Throughout 2014 to date, we have seen the local and national real estate markets reflecting slow, but steady, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountain real estate market through August of 2014, we will see that such trends, particularly in the Great Smoky Mountain real estate market, continue to show the same general trends of slow, but steady, growth that we are also seeing nationally. Let’s now see what the numbers have to say for August of 2014, as compared to those one year ago, in August of 2013.
In the category of Residences Sold, we see that in comparing August of 2014 to that of August of 2013, the number of residences sold actually remained relatively unchanged (0%) in terms of homes being sold, and actually, there were six (6) fewer homes that were sold as of the end of August of 2014, as opposed to August of 2013. While this does reflect a departure from the largely prevailing trend of increased home sales in the last several months, this also could show that the market has become even more steady in terms of numbers of sold homes. While it is too early to say if such a trend will continue, it certainly bears watching to see if these statistics will change heading into the Fall and Winter months of 2014 or not.
In the category of Residential Dollar Volume from August of 2014, as opposed to August of 2013, we see an increase of 9% in terms of dollar volume through August of 2014, as compared to August of 2013, which is only slightly down from last month’s increase of 11%, but continues to reflect a general upward trend in terms of Residential Dollar Volume throughout 2014 to date. This shows a continued local, as well as national, trend of relatively steady growth in terms of this category, possibly 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 August of 2014, as compared to that of August of 2013, average sold prices show an increase of 9%, which is an increase of 1% from that of last month, reflecting a continued trend of gradually higher average home prices on both the local & national levels, and remaining 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 the foreseeable future.
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 August of 2014, as opposed to August 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 the largest decline of available inventory seen in at least the last couple of months locally. This actually is still largely in line with the latest national real estate trends, which also shows a small decline in available home inventory on the whole. However, despite this decline in inventory, it remains unknown if this decreasing trend in available inventory will continue, but this trend certainly also bears watching to see if it will, in fact, continue.
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 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:
Beautiful, Cottage-Style, 1 BD/1.5 BA Chalet Only Mins. to Gatlinburg – New Listing! Great as a permanent or 2nd home, or as an overnight rental! Enjoy mtn. living in this comfortable, cottage-style home; includes a spacious Great Rm on the Main Level, an even Larger Master Suite BD on the 2nd level (incl. in-room W/P, Private BA, & a screened-in deck area w/hot tub), a flowing mtn. stream in the front of the property, & much more! Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions; a great cottage-style home w/great potential! Type: Single-Family Home Location: Gatlinburg, TN Price: $149,900 For more information >
Private, Cozy, 1 BD/1 BA Chalet, Only Mins. to Dwtn. Gatlinburg! Great permanent or 2nd home; also has great potential as an overnight rental! Located in a beautiful, wooded setting, w/a very rustic feel, giving you a real sense of mtn. living. Very spacious home, w/a Massive Main Level Great Rm, & an even larger 2nd floor Master Suite, incl. Master BD w/an in-room W/P, Master BA, & Private Laundry Rm! Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions; a very well-kept home in a great location! Type: Single-Family Home Location: Gatlinburg, TN Price: $139,900 For more information >
Private, 2 BD/2 BA Bungalow-Style Mountain Chalet Only Mins. to Gatlinburg! Made nearly $12K in rental income in 2013; has enormous rental potential, or can be a wonderful permanent or 2nd home! Each BD has own Priv. BA, closet, in-room W/P, & deck access, w/a sauna rm in Master BD. Incl. Massive Great Rm, level parking, & great seasonal, winter mtn. views. Has addt’l 1/2 acre across the street; can be used as a detached garage. Only mins. from Gatlinburg, the Nat’l Park, & Pigeon Forge. A well-decorated, spacious home at a great value! Type: Single-Family Home Location: Gatlinburg, TN Price: $199,900 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