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2018 Smoky Mountain Real Estate Market Update

Throughout the last year, Smoky Mountain real estate sales were up by 3.6%, in comparison to the very strong 2016. Here is what numbers have to say: 

2012

2013

2014

2015

2016

2017

2018

January

128

135

154

172

183

221

180

February

144

138

148

142

178

225

182

March

215

206

175

192

223

275

255

April

151

170

163

202

243

242

 

May

190

202

206

216

253

244

 

June

182

185

194

228

259

249

 

July

157

193

231

236

235

228

 

August

196

210

211

248

288

254

 

September

155

196

176

228

229

240

 

October

177

193

212

221

219

247

 

November

144

176

157

189

230

214

 

December

143

145

193

209

215

221

 

 

1985

20%+

2152

8.4%

 

2219

3%

 

2484

11.9%

2756

10.75%

2860

3.6%

 

Graph: Number of Residences Sold per Month. GSMAR.

The graph above shows total sales for each month in Great Smoky Mountains Association of Realtors.  The 1st quarter in 2017 delivered fantastic results. However slight sale decrease for our Q1 in 2018 is due to lack of Inventory. There just aren’t enough properties available for buyers to consider. If you are even thinking of selling, now is a great time to list your property.

Market Absorption Rate- 4.5 month Supply- The Lowest Inventory sine 2007!

The figure shows how many months it will take to exhaust the supply of homes on the market based on our current sales. In average, there were 213 sales per month ( Oct 2017-March 2018)

Currently we have 972 active residences in our MLS. Based on that, if no new listings come on the market, it would take 4.5 months to sell out our current inventory. ( 972 : 231 = 4.5 )The balanced market is 4-6 month supply. A few short years ago we were running on 15-18 month inventory!!!

        Average   List Price / Sales Price / Median Sales Price

2014                 $176,838      $166,587       $149,900

2015                 $192,339      $182,886       $157,000

2016                 $199,245      $193,470       $174,455

2017                 $226,065      $216,905       $$185,000              

 

Also, the demand for higher priced homes has increased significantly.

 

2013

2014

2015

2016

2017

Homes Over $200,000

458

586

748

983

1291

Homes Over $300,000

138

194

268

367

524

Homes Over $400,000

47

79

     109

 139

    220

Homes Over $500,000

23

38

55

           69

     115

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