Yes, it’s a fact. The number of log and log look (cabin construction) homes currently offered for sale in our Sevier County residential real estate market is equal to nearly 4 years. This calculation is based on the number of transactions during the period 10/1/2008 to 9/30/2009. The pace of sales is slowly improving and homes are being purchased each month so this number will hopefully continue to improve.
For non log or log look (residential) properties the market is significantly better with the current supply equal to only 2.27 years. The overall Gatlinburg area real estate market continues to be driven primarily by foreclosures and prices are still very tough on sellers. While this is an improvement over where we were a few months ago a balanced market is considered to be a 6 month supply which we are obviously well above.
Although 5 of the 15 properties that we listed this month are already pending sales, these 10 recently listed homes are not yet sold. Some are so ugly that only their mother could love them but where some people see ugly others see opportunity!