inventory continues to decrease, we expect average home prices to continue their slow and gradual increase, in line with both national and local real estate market trends.

In addition, available homes on the market are actually increasing at the moment. Through October 2013, as opposed to October 2012, there is an increase by 1% of homes being listed as available on the market, or an increase of 69 available homes on the market, in October 2013, as opposed to October 2012. We see that higher home prices, as well as the very slight increases in homes being sold, may be contributing to more people wanting to place their homes on the market, thereby causing a slight increase in available housing inventory. While it is too early to tell if the trend will continue, there are more available homes on the market in October 2013, as opposed to one year ago, which could indicate greater confidence on the part of those wanting to place their homes on the market.

As markets continue this gradual trend of growth locally and 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 for your and home ownership dreams today?

Here Are A Few of My Featured Listings:

Spacious Riverfront Home in Sevierville Spacious, 3000+ sq ft home located along the beautiful Pigeon River, which is located right behind this home! Type: Single Family Home Location: Sevierville,TN Price: $329,900 Get more information >

Fantastic 180 Degree Smoky Mtn. Views Fantastic 180 degree view of Mt. LeConte & the Smokies from every room. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $479,900 Get more information >

Unique Chalet Adjacent to Nat’l Park! The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from your own pristine 12 acre estate. Imagine having a 530,000 acre backyard! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $697,000 Get more information >

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121
Fax: 865-436-7227
Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

Featured Listing for November 5, 2013 – Misty Mountain (808 San Remo Drive)

Posted by Gatlin on November 5, 2013

The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from your own pristine 12 acre estate. Imagine having a 530,000 acre backyard! It is here that the Great Smoky Mountain National Park wraps around your very own unique, wildlife sanctuary. You can walk out your back door and in minutes be at Cataract Falls or stroll along the river into town. Perhaps, you might like instead to drive an easy mile from your 6000 square foot home into town for fine dining and entertainment, which you can do in minutes. All of this and so much more awaits your inspection of this incredible, one of a kind property.

This 12 acre property has access to water and sewer lines for any possible future development. It features a level yard with an orchard of peach, cherry and plum and well as plenty of space for a garden. This mountain estate features three levels with four bedrooms plus numerous other rooms with plenty of room for dining and entertainment. It also includes a sauna, hot tub and gym. Totally remodeled and ready to be used as a residence, vacation rental, or retreat center. New hardwood flooring, new HVAC, new roof, new appliances, and new light fixtures. Additionally, two massive hand-crafted, wood burning stone fireplaces which feature the artistry of a master stone mason. The one in the main living area soars upward seventeen feet to the skylighted ceilings. Additionally there are two gas stone fireplaces, stone and slate patios, open sun deck, enclosed sun room, mature gardens, and several fenced acres for pets to create an environment that is truly one of kind. You’ll never find another unique place like this one! Especially, since it’s priced $100,000.00 below appraisal!!! Once this is grabbed up, there isn’t another one like it. So when might be the best time for you to see it? . Right now, before it’s gone!

The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121

Fax: 865-436-7227

Email: jason@jasonwhiteteam.com
Website: www.SmokyMountainLifestyle.com

Why The Smoky Mountains?

Posted by Gatlin on June 13, 2013

The Great Smoky Mountains National Park is America’s most visited national park. With a strong sense of Appalachian culture, the ancient mountains, over 800 miles of trails and something for everyone in the surrounding communities it is easy to see why. Let’s explore a few of the things that this awe-inspiring region has to offer and why it is such an appealing location for your real estate purchase.

If you are looking for a place to kick back, get away from the rush of day-to-day life and get in touch with nature The Great Smoky Mountains region offers multiple opportunities. From easy walking trails to longer back packing trips you will not run out of chances to hike and enjoy waterfalls, an abundance of wildlife and amazing mountain views. A trip to Cades Cove offers a chance to visit historic buildings and can be taken in with a walk, an auto tour, a cycling trip or even on horseback. As you are out and about expect to see elk, deer and black bear as part of your Smoky Mountain experience.

If you are looking for a more intense adventure venture to Pigeon Forge and give Dollywood’s newest roller coaster a try. As America’s first winged coaster it is sure to get the adrenaline going. Want something more hands on? There are a multitude of options for a day spent whitewater rafting, flying through the sky on one of the local zipline tours or even indoor skydiving.

As the gateway community to The Smoky Mountains, Gatlinburg is a picturesque traditional mountain town. With bits of nature and history at every turn it is easy to lose yourself in the local mountain heritage. With a stroll down the gorgeous streets you can encounter pieces of history, street performances and a wide variety of shopping opportunities.

