And now for a little good news! October sales transactions should all be reported by now. Even without any additional sales October is shaping up to be the best month all year when this year’s monthly sales are compared to the year ago totals. We are now reporting 131 sales of Gatlinburg area properties sold during the month of October. This also helps to make the argument that our market may be ready to move up instead of down price wise as volume almost always turns before prices do. The monthly volume trend chart is quite impressive.
In another glimmer of hope, Sevier County foreclosures dropped in October to a more “normal” 91 units. In any other universe 91 new foreclosures would NOT be looked at as an improvement but given the hyper pace of foreclosures in our Smoky Mountain real estate market anything under 100 a month is an improvement and sounds attractive. Here’s a link to the monthly foreclosure chart for all of you visual folks.
While there are no guarantees of just what the future may hold these small developments are encouraging. If the pace of foreclosures continues to drop we will likely see prices start upward. Now really may be the time to pick up a bargain on a Gatlinburg/Pigeon Forge/Sevierville real estate bargain. On the other hand I don’t think that I would sell any property right now unless I just didn’t have a choice. Seems like almost every sale is at a fire sale type price but hopefully that will change soon.