In a Challenging Economy, Real Estate is Still a Wonderful Investment in the Great Smoky Mountains

Let us examine some data to gain perspective on current residential real estate for this area.  June 2008 saw 430 homes listed with 133 sold or 30.93%. The average sale price sold was $199,545, with average “days on the market” at 146.  Figures for June 2009 show 540 homes listed with 19.07% or 103 residences sold.  The average sale price sold was $187,824, with average “days on the market” at 157. With half a year data now available, 2008 saw 2,586 homes listed with 29.04% sold at 751.  The 2008 average sale price sold was $194,617 with an average “days on the market” of 157.  The same year to date time frame of Jan-June 2009 saw 3,177 residences listed with 18.63% or 592 homes sold.  The average sale price sold was $190,690 at an average “days on the market” of 163.  

In digesting this data some trends are apparent.  Inventory of residences for sale is up, average sale price sold is slightly longer.  Given the fact that there is alot of foreclosure property mixed into these figures, prices are holding up well and days for sale on market for selling residences is not radically longer.  This bodes well for those listing residential property to sell. 

However, this is awesome news for those interested in real estate in the Great Smoky Mountain area.  Increased inventory of homes for sale combined with an in flow of bargain-priced foreclosures keeps pricing reasonable and allows for ample opportunities to find your dream home or investment property. When you look at the current, historically low mortgage rates and the Obama First-Time Home Buyer Tax Credit, today’s real estate market looks better than many current investments.  So check out the web or contact Jason White for solutions to your real estate needs. 

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