With the quiet beauty and many entertainment options of the area there is no question why this has become a top tourist destination. Add this to a recently improving housing market and it equals a great location for anyone considering a real estate purchase. It is the perfect choice of locations whether you are looking for a vacation home, a money-making investment or a special place for retirement. Take a look at all of the available homes by visiting our website.

Here Are A Few Of My Featured Listings:

Over $30,000 Rental Income! Over $30,000 in gross rental income for 2012! This is a turn key authentic log cabin in excellent condition. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $217,000 Get more information >

Top Floor With Amazing Views First time on market! Top floor unit – best location in the building & best view in the building. Type: Condo Location: Gatlinburg ,Tennessee Price: $550,000 Get more information >

Near Ski Resort & Downtown A great opportunity to own a lot in desirable Chalet Village and has a winter view of the mountains. Type: Land Location: Chalet Village Price: $29,900 Get more information >

Vacant Land – A Good Buy?

Posted by Gatlin on May 30, 2013

As we are watching market activity surge, prices starting a slow rise and inventory decline many of you may be asking is now the time to consider a vacant land purchase. Today we would like to take a moment to look into the benefits and things to consider before making a land purchase.

There are numerous things to check into when you begin to look at an undeveloped tract of land and the first is what are your long term goals for the parcel? Are you looking at a long term investment, to build right away or to get a good deal now and build a home later? Knowing ahead of time what your end plans are will help to guide your decision making.

If you intend to purchase it as a long term investment always think about location. If the market is primarily vacation rental property and that will be the end user, where are the hot spots for vacation rentals? Certainly in this area Chalet Village, Pittman Center, Wears Valley and locations near Dollywood would be excellent choices. If you are looking for somewhere to build a second home you will want to decide what location features are to you when you are enjoying time away. Mountain view? Close to attractions? Privacy? Or for a permanent residence, what about accessibility to shopping? School district? Traffic?

Once you have determined an end use and location you will want to consider potential costs of purchasing such as a survey. Also, what amenities are present and what will have to be added? Is the property serviced by city water and sewer? If not, is there an existing well and septic or will one need to be installed?

Putting together a team to help will make your transaction go more smoothly and give you a clear picture when making a land purchase. We recommend exploring your financing options first so that when you have identified a piece of property you are prepared to make an offer. We are able to assist you with locating contractors, builders and others to be available throughout the process.

There are numerous options available in the Great Smoky Mountain area if you are considering a land purchase. Land and lot prices are still low but as existing home inventory continues to decrease and prices increase land values will start to rise. Now may be a good time to start looking at some of the great available deals on undeveloped property.

Here Are A Few Of My Featured Vacant Land Listings:

Near Ski Resort & Downtown
A great opportunity to own a lot in desirable Chalet Village and has a winter view of the mountains.
Type: Land
Location: Chalet Village
Price: $29,900
Get more information >

Two For The Price Of One
Two lots for the price of one and right in the city within walking distance to downtown Gatlinburg dining, shopping and attractions.
Type: Land
Location: Gatlinburg ,Tennessee
Price: $35,000
Get more information >

Beautiful Ridge Top Property! Great Deal
Beautiful ridge top property with level building site. Clear a few trees to have a wonderful mountain view. Driveway to the top of the ridge. VERY MOTIVATED SELLERS!
Type: Land
Location: Gatlinburg, Tennessee
Price: $29,000
Get more information >

Vacation And Investment Home Sales Are On The Rise

Posted by Gatlin on April 11, 2013

The National Association of REALTORS has conducted their 2013 Investment and Vacation Home Buyers Survey concerning existing and new home transactions for 2012. The report contains very detailed information about investment and second home buying patterns and today we would like to take a look at some of the numbers and how they relate to the tourist driven market in the Great Smoky Mountains.

The news is good overall, with the report showing an increase of 10.1% in 2012 vs. 2011 for vacation home sales. Investment home sales dipped 2.1% to 1.21 million but remains well above the numbers from the downturn when sales were well below one million. Vacation home sales made up 11% of all real estate transactions last year, the second highest percentage since 2005. As we see news of a market recovery and reports that things are shifting to a seller’s market it is positive for our area to see that this does not apply only to permanent residences but also to owners of vacation rental property.

When we looked at the statistics for the Smoky Mountain region last week we noted an increase in average prices of 12% for Sevier County, Tennessee. This is reflected in the NAR report as well as they show that the median price for vacation and investment homes is up, reflecting a larger amount of more expensive vacation and investment properties being purchased in 2012. We expect to see the trend continue in 2013.

