February Gatlinburg Real Estate Sales Finish Nicely

When we reviewed the number of Smoky Mountain real estate sales in our Gatlinburg area at the end of last month, we were expecting, as always, several more sales to be reported.  My forecast was that we would likely end up with around 110 residential sales for the month of February but it is now apparent that I was overly conservative in my outlook.  Two weeks later, the Smoky Mountain Association of Realtors MLS database now shows 119 residential sales were closed in February.  This is a 61% increase above 2009's paltry 74 units sold and a nice move above 2008's tally of 111 residential sales in our Gatlinburg area.  We are still dramatically below the heyday of nearly 200 units sold in 2005 - 2007 but we are certainly moving in the right direction.

As to what is selling, it is still primarily foreclosures and smaller homes.  In 2010 so far, the average sale price has been $177,638 with a median sale price of $142,000.  For comparison purposes, in 2009 the average sales price was $ with a median sale price of $.  In 2008 the average residential sale was $193,614 with a median of $160,000.  In 2007, the average sales price for residential transactions was $203,936  and the median was $170,000. Due to a shortcoming in our MLS database, most but not all 2006 sales are now available for statistical analysis.  The 2262 sales that are still contained in the database averaged $206,858 with a median sale price of $175,000.  Here is the same information in table form:

Comments

Post a Comment

Popular posts from this blog

Everything You Always Wanted to Know about Smoky Mountain Water Wells but were Afraid to Ask!

Unlike more urban communities, many Smoky Mountain homes still have water supplied by individual underground wells. The fact is that only a relatively small (but ever growing) portion of our area is served by municipal utility water. This is rarely a problem as wells here in the Gatlinburg and surrounding area usually produce clear and good tasting water for significantly less cost than utility water once the one-time expense of drilling the well is covered. In fact, while there are certainly exceptions, our area is known for exceptionally clean and good tasting well water. More than one brand of bottled water is actually drawn from underground sources right here in the Smokies. What can go wrong you ask? Unfortunately, plenty! In those relatively rare cases where a well’s iron or sulfur content causes the water to be unsuitable, a water filtration system can generally be installed to remedy the situation. Water filtration can be as basic as a very inexpensive cotton string filter th
Read more

Comments Please!

I have had this blog since 2003 but didn't really get serious about regularly writing here until the beginning of 2007. I do truly enjoy the opportunity to share my thoughts about our local Gatlinburg area real estate market including the surrounding communities of Pigeon Forge, Sevierville, Seymour, Kodak, and Cosby. The only problem with writing any type of blog is that you really aren't sure just how many people are reading much less care about what you are pontificating about. If you are reading this blog, regularly or for the very first time, PLEASE comment me. It's easy, painless, and won't leave any sort of mark. In fact, you can even remain totally anonymous but yet let me know that you are out there. Like the age old question of "If a tree falls in the forest with nobody there to hear, does it make a noise?", a blog writer could wonder "If I write something meaningful but nobody reads it, does it matter?". If you like, you can even tel
Read more

Comments Please!!

Just wondering how many folks are out there reading this Gatlinburg real estate blog.  Please comment with your home town - You can even stay anonymous if you wish. If you want, tell me more about yourself (if you already own property in Sevier County or are just considering doing so, what you would like me to write about in the future, etc.).  Thanks in advance for your comments, whatever they might be!!
Read more