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 October 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 October of 2015, as compared to those one year ago, in October of 2014.
In the category of Residences Sold, we see that in comparing October of 2015 to that of October of 2014, the number of residences sold increased by 7% in terms of homes being sold, as there were 84 more homes that were sold as of the end of October of 2015, as opposed to October of 2014. This figure, while not as robust as the previous month in this category, still represents a continued upward trend for residential sales, as compared to a year ago, in 2014 for the same month. On the whole, this shows continued and sustained strength in this category for the local market.
In the category of Residential Dollar Volume from October of 2015, as opposed to October of 2014, we see an increase of 14% in terms of dollar volume through October of 2015, as compared to October 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. 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 October of 2015, as compared to that of October of 2014, average sold prices show an increase of 7%, 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 October of 2015, as opposed to October of 2014, the number of available homes did decline by 9%, or reflecting a numerical decrease of 414 homes in terms of available inventory. This decline shows a marked decrease in terms of available inventory in the local market, and represents one of the largest declines in this category to date, but still generally 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 beginning to show some possible movement towards more people possibly wanting to buy the many available properties currently in the local market, and that with higher home prices, more people may start to 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 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, November 5, 2015:
Well-Maintained, Spacious, 3 BD/2 BA Condo Located Only Mins. to Dwtn. Gatlinburg. Ideal as a permanent or 2nd home; has great view of Mt. LeConte & the Smokies. Condo includes a Large Living Rm, open Dining Rm, Full Kitchen, a spacious Sunroom to enjoy the mtn. views, and much more. Nestled in a very well-maintained condo complex; also includes a covered, accessible parking space, as well as lots of extra guest parking. Only mins. to dwtn. Gatlinburg, the Nat’l Park, nearby local schools, and the attractions. A great location & value – come see it today! Type: Condominium Location: Gatlinburg, TN Price: $239,900 For more information >
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: $245,000 For more information >
Private, Spacious, 4 BD/4 BA Country-Style Chalet Located in Gatlinburg’s Arts & Crafts Community. Has made over $26K in rental income in each of the last 2 years alone; has great rental potential. This home offers a great degree of privacy, while only being mins. to dwtn. Gatlinburg, the Nat’l Park, & the attractions. Home includes a Large Great Rm, a spacious Loft, a Large Recreation Rm/Den, a covered front porch, & much more. A very private home in a great location – come see it today! Type: Single-Family Home Location: Gatlinburg, TN Price: $239,900 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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