2012 saw a flurry of activity in January with February picking up even more momentum. There was a marked increase in the number of buyers in the area looking at property and offers being written. So how did January end up for the Smoky Mountain real estate market? Let’s take a look at the numbers released by The Great Smoky Mountain Association of REALTORS. Please note that in an effort to provide the most accurate data available with a focus on our specific area, going forward our monthly market statistics will exclude any properties outside of .
In the category of Residences Sold we see great numbers with only 7 less residences sold than the same month last year.
Residential Dollar Volume for January is down $3,911,688. This may seem like a large number however, with the end of the year this may be largely attributed to foreclosure listings that went under contract in December and closed in January or received price reductions as the banks work to get them off the books. This is actually positive news, knowing that other properties on the market will be competing with less foreclosures in inventory.
The Average Sold Price was also down somewhat from last year with a 17% decrease. This may also be related to the liquidation of foreclosure properties.
The category of Active Listings for January 2012 shows an increase of 13%. With the increase of buyer activity and the relative stability of our market the beginning of this year has proven to be a great time to list property for increased exposure to qualified buyers.
As we see lending rules getting tighter we are seeing that getting a property from accepted offer to closing has been taking a little longer than it used to. Because of this we would also like to note that an additional 97 properties went under contract in January but have not yet reached closing. Most will likely close in February and we will begin to see the positive effects of how busy January turned out to be in terms of buyer activity.
Are you thinking of purchasing your own Smoky Mountain dream? Now may be a great time to start looking. With the expansive inventory of property available and extremely low mortgage rates there are many great opportunities to take advantage of. Take the first step by visiting our to see if your perfect Smoky Mountain get away is already on the market waiting for you.
Here are a few of my featured listings:
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Hot Buy On Authentic Log Cabin Over $30,000 in rental income for both 2010 & 2011!! Soaring ceilings and three walls of glass create a dramatic feel and bring the expansive views into the living space of this modern day cabin. Type: Single Family Home Location: Pigeon Forge Price: $149,900 Get more information > |
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Smoky Mountain Dream Come True Produced $24,329 in rental income for 2011! This is what Smoky Mountain dreams are made of, the perfect mountain get-away that combines the best features the area has to offer. Type: Single Family Home Location: Gatlinburg, Tennessee Price: $259,900 Get more information > |
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Come Home To A Resort Setting Just one mile from Ober Gatlinburg is where you will find this super affordable condo. Nestled in a resort like community you will enjoy all of the best amenities the Smoky Mountain area has to offer. Type: Condo Location: Gatlinburg ,Tennessee Price: $75,000 Get more information > |