For over the last few months, the local & national real estate markets have reflected a gradual and 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 2016 and the end of 2016 itself, 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. Let’s now see what the numbers have to say.
In the category of Residences Sold, we see that in comparing December of 2016 to that of December of 2015, the number of residences sold increased by 13% in terms of homes being sold. This figure shows a robust growth through December 2016, as opposed to one year ago, and is in line with the growth rate in this very same category for last month as well. We will see if this trend continues with future statistics in this category, but it does show a strong result for residential sales on the whole, as well as continued growth
In the category of Residential Dollar Volume from December of 2016, as opposed to December of 2015, we see an increase of 11% in terms of dollar volume. This category does show a continued high percentage from year-to-year, 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, and even robust growth in terms of this category, as well, and also 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 December of 2016, as compared to that of December of 2015, average sold prices show an increase of 6%, which continues to show steady and consistent strength in this category on average, as well as remaining constant from that of last month, 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 and upward 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. Through December of 2016, as opposed to December of 2015, the number of available homes did decline by 9%. This is 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 showing movement towards more people wanting to buy the available properties currently in the local market, and that with higher home prices, more people may feel a greater sense of confidence in placing their homes for sale on the market, along with greater interest in buying what inventory is currently available, as well. We will keep 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.
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 many great Featured Properties, and see what the Smokies area have to offer for you today?
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