When we reviewed the number of Smoky Mountain real estate sales in our Gatlinburg area at the end of last month, we were expecting, as always, several more sales to be reported. My forecast was that we would likely end up with around 110 residential sales for the month of February but it is now apparent that I was overly conservative in my outlook. Two weeks later, the Smoky Mountain Association of Realtors MLS database now shows 119 residential sales were closed in February. This is a 61% increase above 2009’s paltry 74 units sold and a nice move above 2008’s tally of 111 residential sales in our Gatlinburg area. We are still dramatically below the heyday of nearly 200 units sold in 2005 – 2007 but we are certainly moving in the right direction.
As to what is selling, it is still primarily foreclosures and smaller homes. In 2010 so far, the average sale price has been $177,638 with a median sale price of $142,000. For comparison purposes, in 2009 the average sales price was $ with a median sale price of $. In 2008 the average residential sale was $193,614 with a median of $160,000. In 2007, the average sales price for residential transactions was $203,936 and the median was $170,000. Due to a shortcoming in our MLS database, most but not all 2006 sales are now available for statistical analysis. The 2262 sales that are still contained in the database averaged $206,858 with a median sale price of $175,000. Here is the same information in table form: