In 2014, the local & national real estate markets have reflected a largely gradual, but steady, growth in several key real estate market categories. As we look at the statistics for the Great Smoky Mountains real estate market through December of 2014, 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, but steady, growth that we also see nationally, and have seen for some time now. Let’s now see what the numbers have to say for December of 2014, as compared to those one year ago, in December of 2013, to close out 2014, now in the past.
In the category of Residences Sold, we see that in comparing December of 2014 to that of December of 2013, the number of residences sold actually declined slightly by 1% in terms of homes being sold, as there were 10 fewer homes that were sold as of the end of December of 2014, as opposed to December of 2013. While this reflects a departure from the prior trend of increased home sales seen previously earlier in 2014, this also could indicate that with declining inventory, now evidenced for at least the last couple of months here locally, people are still actively looking for properties to buy and purchase on the open market. However, this is a smaller percentage and numerical decline that from last month (November), indicating that the total number of sales for each period is relatively steady from 2013 to 2014, indicating a much steadier market on the whole. While it is way too early to say if such a trend will continue, this category certainly bears watching to see if these statistics will change, or will reverse themselves entirely, as we continue into the Winter months of 2014 and into the new year of 2015.
In the category of Residential Dollar Volume from December of 2014, as opposed to December of 2013, we see an increase of 8% in terms of dollar volume through December of 2014, as compared to December of 2013, which is actually a 1% increase from that of November’s statistics, and continues to reflect a general upward trend in terms of Residential Dollar Volume, which has been in evidence through the entirety of 2014. This shows a continued local, as well as national, trend of relatively steady growth in terms of this category, continuing 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 December of 2014, as compared to that of December of 2013, average sold prices show an increase of 9%, which remains the same as that of December’s percentage (also a 9% increase) showing a continued trend of gradually higher average home prices on both the local & national levels, and this statistic has remained largely constant for the past year or so. As confidence continues to slowly 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 slight decrease, which has also occurred over the last couple of months, as well. Through December of 2014, as opposed to December of 2013, the number of available homes did decline by 3%, or reflects a decrease of 167 homes in terms of available inventory, which is the largest decline of available inventory seen in at least the last couple of months in the local Great Smoky Mountains real estate market. This actually 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 2015. 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, January 8, 2015:
Picturesque, 2 BD/2 Full BA & 2 Half BA, Victorian-Style Chalet Only Mins. to Gatlinburg. Made near or above $20K in rental income in each of the last 3 yrs.; has enormous rental potential. Each BD in this home has its own in-room W/P & Priv. Bath, along with including a Large Lower Level Great Room, a formal Dining Room, & much more. Has amazing views of both Mt. LeConte & the Smokies, & is only mins. to dwtn. Gatlinburg, the Nat’l Park, & the many area attractions. A very uniquely designed home & a great location – come see it for yourself today! Type: Single-Family Home Location: Gatlinburg, TN Price: $259,000 For more information >
Private, Spacious, 3 BD/3 BA Mountain Chalet Located Only Blocks from Ober Gatlinburg. Has made over $31K in rental income since October 2013; has great rental potential. This rustic-style home includes a Large Great Rm, a Large Lower Level Den/Rec Rm, 2 masonry gas F/P’s, partial mtn. views (esp. during fall & winter), & is set in a beautiful, private wooded setting. Only mins. to dwtn. Gatlinburg, Ober Gatlinburg, the Nat’l Park, & the attractions; a great, rustic-style home in a great location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $207,000 For more information >
Spacious, Well-Built, 3 BD/3 BA Log-Style Mountain Chalet Located Only Mins. to Dwtn. Gatlinburg. Has made over $18,000 in rental income in each of the last 2 years; has great rental potential. Home includes a Large Living Room w/vaulted ceilings, a Large Lower Level Great Room w/room for an additional Bedroom, a Spacious Loft w/a Master Suite-Style BD, w/a private Bath, in-room W/P, & balcony, & much more. Only mins. to dwtn. Gatlinburg, Pigeon Forge, the Nat’l Park, & the attractions; a great log-style home in a great location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $169,900 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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