RARE Jackson Hole Real Estate Market report for year over year comparing the one year period from August 2007 until August 2008.
The report is based directly on the Jackson Hole region encompassing Jackson Real Estate, Wilson Real Estate, Teton Village Real Estate, Jackson Hole Mountain Resort Real Estate, and surrounding Teton County real estate. Every attempt is made to make the reports accurate we do not hand pick the results we think are more or less favorable. This is our basic market report - if you would like in a more specific analysis please email us from our Contact page.
Town of Jackson Real Estate Listings -
Total active is up + 33%
New Listings up + 47%
Under contract down - 29%
Number sold down -18%
Sold volume down -2%,
Average sales price up +20%,
Median sales price is up + 29%,
Sold price percent of list price is - 2%
Total Active is up +33%,
Teton County Wy Real Estate (The Jackson Hole Valley) -
Total active is up +1%
New Listings up +18 %,
Under contract down - 40%,
Number sold down -34%,
Sold volume down -28%,
Average sales price up + 9%,
Median sales price is up + 12%,
Sold price percent of list price is down - 4%
Teton Village Real Estate Market -
Total active is down -21%,
New Listings down -33%,
Under contract down - 60%,
Number sold down -60%,
Sold volume down -69%,
Average sales price down -24%
Median sales price is up + 25%
Sold price percent of list price is - 4%
Summary, The lower end in Jackson Hole Real Estate (below $1.5mill) has seen the effect of the financial lending crisis that is present nationwide. The Lending institutions are requiring people to have better crdit and great liquid assests in order to get loans (As they should). This has created an effect that moves up through the market - meaning the $350k condominium buyer is not able to get a loan, the 350k condominium seller can not sell to that buyer. That seller isn’t able to move up into the next price range above, and this continues into each market above. This does not having the same effect on the highest end market, as they seem to be looking for long term places to put money and they have greater access to funding sources.
Our Jackson Hole Real Estate inventory is currently rising especially in the area of Jackson, sales spices have started pushing downward and number of sales have just began decreasing on a greater scale . This indicates that we are moving towards a buyer market.
-Rick Armstrong
If you want to know what is going on in Jackson Hole call us and we can give you the no-fluff version of the market.
I have attached a year over year comparison ranging from January 1st 2008 until August 15th 2008. The market has slowed signifigantly here. We are seeing movement in the highend market with the average price of sold properties actually up.
| Total Active |
New Listings |
Number Under Contract |
Number Sold |
Sold Volume |
Average Sale Price |
Median Sale Price |
Percent of List |
Jackson Hole Real Estate has never been so easy to view from anywhere in the world. Please turn your sound up, hit the full size icon and enjoy our weekly updates. We welcome feedback and if there is a property you would like us to feature please feel free to call or email us.
Enjoy, Rick Armstrong
Jackson Hole is always an intriguing study to me. I have been here twenty years and I have followed the Jackson Hole real estate market closely most of that time. I initially was looking into just buying a home, later I looked at it from the perspective of a small time speculator/ investor. I then started working with larger scale developers(by Jackson Hole standards) and conservation buyers. Now, I look at it from the perspective of my clients best interest, which in turn and in the long run is my best interest. We have seen a few moratoriums passed, we have seen large parcels attempt to be annexed into the town (the Porter / Herford Ranch ) and one constant is that small opposition groups tend to swing a large hammer and have quite successfully halted larger scale subdivisions. Therefore the inventory has remained tight and low. These constraints have done a great job of assisting the increase of property values here especially when considering the decline of most other markets in the country. It is important to note that I don’t really take sides on these issues because I am in the business of helping people buy or sell real estate. If I was to weigh in with my opinion. I believe it could at best be considered hypocritical at worst self-serving. I place great value on our scenic, recreational and wildlife resources and the less the area gets developed the more room these environmental will have and the more expensive it will be.
Here is a simple worksheet and map put together by the Town of Jackson .
http://www.jacksontetonplan.com/blog/2008/04/charrette-meeting-town-focus
Here is the link to Teton County comprehensive plan (draft)
http://www.jacksontetonplan.com/blog/2008/04/public-meeting-2
It lays out what the Town is trying to plan and will play a huge role in how Jackson Hole is developed. It tries to dictate where the Residential/Mixed-Use Focus Areas, Town Core Area, Gateways, and Local Corridors are and are going to be.
I would love to here comments and opinion on what people think the effect of the new Comprehensive plan will be.
Please email me .
Take Care,
Rick
This past Saturday I found myself pulling up a curb in front of the Wort Hotel, anxiously waiting to watch my 5 year old scramble for pieces of candy thrown by well meaning participants of Jackson Holes Memorial Day Parade. If they only knew the result of overloading a kid with sugar on a rainy day. It reminds me of the most genuine side of Jackson that keeps me happy living here. It is these remnants of eras past that occasionally show their face and are always welcome. The old cars sputter with local fixtures waving and smiling. Kids from various organizations march diligently behind one another and yes candy skips relentlessly across the pavement and my five year old seems to be quite skilled at acquiring large amounts of this high octane kid fuel in short periods of time. As the last Jackson Hole fire dept firetruck passes followed by the street sweeper. The rain starts to fall and spring time in Jackson is in full swing. The fields are bright green and the mountains white from fresh snow. This day also reminds us to remember the people serving our country past and present. While we sit in the amazing valley isolated from almost anything. The soldiers serving in Iraq and Afghanistan must be thanked and hopefully soon to be returned to their homes and families. This should also be a reminder for everybody to try and use less energy so that we can relieve ourselves from foreign oil.
