November was an even better month than we thought! With all of the dust now settled, members of the Great Smoky Mountain Association of Realtors combined for a very impressive 158 residential unit sales during November. To provide a little perspective, you have to go all the way back to October 2007 to find any month in which more homes were sold here in the Gatlinburg area. Here is the chart that I have maintained since way back in 2005:
As I’ve said for a long time, you have to have an increase in volume before prices will improve. While one month does not a trend make, this is VERY encouraging for our Gatlinburg area real estate market!! There won’t be a headline in the paper that says, the real estate market is currently bottoming and prices appear set to increase. Likewise, we won’t know until after mortgage loan rates start back up that we missed the bottom. If you have been considering making a purchase of Sevier County real estate, it looks like we are approaching the best time to make that move…