For the past several months, both local & national real estate markets have experienced a continuous, 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 August 2016, we find that our local market continues to reflect the trends of gradual and continuous growth both here locally and nationally. We have come to see this trend for some time now. The numbers below will reflect that continued growth for August 2016 as compared to that of August 2015.
In the category of Residences Sold, we see that comparing August 2016 to that of August 2015, the number of residences sold increased by 18%, as 277 more homes were sold at the end of August 2016, as opposed to July August. This vigorous growth is largely in line with the continued growth in this same category that we have experienced for the past several months. We fully expect this trend to continue in this category.
In the category of Residential Dollar Volume for August 2016, versus August 2015, we also see an increase of 24%. This percentage is up 2% JUST from the month prior! This continues to reflect a consistent and steady climb with a high percentage growth from year-to-year. This statistic shows the largest increase in this category for the past several months. This trend shows the consistently higher home prices that have been taking place over the past couple of years on a national scale.
Sellers in our area continue to experience good news in the category of Average Sold Price! For August 2016, compared to that of August 2015, the average sold price shows an increase of 5%, which, also reflects a steady and consistent growth of a stronger local market in this category. The average sold price is up $9,301 from last year. As confidence continues to grow in both local and national markets, we expect that this upward trend of higher home prices will continue in the foreseeable future.
Lastly, the available homes on the market continue to show a slow decrease, which the market has reflected over the past several months. Through August 2016 versus August 2015, the number of available homes has declined by 8%, which is a decrease of 423 homes in available inventory. This same trend for available inventory has occurred for the past several months. This is in-line with the national real estate trends. With this declining inventory, the local market is showing signs toward more people wanting to buy the available properties currently on the local market, and that with higher home prices, more people may feel a greater sense of confidence in listing their homes for sale, along with a increased interest in buying what inventory is currently available.
This Week’s Featured Properties:
1114 W Ridge Road, Gatlinburg, TN 37738 – $499,900 Come see this amazing home, with style, luxury and spectacular views, all rolled into one today! This 5 BD/4 BA, 3,300+ sq ft home is located on an incredibly private 1.3 acre lot, with some of the most phenomenal, unobstructed views of Mt. LeConte and the Great Smoky Mountains! Has great potential as a permanent residence, 2nd home, or as an overnight rental. It has an excellent floor plan/design, with 5 private suites, 2 separate bedroom suites on the main floor, 2 more suites downstairs, along with a huge lower Level Recreation room/den area, and a loft bedroom on the 2nd floor. Two huge decks (50′ X 10′) span the back of this home, overlooking the incredible mtn. views that you will have to see to believe! Also includes lots of level, surfaced parking with spacious turnaround room, along with being located on a quiet cul-de-sac. This home has endless possibilities, and is located only mins. to dwtn. Gatlinburg, Ober Gatlinburg, and the Nat’l Park! A spectacular home with one-of-a-kind mountain views, privacy and usable yard!
819 Crestwood Ln, Gatlinburg, TN 37738- $219,900 -Well-located, uniquely-built, 3 BD/2 BA mtn. chalet, located in the heart of Chalet Village, & only mins. to dwtn. Gatlinburg, Ober Gatlinburg Ski Resort, the Nat’l Park, & much more. Has made over $20K consistently each year in rental income since 2014, made over $25K in 2015 alone, & is on track to make over $25K again this year, in 2016. This uniquely-built chalet features two wrap-around deck areas that offer truly amazing views of the Smokies, along with giving a real sense of mtn. living, as well. Inside this chalet, you have two great levels, which feature a large living/dining rm, an open kitchen, & a large master BD w/priv. BA w/W/P, all on the 2nd level. On the main level, you have a large family/great room w/F/P, as well as two additional BD’s w/a shared BA, & a spacious utility room, as well. On the lower level, you have a large bonus room that has lots of potential in its own right, with endless possibilities. Located only 1/2 mi. from the many community amenities of the Chalet Village Owner’s Club, including community club house, swimming pools, tennis courts, & much more, along w/easy access to nearby County-maintained roads & services. A great location & unique mtn. chalet w/amazing views – come see it today!