Complete real estate information about the Gatlinburg area real estate market and everything related to it including Pigeon Forge and Sevierville as well as the rest of Sevier County and our Great Smoky Mountain National Park area. Current market statistics and new listings including foreclosures are also highlighted here.
Some have it Worse than Others!
In my September 1st post (updated today) I published the statistics from our area's MLS database detailing Gatlinburg area residential unit sales as compared to prior months and years. After analyzing the results I thought that it would be interesting (in sort of the same way that the plague could possibly be called interesting) to look at various other parts of our real estate market to see just where we stand (or lean).
With a total of 7,992 currently active listings (all categories including residential, land, commercial, and multi-family) posted on our Great Smoky Mountain Association of Realtors board we are near, but not at, the recent high that I have witnessed. There are at least two reasons for the increase in the number of property listings. One is that our area continues to grow with many more developments than there were a few years ago and more residents as well. Additionally, sales are taking longer to occur so at any one time more properties are on the market than used to be. To put this number in perspective 2,145 sales have been closed during the past year ending August 31st, 2008. This means that we currently have a 3.73 year supply of property for sale based on our last 12 months sales pace.
This is not a good thing for sellers, as a balanced market is generally considered to be when the active inventory is equal to about 6 months or so. At 3.73 we have an inventory of real estate currently for sale that is over 7 TIMES the level that represents an ideal balanced market. It CAN however be worse and unfortunately it is for sellers who are looking to sell land. Remember that the 3.73 year supply number is for all categories of property. There are currently 4,176 residential (homes, cabins, condos, chalets, and mobile homes) compared with 1,584 sales during the last 12 months. This means that our inventory of residential properties is currently at a level of 2.64 years which though still isn't good is considerably better than the overall 3.73 year supply figure.
One might wonder what brings the combined average of inventory supply so much higher? Thanks for asking - the answer is land and lot sales. Although there are currently 3,416 land listings shown as active local area real estate agents only posted 466 sales during the past year meaning that we have a 7.33 year supply of land listings based on the current pace. Obviously based on these numbers the most challenging sales environment currently is found in land only acreage and lot transactions which are apparently very hard to come by.
As Bill Cosby says, "Never challenge worse!". The bright spot is that there are superb bargains on all sorts of Gatlinburg, Pigeon Forge, and Sevierville area real estate. I will list a few in my next post that are well worth looking at.
Every once in a while, an opportunity arises that we just can't pass up and this fantastic log sided home certainly fell into this category. Private, without another home anywhere in sight, this 3-bedroom, 3-bath house with 3 master suites is located in the coveted Pittman Center area and is perfect as either a residence or a vacation home.
This stunning property features over 280 feet of pristine riverfront on the beautiful cascading white water of the Little Pigeon River and this is no postage stamp sized lot either. It is actually a huge parcel of just under 4 acres. From either of the full length decks, you can view & listen to the beautiful rushing river below. Inside, there is also plenty of room to spread out, with over 3,000 square feet of heated & cooled living space, with large rooms and lots of glass.
Should you ever become tired of being alone, Dollywood is less than 20 minutes away but you would never know it from how perfectly peaceful this location is:
We have recently listed 4 otherwise unrelated Smoky Mountain true luxury properties in Sevier County and these estates are absolutely breathtaking. Whether you are looking for an incredible view from a huge mountain side home overlooking Gatlinburg, a spectacular 100+ acre horse farm estate in the Wears Valley area of Sevierville, the landmark Gatlinburg Castle, or just desire your own massive pristine property surrounded by the State and National Forests, we can satisfy your urge to own an undoubtedly unique Smoky Mountain estate. Click on the caption under each of the pictures below to be directed to a full description of these remarkable Gatlinburg area estate properties.
Gatlinburg area sales rocketed past January 2016's tally and we haven't even got all of the sales reported yet. Because this is only the preliminary total, we could rocket past 2006's red-hot all time record of 210 sales. Here is the initial report of January 2017's blistering sales pace for Smoky Mountain residential real estate sales:
Because of some MLS data errors, January's average sales price is not shown on the report above, but hopefully will be soon...