Residential Summary
Land Summary
Notice the spike in average price per square foot during March and September.
Average price stayed between $180 and $220 throughout the remainder of the year.
Days on market dipped from February to May and peaked during October and November.
Despite the outlier in June – notice the increase during the 4th quarter.
Despite the outlier in July – days on market stayed relatively close to 100 days during 2020.
Have a look at the year-end 2020 graphs below. It’s very interesting to look at the average price and days on market correlation over the last 4 years. Days on market is flat from 2019 to 2020, after a 20% decrease in both 2017 and 2018. While the average price continues to increase by 23% from 2019 to 2020, after an increase of 11% from 2018 to 2019, and a 10% increase from 2017-2018.
Average land prices increased year over year from 2017 – 2020; 15% 2017 – 2018, 17% 2018 – 2019, and 16% 2019 – 2020.
“Many experts are predicting another strong housing market in 2021. They are forecasting increased demand from buyers who delayed purchasing homes because of the pandemic; from existing homeowners who need larger spaces to accommodate parents working from home and children attending school virtually; and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus. The ability to tour homes and close on purchases virtually will make buying a home simpler in 2021.”
You can read the full Washington Post article here.
Check back with us here on the first Saturday of each month to get the latest Smoky Mountain Real Estate stats.
*Note: statistics collected using the Bluff Mountain, Chalet Village, Cobbly Nob, Douglas Lake, Gatlinburg, Jones Cove, Kodak, New Center, Pigeon Forge, Pittman Center, Sevierville, Seymour, and Wears Valley areas.
Below is the market report for December. Next week we’ll share a year-end report. The year-end report will provide yearly graphs focusing on days on market and average price.
Residential
Land
Average price has risen by 24% and by approximately $75,000 year to date.
Average price in Chalet Village is up by 22% month over month.
There have only been 19 more transactions from January to October in 2020 than during the same period of time in 2019. The volume for the year is up 116 Million dollars, raising the average price by 22%.
Land
The volume of land sold for the year is up by eight million dollars, October accounted for five million of that increase. So far this year, land values on Bluff Mountain have increased by 137% and increased by 46% in Wears Valley.
Below is information about our market’s movement during the month of September. Notice that average price continues to increase, +28% for single family homes and is flat for land, while we continue to decline in inventory.
“Pending home sales continued with upward momentum in August. According to the National Association of REALTORS® (NAR), pending home sales for the month marked four consecutive months of growth, with gains across all major regions in both month-over-month and year-over-year transactions.
NAR’s Pending Home Sales Index (PHSI) rose 8.8 percent to 132.8 in August, with YoY contract signings increasing 24.2 percent.”
You can read the full National Association of REALTORS® (NAR) article here.
Prices are high and inventory is low, if you are think now might be the time to sell we’d love to help you determine the value of your property.
Residential
Land
Below is information about our market’s movement during the month of August. Notice that average price continues to increase, +13% for single family homes and +5% for land, while we continue to decline in inventory.
Prices are high and inventory is low, if you are think now might be the time to sell we’d love to help you determine the value of your property.
Below is information about our markets movement during the month of July. Notice that average price continues to increase, +24% for single family homes and +8% for land, while we continue to decline in inventory.
Here is information about year to date market movement.