Thirty five percent of investment buyers purchased more than one property with 55% of them stating that rental income was a large factor in their buying decision. Our region leads the market with 45% of vacation homes that were purchased last year being in the South. This is great news for owners in the Smoky Mountain area as inventory decreases and a large percentage of buyers are looking for great rental investments in the area. If you have a second home or vacation rental that you are thinking of selling why not request a free price analysis? You may be surprised by what the market has to offer.

Looking for a great investment or second home? Try out our new search site and gain access to all of the available listings in the area. When the time is right, we are here to help guide you through the process of purchasing your Smoky Mountain dream.

Here Are A Few Of My Featured Listings:

Amazing Mount LeConte Views Over $28,000 in rental income for 2012! Nicely decorated cabin with fantastic views of Mt LeConte. Enjoy the views from the spacious decking this cabin has to offer. Type: Single Family Home Location: Chalet Village Price: $219,900 Get more information >

Gone With The Wind Almost $27,000 income for 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >

Beautiful Setting On The River Consistently produces almost $40,000 gross annual income!! Once you see it you’ll never want to leave. Directly on the pristine Middle Prong of the Pigeon River, found to be the cleanest river in the state by the Tennessee Resource Defense Council. Type: Single Family Home Location: Pittman Center Price: $399,900 Get more information >

Now Could Be The Time To Consider Selling

Posted by Gatlin on February 28, 2013

Next week we will be sharing the February statistics for the Great Smoky Mountain region however, looking at preliminary numbers we expect to have very positive news to share. As in our area, nationally reports of market improvement continue to come in. Let’s see what our sources have to say.

Last week the National Association Of Realtors said it is becoming a seller’s market. NAR reported that the current inventory of homes on the market represents a 4.2 month supply at the current pace, the lowest we have experienced since April of 2005. This is a 25.3% decrease from the same time last year. Lawrence Yun, NAR Chief Economist has concerns that the limited inventory presents challenges for increasing sales volume as buyers are faced with lack of choice. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.” Yun went on to say, “We expect a seasonal rise in inventory this spring but it may be insufficient to avoid more frequent incidences of of multiple bidding and faster than normal price growth.”

The national median price for existing homes of all types was up in January by 12.3% from January of 2012. In the Smoky Mountains, single family homes remained even with last year and we expect to see them starting to rise as we are experiencing a decrease in inventory as well. As buyer activity continues and inventory shrinks prices will show gains.

We are also seeing properties spending less time on the market as buyers are not hesitating to move forward with offers once a property has been identified. Mortgage rates remain low and buyers are taking advantage of available opportunities. With all of these positive changes happening now is a great time to get a free market analysis of your property and see if now may be the prime time to get your property on the market. Email me or give me a call at 877-678-2121 and I am happy to prepare a detailed report for you.

If you are considering a purchase, there are still plenty of great homes at this time but as we expect prices to begin a rise now is the time to start searching. It is very important with the current market conditions to work with an experienced Buyer’s Agent who will help you to balance between moving quickly on the perfect home and protecting your interests. We also strongly encourage speaking to a mortgage lender to begin the process of getting pre-qualified prior to viewing homes to make your negotiation position stronger once you have identified a property. We are here and ready to help with all the details.

Here Are A Few Of My Featured Listings:

Creek Front Charmer Pull up a chair and enjoy the soothing sounds of the mountain stream. This 2BD/2.5BA chalet is on a large creekside lot but just a 5 minute drive to downtown Gatlinburg. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $189,900 Get more information >

Money To Be Made!!! Income potential with consistent rental history. $25,737 in 2009, $26,127 in 2010 & $20,352 in 2011. Don’t miss out on all these features! Type: Single Family Home Location: Chalet Village Price: $149,900 Get more information >

Hot Buy On Authentic Log Cabin Right at $30k in rental income for both 2010, 2011 & 2012!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information >

The Smokies Come To Life With Spring Just Around The Corner

Posted by Gatlin on February 14, 2013

The Great Smoky Mountains offer their own beauty in every season but it is always thrilling to watch as spring approaches and gains steam transforming the mountains with new life, increased wildlife activity, the blooming of flowers and the budding of trees. There are numerous reasons to plan a visit during spring, with a multitude of festivals, activities and workshops. Today registration opened for the 63rd Annual Spring Wildflower Pilgrimage. The 5 day event in the Great Smoky Mountains National Park will be held from April 23rd-27th this year and fills up quick. Let’s take a look at a few of the offerings and reasons to register now. It’s an event not to miss if you love the Smokies.

