With a brand new grandson, a rapidly growing business, and a couple of funerals in our family, this has been a really busy time in our lives. With all of this going on, this blog has been badly neglected. In fact, it has never been this long between posts. Although we are still busy, I do enjoy writing these posts and I hope that readers get something from them.
In 2017, our Smoky Mountain real estate market had ups and downs but the overall result was a net gain of 3% over the very strong year of 2016. Here is the wrap-up for 2016:
The fine print on the last data line of the chart is the average sale price for each year. The most remarkable fact from 2017 in my opinion is that average sales price of $220,442, a whopping 14% increase in the average sale price over 2016's solid average price of $198,891 and almost 50% over the average sales price of just 5 years ago. If you are interested in selling Sevier County real estate, now is a great time!
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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:
Although the final tally will certainly be greater, the total number of residential sales as reported for now by the Great Smoky Mountain Association of Realtors during the first month of 2018 is only 170. The real problem isn't a lack of demand, but rather a lack of supply. In fact, we could sell many more units if we just had the inventory available. Here is the rather anemic looking table: