July 2008 vs July 2009 – A Look At The Current Smoky Mountain Real Estate Picture

Evaluating residential homes sold in the Great Smokies for the month of July 2009 vs July of 2008 reveals the facts that presently shape the real estate here at this time.  In residential homes sold -2008 saw a total of 133 vs 2009 with 126. Total residences sold is only off by 5% for this year. Dollar volume sold for 2008 was $27,186,320 compared to 2009’s dollar volume sold of $22,673,851.  In dollar volume sold 2009 is off by 17%.  The average sale price for 2008 was $204,408 vs 2009 at $179,951 or a 12% reduction.  The quantity of active residential homes listed in 2008 was 3744 vs 4493 in 2009 revealing 20% more homes for sale this year than last.  

So when we look at these numbers in 2008 vs 2009 some truth comes to light.  First, homes are still selling.  Total sold homes is only off by 5%.  Dollar volume sold for the 2009 month is 17% lower and the average sale is down by 12%.  However, there are 20% more residential homes on the market in July 2009 than were there in July 2008.  Homes are selling, but there are more houses for buyers to consider and pricing is slightly lower.  This indicates that homes must be priced correctly to find a buyer.

This data is indicating that real estate is still moving and it is a great time to buy a home. Low mortgage rates, ample inventory, potential $8,000 tax credit for first time buyers favors those that are buying today.  However, with good staging, appropriate pricing, and great marketing, you can sell your home in this market.  In either case, it is best to partner with a professional who really knows today’s market.  That is why The Jason White Team can help you to sell or buy in this complex market.