Always nice to have some good news to share. During the month of July, 2011 Gatlinburg area residential unit sales were the second best of the year with 126 homes sold as reported by our Great Smoky Mountain Association of Realtors Multiple Listing Service or MLS. In fact, once all of the dust settles, it may be that we will surpass March’s 134 units which has been the best tally during 2011. Further good news is that for the first time since January, 2011 we should surpass the total number of sales for the same month during 2010 which was 127. Regardless, it was a better month for local real estate sales, at least compared to the last couple of months. Additionally, the average sales price was up a little at $159,576 when compared to June’s average sales price of only $153,014. Here is our chart comparing monthly residential sales as reported by our MLS over the last several years:
That's certainly good news. Now, if only the tourism numbers in Gatlinburg would start shifting to their pre-2008 levels. All in all, though, tourism in Gatlinburg has had a pretty good summer, but it's a long way from where it needs to be; as I'm sure is the case with real estate.
Gatlinburg Exclusive, you couldn't be more right – July real estate results were good but it isn't a trend just yet. Although there are signs of a improvement we are still off from last year's lackluster levels when comparing year to date totals.
I know that Gatlinburg tourism has a long way to go to get back to pre-recession levels as well. The Smokies have traditionally done quite well during difficult economic times when compared to other vacation destinations. For that reason there is a pretty good argument that will be the case again. Of course, a long weekend in the mountains is much more affordable than a week at the beach and that attracts families with limited vacation budgets. My prayer is that a recovery of this sort happens very soon…