WAY late in reporting this but that doesn’t change the fact that these numbers for Gatlinburg area real estate residential sales are outstanding! Don’t take my word for it, here is the table:
While the percentage gain isn’t all that impressive, we are using the best month of the past year as the base, which was, when it came out a year ago, the highest value reported for a single month in the previous 10 years. Certainly no easy comparison here.
Another sign of the current strength of our market is that we are over 200 units ahead of our pace from a year ago which was the best year since 2006. Given our current pace, it looks to me like we may exceed the lofty levels from 2006 which haven’t been seen in a decade.
And that’s not all!! The average price of all of the sales recorded during 2016 is over $190,000 and that average price level hasn’t been reported since 2008. Prices always follow volume and it looks to me like we are likely to see further increases in both volume and our average sales price.
Finally, the market’s internals continue to be good. Average days on market is continuing to shrink and the available inventory is getting tighter. While there are no guarantees that the market will continue to improve, the fundamentals are certainly positive. Now if our US government and the world’s economic status hold up, we should finish 2016 sharply ahead of last year’s record pace!