Signs of Life!
A recent review of the Gatlinburg area real estate market for one bedroom second homes shows a very interesting stat. There is definitely still a huge oversupply of one bedroom homes available for sale (142 not counting condominium units). While only a comparatively small number of sales have been closed year to date (16, again not counting condo units) the interesting fact is that nearly half (7 to be exact) of the sales have been within the last 30 days. Although one month does not a trend make it certainly can be said that this particular segment of our Gatlinburg area real estate market has picked up dramatically since the end of April.
The pickup is not yet widespread and this can be seen clearly when one considers other segments of our market. For instance, the market for 4 bedroom, 4 or 5 bath log homes in the Pigeon Forge, Wears Valley, Bluff Mountain area of our county is still dreary. While there are 46 of these large homes for sale currently only 6 have been sold in the last 6 months and no sales have been reported by our MLS in the past 30 days.
The strongest part of our market continues to be entry level residences in Sevierville where it is difficult to find any sort of quality 3 bedroom, 2 bath home for under $125,000. Smaller homes in the Sevierville and Seymour areas continue to sell very well as 6 of the 15 available homes in this category are currently shown as pending sales.
For a current review of our overall market by month (but unfortunately not yet by area) please see my statistical summary available by clicking here. If you are looking for professional real estate services to either purchase or sell real estate in the Tennessee Smoky Mountains area (Gatlinburg/Pigeon Forge/Sevierville and surrounding areas) please contact us.