Throughout 2014 to date, we have seen the local & national real estate markets showing 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 November of 2014, we will see that such trends, particularly in the Great Smoky Mountains real estate market, continue to largely show these same trends of gradual, but steady, growth that we also see nationally. Let’s now see what the numbers have to say for November of 2014, as compared to those one year ago, in November of 2013.
In the category of Residences Sold, we see that in comparing November of 2014 to that of November of 2013, the number of residences sold actually declined slightly by 2% in terms of homes being sold, as there were 24 fewer homes that were sold as of the end of November of 2014, as opposed to November of 2013. While this still reflects a departure from the largely prevailing trend of increased home sales seen previously earlier in 2014, this also could indicate that with declining inventory, which has taken place now for the last couple of months here locally, people are still actively looking for properties to buy and purchase on the open market. However, this is a smaller numerical decline that from last month (October), not necessarily by percentage, which has remained the same at a decline of 2%, but in terms of the decrease in sales of the actual numbers of homes (35 fewer homes sold in October, as opposed to 24 fewer homes sold in November). While it is way too early to say if such a trend will continue, this category certainly bears watching to see if these statistics will change, or will reverse themselves entirely, as we continue into the Winter months of 2014 and into the new year of 2015.
In the category of Residential Dollar Volume from November of 2014, as opposed to November of 2013, we see an increase of 7% in terms of dollar volume through November of 2014, as compared to November of 2013, which remains the same as that of October’s percentage (also a 7% increase), and continues to reflect a general upward trend in terms of Residential Dollar Volume throughout 2014 so far. This shows a continued local, as well as national, trend of relatively steady growth in terms of this category, continuing 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 November of 2014, as compared to that of November of 2013, average sold prices show an increase of 9%, which remains the same as that of October’s percentage (also a 9% increase) showing a continued trend of gradually higher average home prices on both the local & national levels, and this statistic has remained largely constant for the past year or so. 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, if not longer.
In addition, available homes on the market are continuing to show a slight decrease, which has also occurred over the last couple of months, as well. Through November of 2014, as opposed to November of 2013, the number of available homes did decline by 2%, or reflects a decrease of 93 homes in terms of available inventory, which is still one of the larger declines of available inventory seen in at least the last couple of months in the local Great Smoky Mountains real estate market. This actually is still largely in line with the latest national real estate trends, which also shows a small 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 continues, 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. 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 Mountains area has 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 Tuesday, December 9, 2014:
Luxurious, Spacious, 5 BD/5.5 BA Log-Style Chalet Only Mins. to Dwtn. Gatlinburg! Made over $40K in rental income in 2013, & has made over $55K in 2014!!! Home incl. 3 large deck lvls. from which to enjoy amazing views of Mt. LeConte & the Smokies, along w/each BD Suite having its own Private Bath & Closet, a Large Living Rm w/high, vaulted ceilings, 2 Dining Rm areas, a Large Lower Level Recreation Rm/Den, & more! Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions; a great, luxurious home in a great location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $430,000 For more information >
Private, Well-Built, 3 BD/2.5 BA, Log Cabin in Sevierville, w/Amazing Mtn. Views! Has made over $23K so far in rental income for 2014; has enormous rental potential, or also great for a permanent or 2nd home! Enjoy privacy, mtn. views & great outdoor spaces w/this home, sitting on 4+ acres of property! Incl. soaring ceilings, breakfast bar, 2-car attached garage, level yard, spacious deck areas, & much more. Only mins. to Sevierville, Pigeon Forge, Dollywood, & nearby area attractions, this home is truly a top-notch home – come see it today! Type: Single-Family Home Location: Sevierville, TN Price: $295,000 For more information >
Luxurious, Beautiful, 5 BD/5.5 BA Log Cabin Only Mins. to Dwtn. Gatlinburg! Has made over $55K in rental income in each of the last 2 years alone!!! Home has each BD having its own Private Bath, along w/a Large Great Rm w/vaulted ceilings, a Large Lower Level Recreation Rm, 2 deck levels to enjoy amazing views of Mt. LeConte & the Smokies, & much more! Only mins. to U.S. Hwy. 321, nearby City Trolley stops, dwtn. Gatlinburg, the Nat’l Park, & the attractions; this home is truly luxurious & is in a great location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $429,900 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
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