Late Winter Real Estate Mirrors our Smoky Mountain Bears

Data just arrived for January 2010 home sales, provided by the Great Smoky Mountains Association of Realtors. The results remind me of our Appalachian black bears. Normally our East Tennessee bears are peacefully denned-up, sleeping soundly with their activity increasing with the arrival of spring.  They emerge from dens as nature once again commences growing its banquet of food. Following this timing, the bears increase their activity on a quest for calories  to carry them through these cold lean months of winter. There can always be exceptions to behavior in the animal kingdom or in real estate.  However, it was not unexpected that January 2010 residential sales are acting much like our well-known black bears.  Homesales are backing off, taking a break, before picking up their usual spring-induced activity just like our Smoky Mountain bears.

As we interpret January data from 2009 vs 2010 the strong influence of foreclosures and first-time homebuyers is evident. The total residences sold is up 3% in January 2010, with 77 sold, opposed to 75 sold in 2009.

Quantity of homes sold Jan 2009 vs 2010

Total dollar volume sold in January 2010 is off 8%, or $1,117,240.00 down from 2009’s $14,584,387 figure.

Dollar volume sold Jan 2009 vs 2010

The average sale in January 2010 is down 10% or $19,560.00 from 2009’s $194,458.00 average.

 Average sale price Jan 2009 vs 2010

In active listings, 2010 leads 2009 by 15% or 512 more, with 2010 leading at 3,866 listings.

Quantity of active homes Jan 2009 vs 2010

From previous blogs and newsletters, my readers were aware that new homebuyers and foreclosures dominated 2009’s home market. With the extended stimulus package in place through early 2010, these 2 aspects will more than likely continue for at least the early portion of 2010 as well.

If you are considering 2010 as a time to buy or sell property in the Smokies, the current environment is still favorable. Qualified buyers can obtain historically low interest rates on mortgages. Potential weakness in the dollar could make hard assets like real estate a good investment for the future. There are good opportunities to find your ideal property with the current inventory of active listings.

For sellers, well-priced properties at the lower end of the market are selling briskly. This allows one to sell less expensive homes and upgrade into more desireable residences. In either case of buying or selling real estate in the Smokies, contact a leader with a proven track record. Contact us today at The  Jason White Team , online or by phone, to get started on your property goals for 2010.

                           Here are a Couple of My Latest Listings:

1.3 acre w/ Spectacular Mountain Views
Quiet living on 1.3 acres with phenomenal MT Leconte and Smoky Mountain views and lots of level parking. 5 Private suites, with loft and game room located on cul-de-sac. Plus two huge decks to enjoy the incredible views of the mountains.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $449,000
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Exquisite Lofty Mountain Retreat!!
Detail and excellent craftsmanship throughout this lofty mountain home will please even the most discriminating buyer. Complete with an outdoor living space with fireplace that overlooks Mt. LeConte views.
Type: Single Family Home
Location: Gatlinburg ,Tennessee
Price: $575,000
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