For over the last year or so, the local & national real estate markets have reflected a steady, but gradual, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through March of 2015, we will see that such local & national trends, particularly in the Great Smoky Mountains real estate market, continue to reflect these very same trends of gradual growth that we also see nationally, and have seen for some time now. Let’s now see what the numbers have to say for March of 2015, as compared to those one year ago, in March of 2014.
In the category of Residences Sold, we see that in comparing March of 2015 to that of March of 2014, the number of residences sold increased slightly by 1% in terms of homes being sold, as there were 17 more homes that were sold as of the end of March of 2015, as opposed to March of 2014. While down from that of last month, this continues to show a general increase on the whole in this category, reflecting a steadiness in the market in this particular category. This may indicate continued growth & strength in home sales, though it is too early to say if this will continue and be sustained over the long-term, but it does show continued good news regarding home sales for the year so far.
In the category of Residential Dollar Volume from March of 2015, as opposed to March of 2014, we see an increase of 9% in terms of dollar volume through March of 2015, as compared to March of 2014. This category has remained constant and unchanged from that of the previous month, showing that there is continued growth in this category, as well as overall continued consistency. This continues to show a continued local, as well as national, trend of relatively steady growth in terms of this category, and continues to reflect the higher home prices that have been taking place for over a year or so now on a national scale.
There is also continued good news for sellers in the Average Sold Price Category. For March of 2015, as compared to that of March of 2014, average sold prices show an increase of 8%, which continues to show strength in this category on average, reflecting a stronger local market in this category. As confidence continues to grow in both the local and national markets, we foresee that this relatively steady trend of higher home prices will likely continue for at least the short-term horizon, if not longer.
In addition, available homes on the market are continuing to show a trend of steady decreases, which has also occurred over the last several months, as well. Through March of 2015, as opposed to March of 2014, the number of available homes did decline by 6%, or reflecting a numerical decrease of 299 homes in terms of available inventory, which is a significant decline in inventory, and reflects the largest decline recently seen in the local Great Smoky Mountains real estate market. This is still largely in line with the latest national real estate trends, which also shows a decline in available home inventory as a whole. This may foretell that with declining inventory, the local market is beginning to show some possible movement towards more people wanting to buy the many available properties currently on the market, and with higher home prices, more people are feeling a greater sense of confidence in placing their homes for sale on the market. We will continue watching to see if this particular trend continues, and see what it does for the real estate market as a whole, both here locally, as well as nationally.
As the markets continue these gradual trends of growth locally and nationally, these statistics are largely expected to remain largely steady at least for the short-term, largely continuing the same continued gradual, but steady, growth that has been seen now for over the last few months, and is expected to continue into this new year. Mortgage rates still remain at historically low rates, and there are still plenty of housing options to choose from, especially in the Great Smoky Mountains real estate market. Why not start your Great Smoky Mountains home search today by browsing our Featured Properties, and see what the Smoky Mountains area have to offer for you today? You can also browse our Team website further to learn more about The Jason White Team today, and see how we can help you make your home ownership dreams a reality today!
Our Featured Properties for Thursday, April 2, 2015:
Private, Spacious, 4 BD/4 BA Log-Style Home Only Mins. to Pigeon Forge. Ideal as a permanent or 2nd home, or as an overnight rental. Home is located in a private, gated community, only mins. to Pigeon Forge, Sevierville, Dollywood, & the attractions, while also being set in a beautiful, wooded setting, with partial mountain views. Home includes a Large Great Room, a Large Master Bedroom w/Private Bath & Closet space, a Large Den/Recreation Room on the first lower level, partial wraparound deck, and much more. A great location and home with lots of privacy – come see it today! Type: Single-Family Home Location: Sevierville, TN Price: $259,900 For more information >
Brand New, 2 BD/2 BA Log Cabin Near Gatlinburg w/Spectacular Mtn. Views. Made over $23K in rental income in each of the last 2 years alone; had great rental potential. Located just 2 mi. from the Dwtn. Gatlinburg Strip, & is w/in walking distance to the Gatlinburg Comm. Center, Gatlinburg-Pittman H.S., the new Rocky Top Sports World sports complex, Mills Park, & much more. Home incl. Large Great Rm, along w/2 Master Suite BD’s, w/each Suite having its own in-room W/P & Private Bath. A very nice home w/wonderful views – come see it today! Type: Single Family Home Location: Gatlinburg, TN Price: $239,900 For more information >
Well-Located, 3 BD/2 BA Condo Only Mins. to Gatlinburg. Has great rental potential, or can be an ideal permanent or 2nd home. Condo is located in a well-managed complex, w/great views of the Smokies. Condo includes a Loft Bedroom, a Master Bedroom w/Private Bath, a Living/Dining Rm combination, & more. Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. Type: Condominium Location: Gatlinburg, TN Price: $79,900 For more information >
The Jason White Team
Century 21 Four Seasons Realty, Inc.
1441 Wiley Oakley Drive
Gatlinburg, TN 37738
Toll Free: (877) 678-2121
Fax: (865) 436-7227
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