For over the last eighteen months 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 July 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 July of 2015, as compared to those one year ago, in July of 2014.
In the category of Residences Sold, we see that in comparing July of 2015 to that of July of 2014, the number of residences sold actually increased by 7% in terms of homes being sold, as there were 106 more homes that were sold as of the end of July of 2015, as opposed to July of 2014. This figure is actually higher, as compared to that of the previous month in this same category, and shows that the sales market locally remains fairly steady and is actually growing to a degree. While too early to tell if this will remain as such throughout the rest of 2015, this figure does show continued good news for sales in this category.
In the category of Residential Dollar Volume from July of 2015, as opposed to July of 2014, we see an increase of 16% in terms of dollar volume through July of 2015, as compared to July of 2014. This category does show an increased percentage from that of the previous month, showing that there is continued, strong growth in this category. This continues to show a continued local, as well as national, trend of relatively steady, stable growth in terms of this category, as well, and continues to reflect the consistently higher home prices that have been taking place for over the last eighteen months now on a national scale.
There is also continued good news for sellers in the Average Sold Price Category. For July of 2015, as compared to that of July of 2014, average sold prices show an increase of 8%, which continues to show steady and consistent 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 July of 2015, as opposed to July of 2014, the number of available homes did decline by 3%, or reflecting a numerical decrease of 172 homes in terms of available inventory, which is still one of the larger declines in local inventory seen throughout the year to date. This is still largely in line with the latest national real estate trends, which also shows a gradual 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 largely expected to continue through the remainder of 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 Smokies area have to offer for you today? You can also learn more about The Jason White Team, and see how we can help you make your home ownership dreams a reality today!
Our Featured Properties for Thursday, August 6, 2015:
Private, Well-Built, 4 BD/3 BA Chalet Located Only Mins. to Gatlinburg. Has made over $38K in rental income in each of the last 2 years alone; has great rental potential. Home includes a Spacious Living Rm, a combined Kitchen/Dining Rm, a spacious Loft that includes an Open Recreation Rm w/pool table, great views of the Smokies, and much more. Located only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions, along with being only 1/2 mi. of the Chalet Village Owner’s Club. A great location & mountain chalet – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $249,900 For more information >
Well-Built, 2 BD/2 BA Log-Style Home Located Only Mins. to Dwtn. Gatlinburg. Made over $16K in rental income for 2013, & made nearly $26K in rental income for 2014; has great rental potential. This home is w/in easy walking dist. to nearby area schools, Mills Park, City Trolley stops, & Rocky Top Sports World. Home incl. a Large Living/Dining Rm, Full Kitchen, each BD having its own Private BA & Closet, spacious Loft, & more. Relatively private, but also close to Gatlinburg’s many attractions. A great location & value – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $219,900 For more information >
Private, 2 BD/2 BA, Contemporary-Style Chalet Located Only Mins. to Dwtn. Gatlinburg. Has made over $21K in rental income in each of the last 2 years alone; has great rental potential. Home includes a Living Rm w/high, vaulted ceilings & a Beautiful Mtn. Stone F/P, along with each BD being a Suite-style BD w/Private BA, an outdoor Gazebo area w/a Hot Tub, a spacious deck area to enjoy the views of the Smokies, & much more. Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. A great, private home & location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $199,900 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
E-mail Address: firstname.lastname@example.org