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 this data. Our board has only very minor coverage of some of the surrounding areas so the values for the Knoxville area are not good measures of those markets. The same can probably be said for other areas well outside our primary market area where other boards report a much larger share of those market’s sales. Secondly, the “All Other Areas” category is a bit of a mystery as all of the market areas are listed above. I’ll have to delve even deeper into the numbers to see why those 91 listings and 210 sales aren’t shown under one of the market categories above.
With these cautions it is obvious that our Smoky Mountain real estate market is indeed a very diverse marketplace and that although the entire area has a glut of inventory, some areas are much more severely affected than others. For instance, it is clear that the more cabin oriented parts of the county (Pigeon Forge, Pittman Center, Gatlinburg, Wears Valley, etc.) have the largest inventories in relation to the past year’s sales. More residential communities within the county such as Sevierville, Knoxville, and Maryville have the least (although still way too much) inventory on hand. Anything more than 6 months inventory is considered a Buyer’s market so we are clearly in that territory for any area within our marketplace.
Clearly we are deep within a very challenging market for sellers and the opportunity of a lifetime perhaps for savvy buyers. Regardless of which side of the fence you are on we will be happy to provide our expert real estate services. Just contact me to let us know how we may best serve you!