A Pleasant Look Back At 2009

As we enter into 2010, it is interesting to briefly review what happened to real estate in the Smokies in 2009. Past results do not always dictate future direction, but they can show trends or motivate us to take action. For our analysis, I pulled data from the Great Smoky Mountains Association of Realtors. The figures I reference are for residential property sold, they do not include; multi-family, commercial, or vacant land.  We will compare Jan 1, 2009 through December 31, 2009 versus the same in 2008 a year ago.

Comparison Chart

In looking at the figures, there is some good news. Like the stock market last year, real estate rebounded with the number of residences sold increasing slightly. The total dollar volume sold and the average residence price sold was off 8% from 2008’s figures. I think it is safe to say that; foreclosures, short sales, and first time home buyers were a driving force in 2009’s real estate market. The active lower price sector of residential sales was driven by first-time homebuyers scrambling to utilize the tax credit. When you combine this activity with red hot foreclosure sales in ’09, it is easy to see why dollar volume sold and average price sold is lower than in ’08. In the area of active listings, 2009 saw an increase of 16% over the previous year.

Taking all this information into account, we can see that residential real estate is still active. For qualified buyers, it is a great time to buy.  Mortgage rates are quite low, home prices are reasonable, and there is a good selection of properties for sale. For sellers, there is good news as well. The final months of 2009 brought renewed activity across all price levels of homes. Higher priced homes may not be selling as fast as the entry level home market, but competitively-priced residences are selling. If 2010 looks like your time to buy or sell a property in the Smokies contact The Jason White Team. You can easily get started on our website. Your privacy and time-saving property searches were key elements in building our site. Log on or call us to get started finding your property today.