For over the last eighteen months or so, 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 November 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 November of 2015, as compared to those one year ago, in November of 2014.
In the category of Residences Sold, we see that in comparing November of 2015 to that of November of 2014, the number of residences sold increased by 16% in terms of homes being sold, as there were 230 more homes that were sold as of the end of November of 2015, as opposed to November of 2014. This figure shows a very robust growth through November 2015, as opposed to one year ago, and does show a near doubling of last month’s rate in this same category. 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 November of 2015, as opposed to November of 2014, we see an increase of 23% in terms of dollar volume through November of 2015, as compared to November of 2014. This category does show a continued high percentage from year-to-year, showing that there is continued, strong growth in this category, as compared to that of 2014 for the same month, with this statistic showing one of the largest increases, if not the largest, in this category to date. 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 November of 2015, as compared to that of November of 2014, average sold prices show an increase of 6%, 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 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, which has also occurred over the last several months, as well. Through November of 2015, as opposed to November of 2014, the number of available homes did decline by 5%, or reflecting a numerical decrease of 242 homes in terms of available inventory. This decline shows a marked decrease in terms of available inventory in the local market, and still reflects a continued decline in available inventory on the whole here in the local market, which has been occurring now for the last several months. 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.
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, along with possibly into 2016, as well. 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, December 3, 2015:
Luxurious, Spacious, 4 BD/3 BA/2 Half BA Mountain Chalet Only Mins. to Gatlinburg. Has made over $56K in rental income in 2014 alone; has tremendous rental potential. This home includes a Large Great Rm, a full Kitchen, a Large Lower Lvl Rec Rm, a private 2nd lower level Theatre Rm, a private Master BD w/in-room W/P & Private Bath, great views of the Smokies & Mt. LeConte, & much more. Has easy access to City-maintained roads & services, & only mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. A great home & location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $475,000 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, 3 BD/3 BA, Contemporary Chalet Near Ober Gatlinburg w/Spectacular Mtn. Views. Made near or above $17K consistently in rental income in each of the last 3 years; has great rental potential. Home incl. a Large Lower Level Recreation Rm/Den area, Large Living/Dining Rm, 2 decks, & level parking, & much more. Also only mins. to dwtn. Gatlinburg, Ober Gatlinburg, the Nat’l Park, & the attractions, all w/great mtn. views & in a great location – a must see! 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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