Although our Gatlinburg area real estate market is improving, there are still certain sectors of the market that are absolutely miserable. Large residences and condos have some of the worst stats according to the Great Smoky Mountain Association of Realtors MLS database. There have only been 80 condo sales in the last 12 months but there are 399 units currently listed for sale. This calculates to a 4.9875 YEAR supply of unsold condos based on the pace of sales during the last year. In case this weren’t tough enough, there are new condominium developments coming on line. Additionally, there are also a good number of foreclosures coming onto the market (I myself have two new condo foreclosure units that will be priced within the next 30 days or so).
Here is my analysis of our Smoky Mountain real estate market by segments:
To get a clearer copy (if you really want to see it??) of this table please click here. If you are attempting to sell real estate in Sevier County it is a challenging time indeed. If you are trying to sell a condo unit or a residential property over $500,000 “May the force be with you!”.