Although our Smoky Mountain real estate market showed great volume in November, prices haven’t yet risen. In fact, in November, we actually had the lowest average sales price in recent memory for our Gatlinburg area according to our Great Smoky Mountain Association of Realtors MLS database. The new low wasn’t dramatic, as it was just below the average sales price that we saw in April of 2011. If December’s sales volume is good, we will have four of the last six months showing positive comparisons to the values from a year ago. That is particularly noteworthy when you consider that during the first half of the year, five of the six months were in negative territory. Hopefully the improvement in volume will lead to higher prices but it hasn’t started just yet. Here is a chart of the average sales prices for residential sales in our Gatlinburg area real estate market:
No bell will sound indicating that our Gatlinburg area real estate bear market has become more bullish. In fact, the only way you will recognize it is after the price rise has begun. If you want to capitalize on the excellent prices and loan rates that are currently available, please contact us!