All 5 days are packed with activity. Most programs are held outdoors in the park with some classes and seminars being held at various indoor venues in Gatlinburg. This year’s program will offer 146 professionally guided walks and presentations allowing participants the opportunity explore the region’s flowers, fauna and natural history. Many walks offer the chance to explore the back country, led by seasoned hikers. For those of you who have photography as a hobby, you are invited to enter the photography competition as well. The competition includes categories for flora, fauna and landscape. Winners will be chosen by votes of those registered for the pilgrimage and an awards ceremony will be held. Just looking to improve your photography skills? A beginner’s photography workshop will be offered with outdoor, hands-on instruction.

In recognition of the 175th anniversary of the Trail of Tears, Wednesday’s indoor events focus on Cherokee culture. There will be talks about the Trail of Tears, Cherokee Culture After The Trail and Cherokee plant lore. Prefer an outdoor experience while learning more about the Cherokee? Join Native American, Karen LaMere at Metcalf Bottoms Picnic area on Wednesday morning for “Native People’s Use Of Nature’s Garden” and listen to a history that has been passed down through the generations as well as taste and learn uses of native plants gathered from nature. Davy Arch, a Cherokee woodcarver and storyteller will also lecture on Cherokee culture and demonstrate carving, mask making and more. His presentation is a great time to learn how plants played a part in Cherokee arts all the way back to the ice age.

If you are a seasoned hiker you are sure to enjoy one of the longer, more strenuous hikes. A Wildflower Hike along Ramsey Cascades Trail will allow you to see a diverse range of wildflowers as you walk through one of the old-growth forests up to the 100′ falls. Looking for a beautiful but easier hike? Take the opportunity to walk the Noah “Bud” Ogle Trail and see many different wildflowers and American chestnut tree remnants in the fields of the homestead. Interested in the wildlife in the mountains? Join David Whitehead, Tennessee Wildlife Resources Agency Manager as he describes the history, tracking signs, human impact and environmental issues of the areas black bears and wild hogs while enjoying a 2-3 mile easy walk at Little River Trail head.

This is just a very small sample of the wide variety of events and opportunities offered at the event this year. There is something for everyone who is interested in spending more time on the trail and learning more about the area’s heritage and the Smoky Mountains. You may download a full event schedule, register and more at the official event website.

The mountains offer year round beauty, events and chances to get closer to nature. One of the ways to make it easy to spend as much time as possible surrounded by the majesty of the mountains is to purchase an investment property or Smoky Mountain home away from home. The market is busy with homes moving at a steady pace but there are plenty of great opportunities available. Spend some time at our website searching what’s available and we are certain you will find your perfect Smoky Mountain get away.

Here Are A Few Of My Featured Listings:

Enjoy Resort Living In The Mountains Great rental income: 2012 – $32,195 & 2011- $24,226.Private three bedroom, three bath log cabin with great mountain views from three decks. Type: Single Family Home Location: Pigeon Forge Price: $299,900 Get more information >

This One Has It All Conveniently located cabin consistently produces over $40,000 in annual rental income! Just minutes to Pigeon Forge and Dollwood. Type: Single Family Home Location: Pigeon Forge Price: $199,900 Get more information >

Gone With The Wind Almost $22k in rental for the first 10 months of 2012!! If you have dreamed of having a luxury chalet on top of the mountain with sweeping views of the valley, city and mountains then you have to look at this one. Type: Single Family Home Location: Chalet Village Price: $299,900 Get more information >

Every Season Is A Great Time To Visit The Smokies

Posted by Gatlin on January 24, 2013

Visitors to the Great Smoky Mountains National Park will find a different kind of beauty in every season. Let’s explore a little bit of what rewards each season in the Smokies has to offer.

Spring offers the ever changing display of wildflowers. This year the 63rd Annual Wildflower Pilgrimage will be held from April 24th through April 28th. Participants will enjoy seminars, guided tours and more. Dating back to 1951, the event offers over 150 programs with something for everyone from the serious botanist to the weekend gardener.

Summer hiking gives you the opportunity to follow a trail to a cool retreat in a mountain stream or enjoying the numerous water falls throughout the Smokies. Abrams Falls is a popular spot for hikers. At only 20 feet high it may seem inconsequential, however there is a huge volume of water rushing over the falls making it a fantastic experience. Trillium Gap Trail offers you the opportunity to stand behind the 25 foot high waterfall after wandering through old growth hemlock forest. These are just a few of the nature experiences that await summer visitors.

