Every day people ask me how our market is doing and my recent answer is usually something like: “Not yet consistent, but trying to become better“. To confirm by beliefs, I thought that I would run the numbers and here are the results of my research:
You can see that although our Gatlinburg area lots and land real estate market is still absolutely abysmal, the supply of single family homes is not near as absurdly high as it once was (at the bottom of the market, we had a 3+ year supply of homes for sale!). Now, before anyone gets too carried away, a balanced market is generally considered to be a 6 month supply and we are still almost 3 times that level. Still, compared to a couple of years ago, or even one year ago, the market does look a little stronger…
In fact, starter level and residential rental home sales are even more robust with a supply of only 493 when looking at single family homes at or under $125,000. When compared to the 846 sales during the past 12 months of this same category home, a supply of only 7 months is calculated. That’s much different when compared to residences priced over $300,000 where there is currently a supply of 522 homes for sale but there have only been 112 sales during the past year. This indicates an inventory equal to over 4 years. Clearly, the Smoky Mountain real estate market for higher priced homes is still very soft.
With over 150 sales in 2012, I have been successful in both ranges and am very grateful for my staff and our clients. If you are looking for a great real estate team, contact us, the Schoenfield team!!