For over the last few months, the local & national real estate markets have reflected a gradual and steady growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through January of 2017, we will see that such local & national trends, particularly in the Great Smoky Mountains real estate market, continue to reflect these same trends of gradual growth that we also see nationally. Let’s now see what the numbers have to say for January of 2017, as compared to those one year ago, in January of 2016.
In the category of Residences Sold, we see that in comparing January of 2017 to that of January of 2016, the number of residences sold increased by 8% in terms of homes being sold, as there were 200 more homes that were sold as of the end of January of 2017, as opposed to January of 2016. We will see if this trend continues with any future statistics in this category, but it does show a continued strong trend for residential sales on the whole, as well as continued growth.
In the category of Residential Dollar Volume from January of 2017, as opposed to January of 2016, we see an increase in terms of dollar volume. This category does show a continued high percentage from year-to-year, showing that there is continued, strong growth in this category. This continues to show a continued local, as well as national, trend of relatively steady, stable, and even robust growth in terms of this category, as well, and also continues to reflect the consistently higher home prices that have been taking place for over the last eighteen months now on a national scale.
In the category of Average Sold Price, we find that the sales price did not change much from January 2017 to that of January 2016.
In addition, available homes on the market are continuing to show a trend of steady decreases. Through January of 2017, as opposed to January of 2016, the number of available homes did decline by 8%, or reflecting a numerical decrease of 335 homes in terms of available inventory. This decline continues to show a marked decrease in terms of available inventory in the local market, and still reflects a continued decline in available inventory on the whole here in the local market, which has been occurring now for the last several months. This is largely in line with the latest national real estate trends, which also shows a gradual decline in available home inventory as a whole. This may foretell that with declining inventory, the local market is showing movement towards more people wanting to buy the available properties currently in the local market, and that with higher home prices, more people may feel a greater sense of confidence in placing their homes for sale on the market, along with greater interest in buying what inventory is currently available, as well. We will keep watching to see if this particular trend continues, and see what it does for the real estate market as a whole, both here locally, as well as nationally.
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