Jackson Hole Real Estate does it again - With over 20 million in sales last week one would wonder when and if the recession is going to hit here. The top sale was the Moose Creek ranch at $9,750,000. Well below the asking price of $11,865,000. Though all of the other sales were more in line with what has been our average sales price at 96% of asking price. Average Days on market was 162/
Welcome to Rick Armstrongs Jackson Hole Real Estate Market Report . This is my basic summary report that is based on data compiled from the MLS and the records from Teton County public records. I strive to keep myself and my clients educated on the Jackson Hole Real Estate market. I will publish my detailed research in a private email to people who email me at rick@rarejh.com asking to be put on my market report list.
The overall JH regional market inclusive of the entire Jackson Hole Valley (all home, lot, condo and commercial transactions or listings) The overall number of sales, is down from 773 transactions to 499 transactions with a total sold volume for the 07-08 period at $777,841,535 vs $860,183,442 (-9.5725%) in the 2006-2007 period when compared to the same period in 2007. The dollar volume was down but the median sale price was up from $725,000 to $945,000 (+ 23.28%) , and the the average sales price rose from $1,112,785 to $1,558,800 (+28.612%). Translation - the prices continue to rise while active inventory is up from 727 to 807 (+ 9.91%) we are at still near historic lows. The high end market over $1 million continues to be brisk - most likely due to the majority of the properties in Jackson Hole being listed, are listed at more than 1.4 million . For more email me.
We also are doing a report on the new Moratorium and what it will effect.
The new Teton County comprehensive plan has been quite the buzz since the controversial Serr Thos - Teton Meadows development got halted due to an emergency moratorium. What does that mean to the Jackson Hole real estate market? It means that it will continue to be heavily constricted, especially in the near term. The county did just release a new draft plan that does increase the density in areas south of town including the Teton Meadows area. It would give that project an estimated 280 homesites versus the 500+ asked for in the last Teton Meadows plan. The new plan has also set limits on areas in the town, such as the town square, which it attempts to keep consistent with its current height limit - consisting of buildings with a two story height limit.
We have seen sale prices continue to go up, not following the National Trend in any manner. Our inventories continue to be low and things are selling. Why? I believe that people cherish places that will remain less changed. Change is inevitable but in Jackson Hole it is very limited. Most of the town projects being done now involve first tearing down an older developement or house to then rebuilding with new. The Teton Meadows project represents one of a possible four major developments that could come down the stream in Jackson. For arguments sake - lets say at a maximum we gain 1000 home sites over the next 10 years - the market will easily absorb those if we look at past records. I think that that is a very high estimate and unlikely. Beside those new developments there is nothing else left. None of these projects will happen easily and without fight from local groups.
Another great reason for Jackson Hole real estate price remaining stable and increasing is because of Wyoming’s beneficial tax structure. It remains to be one of the tax friendliest states in the union.
I think the above reasons represent wonderful excuses to live and buy a home in Jackson Hole. But, the real reason is that this place is special on a global scale. There is clean air, plentiful clean water, gorgeous vistas, inspiring wildlife, great recreational oprtunities, a striving economy, and great people. What more do you really want from a mountain town.
Not since the election of John F. Kennedy in the 1960’s has the Wyoming Democratic party played such an important role in the national election. Wyoming has always been an important groundbreaking state being the first state to allow women to hold office, being the first state to have a national park when Yellowstone got protected and having the motto of “the equality state”
Here in Jackson Hole we have had a great history of change and vision. In 1920, a local political caucus nominated an all-women’s ticket to run for mayor and four town council seats. The editor of the Courier wrote “if elected this next Tuesday this capable women’s ticket will place the city of Jackson in the limelight.” On May 11, the voters elected the entire ticket, and they took office on June 7.
| Election Results |
Mayor
Grace Miller
Fred Lovejoy |
56
28 |
Town Council—2 year term
Rose Crabtree
Mae Deloney
William Mercill
Henry Crabtree |
50
49
34
31 |
Town Council—1 year term
Genevieve Van Vleck
Faustina Haight
Maurice Williams
J. H. Baxter |
53
51
31
28 |
Wyoming’s political environment has seen great change in the last few years - from what was a die hard republican state with it’s native son Dick Cheney and a conservative base lead by U.S. Representative Barbara Cubin holding down the republican side. In 2006 Barbara Cubin barely held on to her seat in a narrow race with political newcomer Gary Traunuer from Wilson Wyoming. Wilson Wyoming sits just outside of Jackson Hole in Teton County , one of the states only democratic majority counties.
So who will win tonight and get our 12 delegates? Barrack or Hillary? I am guessing Barrack. He has seen major support on a national level and he does represent change. We will see tonight.
Please give me your thought and comments.
Just a couple of days ago I was riding up the gondola at Jackson Hole Mountain resort when I met a young teacher from the Jackson Hole Elementary school. I started quizing her about her job, the students, and what she thought about being here. I couldn’t have been happier with her response. She said “I get to do what I love, in an incredible place, and I have one of the best pay scales in the U.S. I had my choice of going to any school in the country and Jackson offered the most in all aspects. ” I then found out she had graduated from Duke at the top of her class. This reiterates why Jackson is special - Great people want to live here.
Today as I was going through my mls search - I once again noticed that properties are still going under contract almost as fast as they are coming on the market. We are showing properties on a very consistent pace and dollar volume continues to stay on pace with our record breaking 2007 levels. Why is this happening? I think it is because Jackson Hole has just recently been discovered by the world’s elite and in combination with great tax advantages and most importantly the incredible lifestyle and environment.
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