Real: 2013 in Review
final sales figures are now in for 2013, and they illustrate a Smokies area market
that continues to strengthen as modest increases in demand have created a better
balance with an inventory that is for the most part now priced appropriately for
finished the year with 1302 residential units sold in Sevier County, which was
up 4% from 2012. Market volume was just over $219 million, representing an 8.5%
increase from the previous year. Even more indicative of market equilibrium was
the median sale price, which was up 7.1 % to $149,950.
6-month moving average, which offers an excellent overview of market direction,
posted its biggest gain in 4 years in the second half of 2013, after nearly 2
years of little movement:
2014 we expect continued growth with modest appreciation, as improvements in the
national economy and wide-region real estate markets bring more investors and
second home buyers to the Smokies.
don't believe the new Qualified Mortgage rules will have much effect on our area;
a great majority of our buyers are very well-qualified, and 35.8% of all transactions
in 2013 were cash purchases. It
is possible that rising mortgage rates will impact our market, though most industry
analysts don't expect rates to exceed 5% before the third or fourth quarter of
promises to be a year of opportunity:
Please contact us today for more information,
and to discuss how
we can help you achieve your real goals in 2014.
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