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 January of 2017, 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. Let’s now see what the numbers have to say for January of 2017, as compared to those one year ago, in January of 2016.

In the category of Residences Sold, we see that in comparing January of 2017 to that of January of 2016, the number of residences sold increased by 8% in terms of homes being sold, as there were 200 more homes that were sold as of the end of January of 2017, as opposed to January of 2016. 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 January of 2017, as opposed to January of 2016, we see an increase in terms of dollar volume. This category does show a continued high percentage from year-to-year, showing that there is continued, strong growth in this category. 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.

In the category of Average Sold Price, we find that the sales price did not change much from January 2017 to that of January 2016.

In addition, available homes on the market are continuing to show a trend of steady decreases. Through January of 2017, as opposed to January of 2016, the number of available homes did decline by 8%, or reflecting a numerical decrease of 335 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.

This Week’s Featured Property

  1322 N. Baden, Gatlinburg – $229,900 Beautifully crafted 2 BD/1.5 BA, 1,400+ sq ft, mountain chalet, located only mins. to downtown. Gatlinburg, the Nat’l Park, Ober Gatlinburg Ski Resort & within walking distance of the pools and tennis courts at the nearby Owner’s Club. Ideally suited as a permanent or 2nd home, or as an overnight rental. This cozy mountain chalet is well-located, has easy access to City-maintained roads & services, as well as having near ridge views. See for yourself today!

Days on market ranged from 224 to 166 this year. DOM peaked in May at 224 days and fell to 166 days in December. Days on Market rose from March to May, and then began to decrease. 

Average List Price was lowest in January and rose until November, with a dip in June. From $206,872 in January to $226,191 in November. A rise of 9% and a $20,000 change. Average Sale Price was lowest in January and rose until November. From $195,365 in January to $226,191 in November. A rise of 15% and a $31,000 change.

List to sale ratio ranged from 94.4% to 95.9% this year. List to sale ratio peaked in November and December to 95.9%, and was the lowest at 94.4% in January and February. 

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 December of 2016 and the end of 2016 itself, we will see that such local & national trends, particularly in the Great Smoky Mountains real estate market, continue to reflect these very same trends of gradual growth that we also see nationally. Let’s now see what the numbers have to say.

In the category of Residences Sold, we see that in comparing December of 2016 to that of December of 2015, the number of residences sold increased by 13% in terms of homes being sold. This figure shows a robust growth through December 2016, as opposed to one year ago, and is in line with the growth rate in this very same category for last month as well. We will see if this trend continues with future statistics in this category, but it does show a strong result for residential sales on the whole, as well as continued growth

In the category of Residential Dollar Volume from December of 2016, as opposed to December of 2015, we see an increase of 11% in terms of dollar volume. This category does show a continued high percentage from year-to-year, showing that there is continued, strong growth in this category. 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 December of 2016, as compared to that of December of 2015, average sold prices show an increase of 6%, which continues to show steady and consistent strength in this category on average, as well as remaining constant from that of last month, reflecting a stronger local market 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. Through December of 2016, as opposed to December of 2015, the number of available homes did decline by 9%. 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.

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?

Featured Properties:

   410 Big Bear Way Unit 5001- $189,900 This luxuriously appointed 5th floor corner unit is an easy 1/2 mile walk from the main parkway in the middle of Pigeon Forge AND boasts beautiful city & mountain views. It’s hard to beat that combination, right? This pet friendly condo features 2 bedrooms, 2 bathrooms within an open floor plan complimented by granite countertops in kitchen and baths, river stone fireplace in living room, spa-like master bathroom with a humongous seven-foot, walk-in shower, 2 person whirlpool tub and a LARGE wraparound patio for enjoying the incredible views. Come see for yourself today!