Gatlinburg Real Estate Blog

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...

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 t...

For the first time since September of 2006 unit residential sales here in the Smoky Mountains of East Tennessee are up compared to a year ago. That's right, reported July home and condo sales for our Gatlinburg area are now totaling 134, which is exactly one more sale than was reported in July of 2008 . Now one unit over a year ago is not yet proof that the market is turning but it IS one more small piece of evidence indicating that the market is showing signs of life. I thought it might not be until August that we would surpass the results from a year ago but it happened more quickly than we thought. The real test is still what happens in August - Will the rally continue or is it just a teasing "flash in the pan" as the oldtimers used to say? We'll have to wait to see but I do have several pending sales expected to close in August including one set for today. In fact, I have around 10 sales that are supposed to close in August. If other agents are also having a good ...

For the first time since September of 2006 unit residential sales here in the Smoky Mountains of East Tennessee are up compared to a year ago. That's right, reported July home and condo sales for our Gatlinburg area are now totaling 134, which is exactly one more sale than was reported in July of 2008 . Now one unit over a year ago is not yet proof that the market is turning but it IS one more small piece of evidence indicating that the market is showing signs of life. I thought it might not be until August that we would surpass the results from a year ago but it happened more quickly than we thought. The real test is still what happens in August - Will the rally continue or is it just a teasing "flash in the pan" as the oldtimers used to say? We'll have to wait to see but I do have several pending sales expected to close in August including one set for today. In fact, I have around 10 sales that are supposed to close in August. If other agents are also having a good ...

Inventory Milestone Reached Analyzing our real Gatlinburg area real estate market as I am oft prone to do I found a rather staggering statistic today. My search was for the total number of properties of all types, residential, land, multifamily, and commercial listings currently for sale (not already sold or expired). The total number for the first time ever (to my knowledge) was a staggering 8,013 which I do believe sets a record for our area. As of this evening there are 4,229 active residential properties and 3,373 active land listings with the relatively small remainder comprised of commercial and multifamily properties. According to our MLS database during the past 12 months there were a total of 1,651 residential properties sold. This means that our current inventory is equal to a little over 2.5 YEARS based on the pace of sales over the past year. Here is my analysis of our real estate market conditions by area: As usual, there are several caveats that need to be made regarding ...

Inventory Milestone Reached Analyzing our real Gatlinburg area real estate market as I am oft prone to do I found a rather staggering statistic today. My search was for the total number of properties of all types, residential, land, multifamily, and commercial listings currently for sale (not already sold or expired). The total number for the first time ever (to my knowledge) was a staggering 8,013 which I do believe sets a record for our area. As of this evening there are 4,229 active residential properties and 3,373 active land listings with the relatively small remainder comprised of commercial and multifamily properties. According to our MLS database during the past 12 months there were a total of 1,651 residential properties sold. This means that our current inventory is equal to a little over 2.5 YEARS based on the pace of sales over the past year. Here is my analysis of our real estate market conditions by area: As usual, there are several caveats that need to be made regarding ...

SEVIER COUNTY REAL ESTATE MARKET ANALYSIS In an environment filled with hyperbole and ever increasing tales of woe, it seems that a little counterpoint is in order. The following comments and observations represent my best effort to offer some sense of balance and perspective on the issues that are at the forefront of current news reports. The Mortgage Market The difficulties facing the mortgage market are primarily related to “sub-prime” loans, and they are the most severe in a relatively few states. More specifically, sub-prime Adjustable Rate Mortgages (ARMs) are at the heart of the problem. It should also be noted that not all sub-prime loans were made to borrowers with poor credit. In our resort area, a substantial number of well-qualified applicants voluntarily chose sub-prime over traditional loans for a variety of reasons, including ease of underwriting. • A little over 13 percent of all mortgages are classified as sub-prime by the Mortgage Bankers Association. About 11 percen...

SEVIER COUNTY REAL ESTATE MARKET ANALYSIS In an environment filled with hyperbole and ever increasing tales of woe, it seems that a little counterpoint is in order. The following comments and observations represent my best effort to offer some sense of balance and perspective on the issues that are at the forefront of current news reports. The Mortgage Market The difficulties facing the mortgage market are primarily related to “sub-prime” loans, and they are the most severe in a relatively few states. More specifically, sub-prime Adjustable Rate Mortgages (ARMs) are at the heart of the problem. It should also be noted that not all sub-prime loans were made to borrowers with poor credit. In our resort area, a substantial number of well-qualified applicants voluntarily chose sub-prime over traditional loans for a variety of reasons, including ease of underwriting. • A little over 13 percent of all mortgages are classified as sub-prime by the Mortgage Bankers Association. About 11 percen...