Fall is a favorite time of many to visit the mountains as they show off a brilliant display of color as the leaves change. The change usually spans over seven weeks with different elevations showing its unique variety of trees and colors at different times. Mid September is a great time to view colors at higher elevations from a location such as Clingman’s Dome. A hike to higher elevations such as Mt. LeConte or Andrews Bald would be sure to deliver beautiful autumn views. Early through mid October provide a wide diversity of colors as the mid and lower elevations begin to change and include many varieties of very colorful trees.

Not to be dismissed, winter in the Smokies offers it’s own kind of sparkle. With many trees bare, mountain vistas open up that are normally hidden. It is a great time to see stone walls, chimneys and snow capped mountain peaks. Not up for a winter hike? Enjoy time at Ober Gatlinburg Ski Resort tubing, ice skating, snowboarding or skiing. Sevierville, Gatlinburg, Pigeon Forge and Dollywood all offer a wide variety of winter activities as their Winterfest festivals kick off. You can enjoy parades, shows, brilliant light displays and much more.

The market is picking up so far for 2013. Why not schedule a winter or spring visit, relax in a mountain cabin and take a look at a few that are for sale? You may just find yourself purchasing a second home in the mountains so you can easily enjoy all four seasons.

Here Are A Few Of My Featured Listings:

Rustic Log Cabin W/Amazing Views! Authentic & rustic log cabin with breathtaking mountain views. Located in desirable Chalet Village, this cabin is just minutes from Ober Gatlinburg Ski Resort and downtown Gatlinburg. Type: Single Family Home Location: Chalet Village Price: $139,900 Get more information >

Updated Condo In The Mountains Perfect affordable family mountain get-away in this totally refurbished studio unit at the Gatlinburg Summit Condominiums. Updated with tasteful furnishings and decor. Type: Single Family Home Location: Chalet Village Price: $48,900 Get more information >

Economists Continue To Report Good News For Real Estate

Posted by Gatlin on December 27, 2012

In a news release on December 20th the National Association of Realtors shows that market conditions continued to improve in November, with lowering inventory and rising prices. The article states that total existing home sales including single family homes, town-homes, condos and co-ops rose 5.9% in November which reflects a 14.5% increase from November of 2011. Lawrence Yun, NAR Chief Economist, said “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation”. Let’s take a more in depth look at the breakdown of the numbers.

One of the big factors contributing to the market recovery is the lowered inventory of distressed homes on the market. Foreclosures and short sales only made up 22% of the sales in November, down from 24% the previous month and 29% in November of 2011. These properties were only showing average discounts of 16-20% from market value, a sign of increased demand. Yun said “The market share of distressed property sales will fall into the teens next year based on a diminishing number of seriously delinquent mortgages”. The current low interest rates and availability of programs to assist home owners will continue to contribute to the reduction of this type of home inventory.

Total housing inventory at the end of November represented a 4.8 month supply with sales at their current pace. This is the lowest supply the market has witnessed since September of 2005. We are also seeing time on the market decrease both nationally and locally with the national stats showing a 28.6% decrease from the same month last year.

As demand increases prices are expected to continue their steady rise. The national median price for existing homes was $180,600 last month. This is not only the ninth consecutive month of year over year gains but also represents a 10.1% increase in price from last November. The last time we were able to see price increases sustained for this many months in a row was from September of 2005 through May of 2006.

We believe that this positive trend will continue through the end of the year and in to 2013. Next week we will take a look at how 2012 finished out for the Smoky Mountain real estate market. The following months of January and February are traditionally a flurry of activity for our area when a large number of buyers visit to view homes. If you have been thinking of coming to explore the market give us a call or email, we are happy to schedule an appointment. If you have a home to sale, now may be the time to ask for a market analysis, you may find that now is the time to list.

Here Are A Few Of My Featured Homes:

Relax & Enjoy The View A true opportunity to own a relaxing and stress free home away from home in the mountains. This is a very attractive unit with stunning mountain views from it’s top floor location. Type: Condo Location: Chalet Village Price: $92,500 Get more information >

Custom Built Home On The River Custom built home on the Pigeon River with year around mountain views in one of Sevierville’s most sought after neighborhoods. Type: Single Family Home Location: Sevierville,TN Price: $349,000 Get more information >

Tucked Away Above It All What a great deal on a nice, clean & spacious mountain get away. Type: Single Family Home Location: Chalet Village Price: $112,000 Get more information

Tag: Gatlinburg real estate