Today’s blog examines local residential property statistics and the status of Tennessee Smoky Mountain real estate.  The source for this blog comes from the Great Smoky Mountain Association of Realtors.  GSMAR is a great local association that among many duties, provides it’s members with data on sales in a variety of real estate categories.  This information can often be used to predict market trends, and aid people in buying or selling their property.  As we have mentioned in previous blogs, market trends are best spotted in examining large spans of time.  However, year-to-date comparisons can prove helpful to determine personal timing for selling or buying investments, like real estate.  As we get into these statistics, bear in mind a caveat, that bears repeating.   Today’s financial markets from; real estate to intangibles, are seeking their own balance.  At this stage, many areas like real estate have been artificially manipulated by government and global forces that have distorted their “free market” direction.  When you view current statistics, realize that government intervention brought many first-time home buyers into the residential markets to claim their tax credit.  This acceleration of home buying is bound to create a slack period, once the federal stimulus ends.  This “end of stimulus” period is where we are currently.  Factor this into your personal evaluation of our residential sales figures that compare 2009 to 2010 year-to-date (at the end of September 30th for each year).

In total residences sold, 2010 is leading by 119 at 1,158.  This is an 11% increase.

Dollar volume sold year-to-date shows the current year down by 17% or $38,831,402.00.  Sales through September 2009 were $234,825,691.00.

Average residence sold is greater last year at $226,011.00.  2010’s average residence is 25% lower or $56,759.00 less. 

 

The 2010 category for active listings is greater by 833 (13% higher) with a total of 7,024 listings.  These categories reveal that first-time home buyers and discounted foreclosure/short sales are driving forces in the stimulus era, and beyond.

Today’s residential market requires sellers to stage ,and price their property strategically to move them quickly.  Qualified buyers will find ample opportunities to select great real estate.  Mortgage interest rates are very low.  There are numerous selections in property inventory.  Prices appear to be stabilizing, but they are off their highs.  The turbulence in other financial markets with; increased risk and low yields, could make a home in the Smokies, the perfect choice.  Go online or call us today, to get started on an exciting adventure to find your property.

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