The Latest State of the Market Report
Now that the month of June 2008 is history it’s time to review our Smoky Mountain real estate market stats. As always please remember that Realtors will continue to report June sales well into the month of July so this is a preliminary report. The Gatlinburg/Pigeon Forge/Sevierville region saw only 104 units sold in June, making this for now the worst month in recent history for home sales here in the Sevier County and surrounding area (including parts of Knox, Jefferson, Blount, Cocke, and Hamblen counties). In fact, if the search is limited to Sevier County only the number of closed residential sales that have reported as of today is only 77 which if not revised upward significantly is absolutely dreadful.
The consequences of this poor performance are considerable for area real estate practictioners. With only 77 units reported sold during June it’s not surprising that at least two real estate firms (that I know of) closed their doors forever during the month. Many real estate agents also decided not to renew their licenses and the carnage in our industry continues.
On Thursday I had the distinct displeasure of evaluating a bed and breakfast property for the bank that recently foreclosed on the site. The reason it was more unpleasant than normal was because the former owner was at the property sweeping up the garage while I was there taking pictures. We talked briefly and I found that he was also a real estate professional who had not only lost the building but has also been forced to temporarily put his real estate practice on hold due to a lack of revenue.
Although the market continues to be difficult for sellers it is a remarkable opportunity to purchase Gatlinburg area homes and other real estate. In fact, foreclosures continue to be a major part of our real estate business and I suspect that this trend will continue. If you are looking for a great real estate investment opportunity for Smoky Mountain real estate now is the time. In fact, if you think you might be interested in a great B&B property on the river convenient to Sevierville, Pigeon Forge, and Gatlinburg that will be coming to the market please let me know.