Gatlinburg Real Estate Blog

After recently reviewing the market for two potential new listing clients who own upper bracket homes, I found a somewhat discouraging fact. While there have been 841 residential sales reported during 2009 in our Great Smoky Mountain Association of Realtors MLS by area agents, there has been a very noticeable near absence of upper bracket homes sold. Maybe a more accurate way of putting this is that very few homes have sold at what we used to consider an upper bracket price level. Even very nice properties are selling at more affordable prices but there just aren't many $500k+ sales occurring: Jan-Aug Sales Price 2009 $500,000 - $599,999 = 9 $600,000 - $699,999 = 7 $700,000 - $799,999 = 3 $800,000+ = 2 Total of sales $500,000+ = 21 What do all of these numbers indicate? The picture becomes somewhat more meaningful when you consider there are currently 352 unsold homes for sale in our Gatlinburg area priced above $500,000. My belief is that in a challenging economy not many buyers ...

After recently reviewing the market for two potential new listing clients who own upper bracket homes, I found a somewhat discouraging fact. While there have been 841 residential sales reported during 2009 in our Great Smoky Mountain Association of Realtors MLS by area agents, there has been a very noticeable near absence of upper bracket homes sold. Maybe a more accurate way of putting this is that very few homes have sold at what we used to consider an upper bracket price level. Even very nice properties are selling at more affordable prices but there just aren't many $500k+ sales occurring: Jan-Aug Sales Price 2009 $500,000 - $599,999 = 9 $600,000 - $699,999 = 7 $700,000 - $799,999 = 3 $800,000+ = 2 Total of sales $500,000+ = 21 What do all of these numbers indicate? The picture becomes somewhat more meaningful when you consider there are currently 352 unsold homes for sale in our Gatlinburg area priced above $500,000. My belief is that in a challenging economy not many buyers ...