February Residential Sales Disappoint, at Least for Now…

The flash number for February Gatlinburg area real estate sales is in (139) and it is a little disappointing. Although these preliminary numbers are always revised upward as more agents get their sales posted the increase usually results in an increase of only 10-15% or so.  When I factor a typical revision in it looks as if we will come nowhere close to the high water mark reached during the boom years of 2005-2007. Tough January weather is probably one culprit that caused February closings to be lackluster. A second factor is that supply is down and prices have begun to come up. This is a good condition longer term but it does take a little while for Buyers to become accustomed to. I normally post a table in this space showing the long term results but can’t seem to do that with my smart phone so I will add that here later.