Throughout 2014 so far, we have seen the local & national real estate markets showing largely slow, 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 October 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 slow & steady growth that we are also seeing nationally. Let’s now see what the numbers have to say for October of 2014, as compared to those one year ago, in October of 2013.
In the category of Residences Sold, we see that in comparing October of 2014 to that of October of 2013, the number of residences sold actually declined slightly by 2% in terms of homes being sold, as there were 35 fewer homes that were sold as of the end of October of 2014, as opposed to October of 2013. While this still reflects a departure from the largely prevailing trend of increased home sales in the last several months, this also could indicate that with declining inventory, which has taken place for the last couple of months here in the local market, people are still looking for properties to buy and purchase on the open market. However, this is a smaller decline that from last month (September), when the number of residences sold declined by 3%, when comparing September 2014 to September 2013. 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 reverse themselves entirely, as we continue into the Fall and Winter months of 2014 and into 2015.
In the category of Residential Dollar Volume from October of 2014, as opposed to October of 2013, we see an increase of 7% in terms of dollar volume through October of 2014, as compared to October of 2013, which is an increase of 1% from last month, when comparing September 2014 to September 2013, 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 October of 2014, as compared to that of October of 2013, average sold prices show an increase of 9%, which is an increase of 1% from that of last month, 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 happened over the last couple of months, as well. Through October of 2014, as opposed to October of 2013, the number of available homes did decline by 2%, or reflects a decrease of 102 homes in terms of available inventory, which is 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 show more possible movement towards wanting to buy available properties currently on market, and with higher home prices, more people are feeling confident in placing their homes for sale. We will continue watching to see if this particular continues, and see what it does for the market, both here locally, as well as nationally.
As 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 slow, but steady, growth that has been shown for over the last few months or so now. 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 about The Jason White Team today, and let us help you make your home ownership dreams a reality today!
This Week’s Featured Properties:
Nice, Well-Built 3 BD/2 BA Contemporary, Ranch-Style Home in Kodak! Ideal for a permanent or 2nd home! Home includes a 2-car garage, large front & back yards, a private driveway, a Large Living Rm, & much more! Home also an outdoor storage building in the back yard, each BD has its own Private Closet space, & has easy access to nearby County & State-maintained roads, as well as County-maintained services. Only mins. to I-40, dwtn. Sevierville, Pigeon Forge, & the attractions – come see this home today! Type: Single-Family Home Price: $150,000 Location: Kodak, TN 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 >
Very Quiet, Private, 3 BD/2.5 BA, Contemporary Ranch-Style Home w/Backyard Views of Mt. LeConte & the Smokies! Ideal permanent or 2nd home, & is move-in ready, w/new wraparound deck, new A/C, new roof, & updated kitchen. Incl. nearly 1 acre of land; has Large Living/Dining Rm, spacious Sunrm, & Breakfast Rm/Nook. Adj. to Gatlinburg’s Arts & Crafts Comm.; only mins. to dwtn. Gatlinburg. Great home; lots of privacy, peace & quiet – come see it! Type: Single-Family Home Location: Gatlinburg, TN Price: $264,900 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