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.
Sevierville Residential Price Trends
An appraiser friend of mine who mainly works in the commercial part of our real estate industry asked me a week ago what the price trends have recently been for our residential market here in Sevier County. I had a few minutes (please bear with me - with more time I could have done proper tables and had much better formatting) in between appointments this afternoon and ran the numbers for residential sales over the past 3 years:
Year Average Price - # of Sales
2006 - $215,854 - 376
2007 - $206,370 - 329
2008 - $191,233 - 213 (Jan-Oct only)
Interestingly, prices have dropped 11.4% from 2006 to 2008 but the drop is not as dramatic for smaller homes. When I limited the search to 1200-1400 finished square feet 3 bedroom, 2 bath homes the results were:
Year - Average Price - # of Sales 2006 - $133,531 - 40 2007 - $126,430 - 55 2008 - $124,887 - 27 (Jan-Oct only)
In the starter home category, the drop was still present, but was only 6.4%. After thinking about this for a bit the reason for the smaller drop in price among starter homes is I think pretty easy to explain. These homes are suitable for use as full time lease properties and their value is largely supported by the fact that a Sevierville residence can lease for between 700 and $1000 monthly, depending upon the size, condition, and neighborhood of the home. In fact, our starter home market has been the least impacted by the poor real estate market and sub-prime lending situation.
If you are looking for professional service to assist you in buying or selling any property in Gatlinburg, Pigeon Forge, Sevierville or anywhere else in Sevier County please contact us!
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Last month, I expressed some concern that our 2012 winning streak for Smoky Mountain residential real estate sales was going to be broken. Unlike the first 8 months of the 2012, September's results did NOT exceed those of September 2011. I also reminded readers that one month does not a trend make and that we would need to wait a couple of months to get a clearer indication of where our Gatlinburg area real estate market was headed. That caution turns out to be quite well thought because the latest residential sales results for our Gatlinburg area real estate market seem to be much better, with the early results already being better than most recent year's October results. Here is my preliminary table showing the good news:
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...