Smoky Mountain Real Estate insiders know that the 4th Quarter of any calendar year usually is the busiest and most profitable. This is primarily driven by end of the year tax planning. Given the bloodbath experienced by much of the world’s 2008 equities markets, it is safe to assume that a lot of real estate was bought or sold in 2008’s 4th Quarter to cover the gains or more probably the losses experienced in stocks, bonds and other related assets. These extra-ordinary events that rocked the 2008 investment picture no doubt made the 4th Quarter strong for buying or selling TN Real Estate as more investors scrambled for safety.
When reviewed in this perspective the Smoky Mountain Real Estate 1st Quarter of 2009 seems quite robust. The number of sold Single Family Homes was 230 vs. 265 only 13.2% off the 2008 4th Quarter. Dollar volume of Single Family Homes was $46,293,043 vs. $54,139,458 in 2008 (off only 14%).
The average price (Single Family Homes) was $201,274 in 2009 vs. $204,300 in 2008. The average price difference only about 1 1/2%.
The median price in 2009 was $167,000 vs. 2008 of $168,000 with a difference slightly above 1/2%.
The 1st Quarter results on Sold-Single Family Homes shows strength with average and median price almost unchanged and average days on market dropping 24 days less in 2009.
According to the National Association of Realtors the national pending home sales index in the South rose 8.5% to 93.2 in March 2009 and is 7.7% above a year ago. The national median existing-home price for all housing types was $175,200 down 12.4% from March 2008. The average price increase from February to March was 4.2%, which is much higher than the typical 1.8% seasonal increase between those two months. Distressed properties accounted for just over half of all transactions in March. For more information visit the National Association of Realtors Website.
Foreclosures are assisting in this scenario, but employed home buyers with good credit will find 2009 is an excellent time to buy. Seasonal home buying interest makes this a great time to list your home for sale as well.
Contact Jason White, a local Smoky Mountain Real Estate Agent at 877-678-2121 or visit www.smokymountainlifestyle.com for more information.