July 2010 Gatlinburg Real Estate and Mountain Homes of East Tennessee

Smoky Mountain real estate took positive steps in it’s move toward a market without federal stimulus.  I just received July 2010 real estate sales results from the Great Smoky Mountains Association of Realtors.  The results in various categories reveal clues to our market’s behavior.  Please keep in mind, this data covers July 2010.  Accuracy in market trends is best verified over a longer period of time, and not just 1 month.  In reviewing the GSMAR data, we should begin with number of residences sold.  This catagory includes; single family homes, condos, co-ops, and townhouses.  The current period had 111 residences sold vs 145 one year earlier.  The units sold is down by 34 or -23%.  This would seem negative until we examine other categories.

 Dollar volume sold for July of 2010 is $90,421,283 compared to $25,725,551 of July 2009.  July 2010 is up $64,695,732 or 251% higher.

Furthermore, July of 2009 saw an average sale of $177,418 per residence. Our July of 2010 average sale jumped to $814,606 for an increase of $637,188 or 359% higher.

In our final category of active listings, July 2010 has 4,058 compared to 3,545 in July of 2009.  Active listings are up 513, for a 14% increase.

In evaluating this data, some market aspects may be revealing themselves.  Currently, the federal homebuyer tax credit has expired.  This program was a powerful incentive for new homebuyers to enter the market.  In the short term, it has brought many new homebuyers into the market and it helped absorb some excess home inventory.  However, the data reveals that most of the homebuying occurred at the lower end of the market.  With the stimulus almost over (because of congressional action a few late closings may still trickle in), unbiased market activity is revealing itself. These July 2010 stats are showing that experienced homebuyers are coming off the sidelines to purchase higher priced properties. Without the large number of new homebuyers picking up lower end real estate, the “total dollar volume sold” and the “average sale price” has massively increased for July of 2010.  It is too early to be certain, but seasoned buyers could be returning to the real estate market.  These July 2010 figures seem to indicate that this activity is starting.

If you are considering East Tennessee real estate for some of your investments, begin on our website.  We have geared our site to be user-friendly, and we constantly update, to keep it current.  You set your personal search criteria, and it saves valuable time in viewing only property that meets your needs.  When the time arrives to personally view and close on your property, the experience and expertise of the Jason White Team is available to make your dream a reality.

Here are a Few of My Current Listings:

Fantastic Views With Great Rental Income
This unique one of a kind home is totally updated and is in excellent condition. The fantastic mountain view is enjoyed on the covered or sun decks. The level parking is an absolute bonus!
Type: Single Family Home
Location: Cobbly Nob
Price: $289,900
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Spacious- Great For Entertaining!
Spacious with extraordinarily large deck to enjoy the beautiful mountain view. Fully furnished with tasteful furnishings and just around the corner from the Chalet Village Club House to enjoy swimming and tennis.
Type: Single Family Home
Location: Chalet Village
Price: $199,900
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Great View Of Great Smoky Mountains
Live in the prestigious community of Riversong. With the Little Pigeon River close by to enjoy fishing,swimming, etc. This private 1.26 acre property is a must see with wonderful mountain views and just around the corner from the Great Smoky Mountains.
Type: Single Family Home
Location: Pittman Center
Price: $359,900
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