Dear Tina, I apologize for the delay in getting you this information. As part of the process of determining a listing price for your property at 4705 Riversong Ridge Way, I have analyzed the sales data for properties within a 5 mile radius around your home that sold over the past year. I have also looked at the active, pending, expired, and withdrawn listings. Within that 5 mile radius there are 26 active listings, 2 pending, and 2 sold. Using the price per square foot approach to pricing and adjusting for the smaller size of your home, I think a reasonable range would be $440-450 per square foot ($599,900-$615,000).
When we look at the Market Summary for all of the listings in the Great Smoky Mountain MLS you see a market absorption rate of 14 months, which indicates the market has shifted to a buyer's market. Across all price ranges the number of active listings has continued to rise while the sold listings have remained flat. If your cabin is earning a good amount of rental income, you might want to consider waiting to see if interest rates start to come down and the cabin market starts to rebound. I am happy to assist you in any way possible, but I do think if you decide to list your cabin that it needs to be priced competitively to stand out from the current available inventory.
The absorption rate in real estate is the number of months it would take to sell all of the homes that are currently listed. According to the Great Smoky Mountains MLS it would take almost 14 months to sell the current inventory listed.
For the past several years we have seen Sold to List Ratios over 100%. Anything under 95% is considered to be a buyer's market and we are currently at 94%.