So far in the year 2014, we have seen both the national and local real estate markets showing slow, but steady, growth on the whole in many real estate market categories, especially with respect to home prices. As we look at the statistics for the Great Smoky Mountain real estate market through May of 2014, we will see that these trends, particularly in the Great Smoky Mountain real estate market, continue to reflect the same slow, but steady, growth that we are seeing nationally. Let’s now see what the numbers have to say for May of 2014.
In the category of Residences Sold, we see that in comparing May 2014 to that of May 2013, the number of residences sold increased by 3% in terms of homes being sold, in that 39 more homes were sold as of the end of May 2014, as opposed to May 2013, which is unchanged from last month, reflecting the same percentage and number of Residences Sold. This demonstrates a trend of steadiness, as well as gradual growth, in the real estate market as a whole, and as we look at the rest of the statistics, we will see that the market does indeed continue to reflect a steady and slowly growing trend for residences sold, which is also happening to a degree on the national level, as well.
In the category of Residential Dollar Volume for the year, we see a largely steady increase of 8% through May 2014, as opposed to that of May 2013, down only slightly from last month, which showed an increase of 9% from April of 2014, as opposed to that of April of 2013. In spite of this, however, the statistics still show a continuation of a slow, but, steadily strengthening real estate market for both the local and national real estate markets, showing greater overall confidence in the market, as well as reflecting the higher home prices that have been happening nationally for over a year now.
There is also continued good news for sellers in the Average Sold Price Category. For May 2014, as compared to that of May 2013, prices still show a largely steady increase of 5%, which is reflective of the recent local and national trends towards gradually higher average home prices, and has remained largely constant for the past year or more. As confidence continues to slowly grow in both the local and national markets, we foresee that the trend of higher home prices will likely continue for the foreseeable future.
In addition, available homes on the market are now actually showing a slight decrease, which was also evident in last month’s statistics, as well. Through May 2014, as opposed to May 2013, the number of available homes did decline by 1%, showing that there was a decrease of 37 homes from this time last year, compared to that of May 2014. This actually is still in line with the latest national real estate trends, which also shows a small decline in available home inventory, as well. While it is too early to say if this trend will continue into the foreseeable future, it does show that available inventory of homes is starting to decline, and certainly continues to bear watching to see if such a trend continues for the market as a whole.
As markets continue these gradual trends of growth locally and across the nation, these statistics are largely expected to remain largely steady at least in the short-term, largely continuing the same continued slow, but steady, strength and growth that has been the case for over the last year or so. 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 seeing what the Smoky Mountain area has to offer for you? You can also “Like” us on our Facebook page, or you can browse our team website further, to learn about The Jason White Team! Let us help you make your home ownership dreams a reality today!
Here Are A Few of My Featured Properties:
Private, 6 BD/5 BA Luxurious Chalet in Cobbly Nob w/Spectacular Mtn. Views – Just Reduced! Made nearly $29,000 in rental income in 2013! Very spacious home w/Large Great Rm, Rec Rm, Loft, and more; also close to several community amenities, as well as being only a few mins. from dwtn. Gatlinburg & the Nat’l Park, w/amazing views of Greenbriar Pinnacle & the Smokies. A luxurious home w/luxurious mtn. views! Type: Single-Family Home Location: Gatlinburg, TN Price: $299,900 For more information > Uniquely Designed, 3 BD/3 BA, w/2 Half BA, Multiple-Level Chalet Only Mins. to Gatlinburg – Just Reduced! Made over $17,000 in rental income in 2013 alone! Fantastic views of Mt. LeConte, Clingman’s Dome, & the Smokies! Each BD has its own private BA; home also has a spacious living rm, sunroom, & separate Recreation Rm. Only mins. to dwtn. Gatlinburg, the Nat’l Park, & w/in walking distance to the community pools, tennis courts, & club house. A very unique home in a great location! Type: Single-Family Home Location: Gatlinburg, TN Price: $204,900 For more information > Restored, Vintage-Style 2 BD/2 BA Chalet Only Mins. to Gatlinburg – Just Reduced! Made $20K+ in rental income on average through 2012; was featured on HGTV’s “House Hunters” (Episode #6501). Virutal bird’s eye views of the Great Smoky Mtns., tramway to Ober Gatlinburg, & city lights of dwtn. Gatlinburg; home has all new oak flooring, metal roof, water heater, & much more! Only mins. to dwtn. Gatlinburg & the Nat’l Park; a uniquely built, one-of-a-kind chalet! Type: Single-Family Home Location: Gatlinburg, TN Price: $159,900 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
Fax: (865) 436-7227