Adjustment to the July 2010 Sales of Smoky Mountain Homes

 

An apology to my blog readers on my report about July 2010’s Gatlinburg real estate and other area property sales.  I pulled data from our Great Smoky Mountain Association of Realtors to put in the blog.  The July 2010 residential sales figures looked rather robust in several catagories. However, I put the figures into my 8/4/10 newsletter/blog.  A short time later, I learned that the data included some large commercial transactions in those residential numbers.  Obviously, this corrupted the stats, so here are the corrected figures. 

July 2010 “Total Residences” sold was 121 vs July 2009 at 145.  This was a decrease of 24 residences or 17% less over July of last year.  These residential figures include; single family homes, condos, townhomes, and co-ops. 

“Total dollar volume” sold and the “average residential sale” were the 2 categories most impacted by the inclusion of the commercial properties.  July 2010 “Dollar Volume Sold” was $18,941,603.  The July 2009 Dollar Volume Sold was $25,725,551.  This July was off by $6,783,948 for a decrease of 26% from July 2009.

All of these numbers lead us to an”Average Residence Sold” at $156,542 in July 2010.  This is less than July 2009’s average sale at $177,418.  The average sale is down $20,876 or a 12% decrease from July of 2009.

The category of “Active Listings” in residences comes in as a winner in July 2010.  This July’s active listings was 4,119 vs. 3,523 for July of 2009.  This leaves last month with 596 more residences listed or a 17% increase. 

Behind these figures, the property market is revealing itself.  Without the huge commercial properties in the mix, the real estate market looks different than my August 4th blog reported.  Smokies real estate is in transition.  The market place is still searching for balance after the end of the federal stimulus. The revised figures do not currently show a pronounced shift toward higher priced homes. Recent activity appears to be focused on the lower priced properties.  However, with active listings on the increase there is a great selection for buyers.  This combined with low mortgage rates, could make this an ideal time to purchase your property in the Smokies.  Click on our website today to get started on your search with the Jason White Team.

Here are a Few of My Current 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
Get more information >
Overlooking Stream in Gatlinburg Condo
This conveniently located condo is only 1.5m from downtown Gatlinburg’s shopping and dining. Even has a woodburning fireplace and balcony to enjoy the beautiful mountain stream.
Type: Condo
Location: Gatlinburg ,Tennessee
Price: $83,500
Get more information >
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: $495,000
Get more information >
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