Here are the latest updates on the market trends in Sevier County residential real estate. A quick glimpse shows the average sales price to continue downward. However, market activity has unquestionably picked up considerably with 198 sales in May and 182 in June. These are the highest totals in our MLS since August 2006 as far as number of properties sold.
Total sales volume surpassed $24 million for the first time since December 2007 with May at $24.77 million and June at $24.58 million. The selling price vs. list price ratios have continued to stay fairly consistent even through the downturn. Properties in May sold at 94.21% of listing price and 94.42% of listing price in June. This can be a little misleading at times because it reflects the most recent list price and doesn’t take into consideration the original list price on a property if it had price reductions before it had sold.
These statistics take into consideration all residential sales within Sevier County. This includes regular residential homes, overnight rental cabins, condos, and any other single family property. The number of residential sales seems to be outpacing the number of cabins being sold. This is in large part the reason for the continuing sales price trend downward as the average permanent resident sale is considerably less than the average rental cabin or second home/vacation property. The number of foreclosure and short sale cabins for sale is considerably lower than in years past.