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.
Gatlinburg Area Foreclosures Up Again in August
It is abundantly clear to me that Gatlinburg real estate prices will not begin to recover significantly until the deluge of foreclosure properties dumped onto the market each month subsides. Unfortunately, that is not yet the trend and as long as foreclosures of Sevier County properties continue at the current pace prices will continue to be flat at best. Below is a chart showing the number of foreclosure filings (not including time share properties) by month for the past several years. As you can see, August's 135 new foreclosure filings, while less than June's record number, are back above the number we saw in July. This indicates that, as sad as this makes me, we are still experiencing an upward trend in the number of Sevier County real estate foreclosure filings.
The market supply of residential properties in our Great Smoky Mountain Association of Realtors database when compared with sales during the past 12 months is still measured in years, not months. A real estate market is generally considered to be evenly balanced between buyers and sellers when the supply is around 6 months. By comparing the 1268 homes sold during the past year in our East Tennessee market with our current market supply of 3867 a market supply of 3.05 YEARS is revealed. While sales are slowly trending upward, prices will probably take a while longer to start moving upward again. I am still very positive on the long term aspects of our Gatlinburg area real estate market. What else can you think of besides real estate that is selling for much less than it did two years ago? I firmly believe that we will see serious inflation over the next several years and that we will eventually look back at the current market conditions and say "Why didn't we buy more then??".
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...