Jackson Hole Real Estate & Jackson Hole Real Estate Market Report
The Jackson Hole, WY Real Estate Market had been very strong for the last couple of years, that is, until the beginning of this summer. Last year, while the nations real estate market suffered one of the most significant downturn since the 80’s. Those of us involved in Jackson Hole real estate enjoyed double digit price appreciation. Those times are gone for now. The combination of the credit tightening and the fall of the stock market we have seen recent sales decrease to a very slow pace. Though I do believe in the “long term” the market her in Jackson Hole will be strong than most other markets. My opinion is, we are going to see a “correction”, and to what level is anybodies guess. For the market to truly go down would be quite drastic. it is dependent on what time period you do your number from. If you go from the prior four year time period, starting in 2003, our values are up 144% over that time. Now if a property was purchased last year it might have been bought at the very top of the Jackson Hole market so there is a down side. There are a few shining lights in our area. One, the inventory increase has slowed, likely because many of the Jackson hole property owners understand that now is not the best time to sell and they have the financial ability to wait it out. Two, the high end of the market has held steady. Three, we have seen sales in the very high end of the market (10 million + ) which, skews our numbers. Here are the numbers for the Jackson Hole Valley which Includes Wilson, WY real estate, Teton Village real estate, Jackson, Wy real estate, and all properties within Teton County Wy. These numbers compare 365 days starting in October 2006-2007 compared to 365 days over the same dates ending in October 2007-2008. Total number of listings is up +19% to 1,116 Listings from 941 the year prior. Total number of sales down - 42% to 278 sold from 478 sold in 2006-2007, Total Sales dollar volume down -27% to $456,359,749 from $627,169,240. The median sales price was UP to $947,500 from $749,500 an increase of +26% . The average sales price was up +25% TO $1,641,582 FROM $1,312,070 . Summation: Prices are still high and we did see another major increase average and median sales prices. This is due to the large percentage of sales being very high-end. In the lower end of the market (Below 1.5 million) the market has slowed to a trickle. The next six months is going to be very telling as to the real condition of our real estate market in Jackson Hole.
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