Six months into 2010 and things are looking?  That is a question I hear most often when the subject of real estate trends & conditions comes up in a conversation.  Typically I send out a newsletter keeping my clients and friends informed.  This time I have decided to share this information with clients, friends and those who want to be in the "know" about Tellico Village in particular.  As of the end of June 2010, there have been 42 closed residential home transactions.  When reviewing the year over year statistics, the volume of closed transactions has increased 23.5% as well as an increase of 6% per dollar a square foot.   Keep in mind, that these statistics are averages of  properties sold between $133,750 to $1,200,000.  With regards to lake front and golf front properties, they too have experienced positive results.  Lake front properties are at $221 from $191 per square foot; and Golf front properties are at $129 from $125 per square foot.  Although these numbers reflect an upward trend, a majority of the closed transactions, or bubble, is in the lower price point range.  Sixty-four percent of the homes sold in 2010 fall into the $199,000 to $300,000 price point range.  With that being said, it is true people are downsizing and typically paying cash rather than obtaining a loan.  Although the number of homes sold has increased from a year ago, there are more homes on the market that are taking longer to sell.  Consequently, pricing the home properly will determine if you are on the market or in the market.  Motivation is another factor that plays into the success or failure of a sold property.  If you just want to dip your toe in the lake so to speak and feel it out, be prepared for a lot of competition because the available inventory or absorption rate as it is referred to is over 2 1/2 years.  So if you are considering Buying or Selling, I would love the opportunity to share my knowledge, experience, marketing & advertising campaigns in helping you with your next real estate transaction.

 

Karen