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 May 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 May of 2015, as compared to those one year ago, in May of 2014.
In the category of Residences Sold, we see that in comparing May of 2015 to that of May of 2014, the number of residences sold actually increased by 5% in terms of homes being sold, as there were 72 more homes that were sold as of the end of May of 2015, as opposed to May of 2014. This figure is relatively constant, as compared to that of the previous month in this same category, and shows that the sales market locally remains steady and growing. While too early to tell if this will remains as such, this figure does show continued good news for sales locally in a general sense.
In the category of Residential Dollar Volume from May of 2015, as opposed to May of 2014, we see an increase of 14% in terms of dollar volume through May of 2015, as compared to May of 2014. This category also shows a increase from the previous month, showing that there is continued growth in this category, possibly even more than in previous months, as well. 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 the last eighteen months now on a national scale.
There is also continued good news for sellers in the Average Sold Price Category. For May of 2015, as compared to that of May 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 May of 2015, as opposed to May of 2014, the number of available homes did decline by 2%, or reflecting a numerical decrease of 135 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 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 into the coming summer 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, June 4, 2015:
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 yrs. 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 >
Cozy, Private, 1 BD/2 BA Log Cabin Located Only Mins. to Gatlinburg. Ideal as a permanent or 2nd home, or as an overnight rental – has great rental potential. Home includes beautiful log-built furniture, as well as a spacious Great Rm, an Upstairs Den/Rec Rm Loft area, a Master BD w/Private BA, & much more. Also includes a spacious Deck area w/Hot Tub, as well. Only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions, as well as being mere blocks to Ober Gatlinburg. A great home & location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $169,900 For more information >
Well-Located, 2 BD/2 BA Condo Unit Located Only Mins. to Dwtn. Pigeon Forge. Ideal as a permanent or 2nd home, or as an overnight rental – has great rental potential. Condo is located on the 1st floor, & is a part of a well-managed condo complex, close to the attractions & shopping of Pigeon Forge. Unit includes a Living/Dining Rm, a full Kitchen, a Master BD w/a well-designed Master BA w/Whirlpool, and much more. Only mins. to dwtn. Pigeon Forge, Dollywood, & the attractions. A great location & value – come see it today! Type: Condominium Location: Pigeon Forge, TN Price: $99,900 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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