A year-to-date comparison of Smoky Mountains homes and cabins sold in 2009 can help us get a feel for real estate trends in Gatlinburg and nearby areas. I try to keep past and future clients aware of market movement in Smoky Mountain real estate. This can assist people in making a decision on when to buy or sell their property. I crunched some data that was available to me thru our local Great Smoky Mountains Association of Realtors in compiling the following comparisons.
Our first review is for residential real estate sold in the Great Smoky Mountains area for the month of October 2009. October’s total number of residences sold was 123 compared to October 2008 with 111 units sold. October ’09 saw 12 more residences sold than October last year or a 12% increase.
This October had total volume sold of $20,389,112 versus October ’08 at $23,222,284. October ’09 was $2,833,172 lower or 12% down in total volume.
This October’s average sale per residence was $165,765 opposed to $209,210 in October 2008. The average residence sold was down $43,445 or 21% smaller than last October ’08.
October ’09 active listings was 4,321 against 3,530 for October ’08. Active residential listings in October ’09 were 791 more or 22% higher than the same month in ’08.
Our second comparison is January 1st thru October 31st in these 4 parameters for 2009 vs. 2008. This year to date evaluation is often helpful. Number of residences sold in GSMAR YTD is 1,150 vs. total sold in 2008 for the same time frame of 1,242. 2009 has 92 fewer residences sold so far that 2008 or 7% less.
Total dollar volume sold in 2009 YTD in the Great Smokies is $207,966,703 compared to $239,638,614 in 2008. Total dollar volume in ’09, so far is $1,671,911 loss or lower by 13% than ’08.
The average sale for 2009 per residence is $180,841 vs. $192,946 per residence in ’08. The average price per residence sold is $12,105 less or 6% off from ’08.
The active listings in ’09 YTD are 7,924 vs. 6,701 in ’08. There are 1,223 more active listings or 18% higher this year than last.
This data gives us some possible current views on Smokies real estate. Number of residences sold, overall dollar volume, and average dollar volume sold, are down from ’08. Active listings are up which could be influences from the first-time-home-buyer tax credit. It seems that this stimulus is working, but first time buyers are focused on lower-priced homes. Other lower price influences could be from an inventory of foreclosure properties that impact the market with their fire-sale pricing. The increase in active listings could be from home owners seeking to move into an upgraded residence, but they need to sell their existing home first. In either case, buying or selling a home, there are opportunities now to do either. Mortgage rates are low and there is certainly a good inventory of new or older homes or cabins for sale in Gatlinburg or other parts of the Smoky Mountains, then contact the Jason White Team. Our web site can get you started on finding the Smoky Mountains real estate of your dreams. Click here to see our listings.
Here are a Couple of My Latest Listings
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Updated with Mountain Views and Privacy Enjoy the mountain view from your hot tub deck while watching the tram nearby. This private, updated, contemporary home is very close to downtown Gatlinburg and the Great Smoky Mountain Nat’l Park. This is a must see! Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $169,900 Get more information > |
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Private with Beautiful Mountain View Plenty of community ammenities, private, yet close to town. Enjoy nature and wildlife at this tastefully furnished log cabin from three covered decks, all with mountain views. Spacious for family gatherings, with two game rooms as well as a living room. Type: Single Family Home Location: Pigeon Forge Price: $325,000 Get more information > |