Throughout the last couple of months, we have seen both the national and local real estate markets showing slow, but steady, growth on the whole. As we look at the statistics for the Great Smoky Mountain real estate market through January of this year, we will see that these trends, particularly in the Great Smoky Mountain real estate market, continue to remain steady in terms of these trends of gradual growth. Let’s now see what the numbers have to say.
In the category of Residences Sold, we see that in comparing January 2014 to that of January 2013, the number of residences sold held steady with an increase by 1% in terms of homes sold, in that 16 more homes were sold as of January 2014, as opposed to January 2013. This continues 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, and we see that this trend does largely continue and remain constant.
In the category of Residential Dollar Volume for the year, we see an increase of 7% through January 2014, as opposed to that of January 2013. With the steadiness of the numbers as it relates to Residences Sold, as mentioned earlier, the recent local and national trends of increasing home prices still continue to demonstrate that a greater dollar volume in homes are being sold, as compared to the same time a year ago, along with still showing a slow and strengthening market that is somewhat reflective of greater confidence on the part of both buyers and sellers.
There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for January 2014, as compared to that of January 2013, prices still show a slow, but gradual, rise of 6%, which is reflective of the recent local and national trends towards gradually higher home prices, which has remained constant for at least the last six months, if not longer. As confidence continues to grow between potential buyers and sellers in the market as a whole, we see that the trend of higher home prices will likely continue for the foreseeable future.
In addition, available homes on the market are actually increasing in terms of inventory. Through January 2014, as opposed to January 2013, there is a slight increase by 1% of homes being listed as available on the market, or an increase of 35 more available homes on the market. We continue to see that higher home prices, as well as the very slight increases in homes being sold, may be contributing to more people wanting to place their homes on the market, thereby causing a slight increase in available housing inventory, as people gain greater confidence in the market. While it is still too early to tell if the trend will continue for the long-term, there are more available homes on the market for sale in January 2014, as opposed to one year ago, which could further indicate greater confidence on the part of those wanting to place their homes on the market.
As markets continue this gradual trend of growth locally and across the nation, these statistics are largely expected to remain steady at least in the short-term, showing the same continued slow, but steady, strength and growth that has been the case for the last couple of months. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer for you? Let us help you make your home ownership dreams a reality today!
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Private Log Cabin w/Amazing Countryside Views Near Pigeon Forge! Private, 2 BD/2BA log cabin in beautiful country setting on 2.43 acres very near Pigeon Forge! Made over $21,000 in rental income in both 2012 & 2013. Spectacular countryside, creek & pastoral views on top of its own private hillside. Type: Single-Family Home Location: Pigeon Forge, TN Price: $179,900 For more information >
The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121