For over the last few months, the local & national real estate markets have reflected a gradual and steady growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through March of 2016 and the starting into the new year of 2016 itself, we will see that such local & national trends, particularly in the Great Smoky Mountains real estate market, continue to reflect these same trends of gradual growth that we also see nationally, and have seen for some time now. Let’s now see what the numbers have to say for March of 2016, as compared to those one year ago, in March of 2015.
In the category of Residences Sold, we see that in comparing March of 2016 to that of March of 2015, the number of residences sold increased by 16% in terms of homes being sold, as there were 253 more homes that were sold as of the end of March of 2016, as opposed to March of 2015. This figure shows a continued robust growth through March 2016, as opposed to one year ago, and is largely in line with the growth rate in this very same category that we have for at least the last couple of months, as well. We will see if this trend continues with any future statistics in this category, but it does show a continued strong trend for residential sales on the whole, as well as continued growth.
In the category of Residential Dollar Volume from March of 2016, as opposed to March of 2015, we see an increase of 22% in terms of dollar volume through March of 2016, as compared to March of 2015, remaining constant from last month in this same category. This category does show a continued high percentage from year-to-year, showing that there is continued, strong growth in this category, as compared to that of 2015 for the same month, with this statistic showing one of the largest increases in this category over the last few months. This continues to show a continued local, as well as national, trend of relatively steady, stable, and even robust growth in terms of this category, as well, and also continues to reflect the consistently higher home prices that have been taking place for over the last eighteen months now on a national scale.
There is also continued good news for sellers in the Average Sold Price Category. For March of 2016, as compared to that of March of 2015, average sold prices show an increase of 4%, which continues to show steady and consistent strength in this category on average, reflecting a stronger local market in this category, albeit being down a bit from the previous month in this category. As confidence continues to grow in both the local and national markets, we foresee that this relatively steady and upward trend of higher home prices will likely continue for at least the short-term horizon, if not longer.
In addition, available homes on the market are continuing to show a trend of steady decreases, which has also occurred over the last several months, as well. Through March of 2016, as opposed to March of 2015, the number of available homes did decline by 6%, or reflecting a numerical decrease of 319 homes in terms of available inventory. This decline continues to show a marked decrease in terms of available inventory in the local market, and still reflects a continued decline in available inventory on the whole here in the local market, which has been occurring now for the last several months. This is largely in line with the latest national real estate trends, which also shows a gradual decline in available home inventory as a whole. This may foretell that with declining inventory, the local market is showing movement towards more people wanting to buy the available properties currently in the local market, and that with higher home prices, more people may feel a greater sense of confidence in placing their homes for sale on the market, along with greater interest in buying what inventory is currently available, as well. We will keep watching to see if this particular trend continues, and see what it does for the real estate market as a whole, both here locally, as well as nationally.
As the markets continue these gradual trends of growth locally and nationally, these statistics are largely expected to remain largely steady at least for the short-term, largely continuing the same continued gradual, but steady, growth that has been seen now for over the last few months, and is largely expected to continue into 2016. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountains real estate market. Why not start your Great Smoky Mountains home search today by browsing our many great Featured Properties, and see what the Smokies area have to offer for you today? You can also learn more about The Jason White Team, and see how we can help you make your home ownership dreams a reality today!
Our Featured Properties for Thursday, April 7, 2016:
The Jason White Team
Century 21 Four Seasons Realty, Inc.
1441 Wiley Oakley Drive
Gatlinburg, TN 37738
Toll Free: (877) 678-2121
Fax: (865) 436-7227
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