For much of this year, we have seen both the national and local real estate markets continue to show slow, but steady, growth on the whole. As we look at the statistics for the Great Smoky Mountain real estate market through October of this year, we will see that these trends, particularly in this real estate market, are continuing, even in spite of the recent government shutdown. Let’s now see what the numbers have to say.
In the category of Residences Sold, we see that in comparing October 2013 to that of October 2012, the number of residences sold actually increased by 1% in terms of homes sold, in that 11 more homes were sold as of October 2013, as opposed to October 2012. This continues a trend of steadiness, and even very slight growth, in the real estate market as a whole, and as we look at the rest of the statistics, we will see that the market does indeed reflect a steady and slowly growing trend on balance, and we expect this to continue and improve over time.
In the category of Residential Dollar Volume for the year, we actually see an increase of 6% through October of this year, as opposed to through October in 2012. With the steadiness of the numbers as it relates to Residences Sold, the recent local and national trends of increasing home prices continue to show that a greater dollar volume in homes are being sold, along with continuing to show a slow and strengthening market reflective of greater confidence on the part of both buyers and sellers.
There is also continued good news for sellers in the Average Sold Price Category. In line with statistics so far for the year, prices still show a slow, but gradual, rise of 5% in October of this year versus that of October 2012, reflecting the recent local and national trends towards higher home prices. As inventory continues to decrease, we expect average home prices to continue their slow and gradual increase, in line with both national and local real estate market trends.
In addition, available homes on the market are actually increasing at the moment. Through October 2013, as opposed to October 2012, there is an increase by 1% of homes being listed as available on the market, or an increase of 69 available homes on the market, in October 2013, as opposed to October 2012. We see that higher home prices, as well as the very slight increases in homes being sold, may be contributing to more people wanting to place their homes on the market, thereby causing a slight increase in available housing inventory. While it is too early to tell if the trend will continue, there are more available homes on the market in October 2013, as opposed to one year ago, which could indicate greater confidence on the part of those wanting to place their homes on the market.
As markets continue this gradual trend of growth locally and across the nation, home prices will continue their rise and housing inventory will continue to decrease. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountain real estate market. Why not start your Great Smoky Mountain home search now by visiting our website, browsing our available properties, and seeing what the Smoky Mountain area has to offer for your and home ownership dreams today?
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|Spacious Riverfront Home in Sevierville Spacious, 3000+ sq ft home located along the beautiful Pigeon River, which is located right behind this home! Type: Single Family Home Location: Sevierville,TN Price: $329,900 Get more information >|
|Fantastic 180 Degree Smoky Mtn. Views Fantastic 180 degree view of Mt. LeConte & the Smokies from every room. Type: Single Family Home Location: Gatlinburg ,Tennessee Price: $479,900 Get more information >|
|Unique Chalet Adjacent to Nat’l Park! The enchanting, twinkling lights of Gatlinburg far below and majestic mountain vistas are what you’ll see from your own pristine 12 acre estate. Imagine having a 530,000 acre backyard! Type: Single Family Home Location: Gatlinburg,Tennessee Price: $697,000 Get more information >|
The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121