The Month of May Ended Early!!

Because of Memorial Day falling on a Monday, the last business day of May, 2010 for our Gatlinburg area real estate market was today.  Although it is VERY early to look at total sales for the month I wanted to consider (at least on a preliminary basis) what local realtors reported as sold in our Smoky Mountain real estate market for this holiday shortened month.

In a single word, the month-end snapshot as of today, can only be described as atrocious!  There will certainly be many more sales reported by other members of the Great Smoky Mountains Association of Realtors in the next couple of weeks.  I am however very concerned that our ten consecutive month run of positive comparisons versus the same month a year ago will likely be broken.  With only 99 residential sales reported by our board's MLS, it appears in fact very unlikely that we can surpass last May's 134 residential units sold.

A clearer version of the above table can be viewed here.  So far this year, 1 out of every 4 sales (for all Realtors) in 2010 has been a foreclosure property.  With 9 residential units sold during the Month of May, I personally feel very blessed.  In fact, by the grace of God I now have 51 sales in 2010 and lead the board based upon the number of residential units sold.  Two other agents in our RE/MAX All Pro office are currently ranked within the top 50 overall (out of over 400 active members of our board) and we are very proud of both Patrick Malone and Cindy Hopson.

Comments

Anonymous said…
Jeff,
If you include Short sales and Foreclosures would they together almost total half of all sales?
I also notice on your list of Foreclosure/Short sales listing page that it never gets below 300 listings!It seems foreclosures are not slowing down one bit yet! Bob H.
Actually, the number of foreclosures does seem to be slowing slightly, possibly because of the federal government's effort to modify mortgages for borrowers who are struggling. Short sales that closed during May only amounted to 7 compared to 22 foreclosure sales so the total as reported as of this evening would be 29. Total sales for the month of May are now at 101.

The real question that I cannot answer is where we go from here. With many more foreclosures still likely in the future the ultimate question is how many buyers we will have.

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