Through the start of 2014, we have seen both the national and local real estate markets showing slow, but steady, growth on the whole, especially within the last 12 months. As we look at the statistics for the Great Smoky Mountain real estate market through February of this year, we will see that these trends, particularly in the Great Smoky Mountain real estate market, continue to remain steady in terms of these trends of real estate growth. Let’s now see what the numbers have to say.
In the category of Residences Sold, we see that in comparing February 2014 to that of February 2013, the number of residences sold held steady with an increase by 1% in terms of homes sold, in that 14 more homes were sold as of February 2014, as opposed to February 2013. This continues a trend of steadiness, as well as gradual growth, in the real estate market as a whole, and as we look at the rest of the statistics, we will see that the market does indeed continue to reflect a steady and slowly growing trend, reflective of the overall national trends concerning this category.
In the category of Residential Dollar Volume for the year, we see an increase of 8% through February 2014, as opposed to that of February 2013. With the steadiness of the numbers as it relates to Residences Sold, as mentioned earlier, this reflects local and national trends of increasing home prices, and still continues to demonstrate that a greater dollar volume in homes are being sold, as compared to the same time a year ago. This also still shows a steadily strengthening real estate market, showing greater confidence on the part of both buyers and sellers.
There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for February 2014, as compared to that of February 2013, prices still show a slow, but gradual, rise of 7%, which is reflective of the recent local and national trends towards gradually higher home prices, which has remained constant for at least the last 12 months. As confidence continues to grow between potential buyers and sellers in the market as a whole, we see that the trend of higher home prices will likely continue for the foreseeable future.
In addition, available homes on the market are actually showing a slight, albeit nominal, decrease. Through February 2014, as opposed to February 2013, while the number of homes being listed as available on the market is relatively unchanged, there was a decrease of 14 homes from February 2013 to that of February 2014. This is a change in trends, which had been showing an increase in inventory, albeit slight in nature. This may show that with a lower inventory, the market is starting to show potential signs of movement towards more homes being sold as opposed as to those available for sale. While it is too early to tell if greater decreases in inventory are in the future, this bears watching to see if any further decreases are possible in this category.
As markets continue these gradual trends of growth locally and across the nation, these statistics are largely expected to remain largely steady at least in the short-term, showing the same continued slow, but steady, strength and growth that has been the case for the last few months. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer for you? Let us help you make your home ownership dreams a reality today!
Here Are A Few of My Featured Properties:
Unique, Multiple Level Chalet Located Only Mins. to Dwtn. Gatlinburg, Ober Gatlinburg, & the Nat’l Park! Uniquely designed, 2,200+ sq ft, multiple level chalet, w/3 BD, 3 BA, & 2 Half BA. Made over $13,000 in rental income in 2012, & over $17,000 in 2013! A unique home in a great location! Type: Single-Family Home Location: Gatlinburg, TN Price: $214,900 For more information >
Luxurious Log Chalet Located Only Mins. from Dwtn. Gatlinburg and the Nat’l Park! 3,000+ sq ft log chalet w/ 4 BD, 4 BD, and 2 half BA, w/each Bedroom Suite having its own Private Bath w/Whirlpool & deck access! Averages at or above $50,000 in rental income in last 2 years alone! Great location! Type: Single-Family Home Location: Gatlinburg, TN Price: $499,900 For more information >
Luxurious, 2 BD, 3 1/2 BA Mountain Chalet w/Sweeping, Amazing Views! Almost $27,000 in rental income for 2012, & over $30,000 in rental income for 2013! High quality home w/excellent views, and adj. to Ober Gatlinburg & Great Smoky Mtns. Nat’l Park! Great price on a high quality chalet! Type: Single-Family Home Location: Gatlinburg, TN Price: $299,900 For more information >
The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121