For over the last year or so, the local & national real estate markets have reflected a largely gradual, but steady, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through February of 2015, 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, but steady, growth that we also see nationally, and have seen for some time now. Let’s now see what the numbers have to say for February of 2015, as compared to those one year ago, in February of 2014.
In the category of Residences Sold, we see that in comparing February of 2015 to that of February of 2014, the number of residences sold increased slightly by 2% in terms of homes being sold, as there were 22 more homes that were sold as of the end of February of 2015, as opposed to February of 2014. This shows the same continued increase as that of last month, reflecting a steadiness in the market in this particular category. This may indicate continued growth & strength in home sales, though it is too early to say if this will continue and be sustained over the long-term, but it does portend continued good news regarding home sales for the year so far.
In the category of Residential Dollar Volume from February of 2015, as opposed to February of 2014, we see an increase of 9% in terms of dollar volume through February of 2015, as compared to February of 2014. While this shows a decline by 1% from that of January of this year, there is continued growth in this category, as well as general consistency. This continues to show a continued local, as well as national, trend of relatively steady growth in terms of this category, and continues to reflect the higher home prices that have been taking place for over a year or so now on a national scale.
There is also continued good news for sellers in the Average Sold Price Category. For February of 2015, as compared to that of February of 2014, average sold prices show an increase of 7%, which actually is a slight decline from that of previous months, but still shows an increase nonetheless. As confidence continues to slowly grow in both the local and national markets, we foresee that this relatively steady trend of higher home prices will likely continue for at least the short-term horizon.
In addition, available homes on the market are continuing to show a slight decrease, which has also occurred over the last several months, as well. Through February of 2015, as opposed to February of 2014, the number of available homes did decline by 5%, or reflecting a numerical decrease of 268 homes in terms of available inventory, which is a significant decline in inventory, and reflects the largest decline seen recently in the local Great Smoky Mountains real estate market. This is still largely in line with the latest national real estate trends, which also shows a decline in available home inventory as a whole. This may foretell that with declining inventory, the local market is beginning to show some possible movement towards more people wanting to buy the many available properties currently on the market, and with higher home prices, more people are feeling a greater sense of confidence in placing their homes for sale on the market. We will continue watching to see if this particular trend continue, 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 expected to continue into this new year. 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 Featured Properties, and see what the Smoky Mountains area have to offer for you today? You can also browse our Team website further to learn more about The Jason White Team today, and see how we can help you make your home ownership dreams a reality today!
Our Featured Properties for March 5, 2015:
Spacious, 3 BD/3 BA Condo Located Just Blocks from Dwtn. Gatlinburg. Ideal as a permanent or 2nd home, or as an overnight rental. Condo includes a Large Great Rm, w/each BD having its own Private BA & Closet space, as well as a Kitchen, and more. Located in a well-established condo complex, & is only blocks to dwtn. Gatlinburg & the attractions, along w/being only mins. to the Nat’l Park. A great condo in a great location – come see it today! Type: Condominium Location: Gatlinburg, TN Price: $129,900 For more information >
Well-Located, 3 BD/2 BA Condo Only. Mins. to Gatlinburg. Has great rental potential, or can be an ideal permanent or 2nd home. Condo is located in a well-managed complex, w/great views of the Smokies. Condo includes a Loft Bedroom, a Master Bedroom w/Private Bath, a Living/Dining Rm combination, & more. Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. Type: Condominium Location: Gatlinburg, TN Price: $89,900 For more information >
Well-Built, 3 BD/2 BA Condo Located W/in Walking Distance to Ober Gatlinburg. Ideal for a permanent or 2nd home, or as an overnight rental. Condo includes an attached 1 -car garage, Large Great Rm, full Kitchen, an Enclosed Porch just off of the Great Rm usable as an Extra Den, a Screened-In Porch accessible from 2 BD’s, a Master BD w/a Private Bath, & much more. Easy access to city-maintained roads & services, & w/in walking distance to Ober Gatlinburg, & only w/in mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. A great location & value – come see it today! Type: Condominium Price: $139,900 Location: Gatlinburg, TN For more information >
The Jason White Team
Century 21 Four Seasons Realty, Inc.
1441 Wiley Oakley Drive
Gatlinburg, TN 37738
Toll Free: (877) 678-2121
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