The headlines could be misleading if taken out of context when reviewing the recent sold activity in the Jackson Hole real estate market. “Sales transactions and volume more than double from previous year!” or “2010 starts off with a bang!” You never know what some agents will report if you do not know their agenda. Here at the Jackson Hole Experts Blog we try to give the facts but also try to give you our opinion as to where the markets are trending. Our agenda is to give you a feeling of what we are seeing in the field and follow that up with the statistics that the MLS reports.
January felt very slow and quite possibly worse than this time last year. The economy and job outlook in Jackson feels like it is slower and weaker than in years past. With that said we did see activity more activity than we witnessed last year and sales did double and sales volume more than doubled so our “gut impressions” did not hold up when reviewing the past’s months activity.
When looking very macro – Teton County MLS recorded 10 closings with a sales volume around $19 million. This compared to 2009 when we had 4 transactions and just over $7 million in sales volume. 2009 was just plain awful so to compare any month to January 2009 we are bound to report better results. One issue when looking at the 2010 numbers is that there were 2 very large transactions ($8.2 and $3.8 million) which account for $12 million in volume! Remove those 2 transactions and we have volume numbers that are almost identical to lasts years awful results. As we continue to go micro with the stats we can see how those 2 “big transactions” play with the data. When including all 10 transactions the average sold price is $2 million. When we peel away the Indian Springs transaction ($8.2) the average sold price slides to $1.2 million and if we also peel away the Four Seasons penthouse sale the average sales price slides to $900,000.
To wrap up the report I’ll pass on a few more statistics: Of the 10 reported sales there are a total of 20 transaction sides. Sotheby’s International Realty – Jackson Hole Brokerage represented half (10) sides. The rest of the sides are spread out but coming in second was our friends Jackson Hole Real Estate and Appraisal with (3). There was 1 sale in Crescent H Ranch, 5 sales in the town of Jackson, a sale in Teton Pines, 2 sales in Teton Village (includes the above mentioned sale) and the Indian Springs sale. The average days’ on the market was 262.
In the next update we will detail the pending transactions currently reported in the (MLS). There is a little upside as we see a good set of inventory under contract. Stay tuned!
For more information about the Jackson Hole real estate market please feel free to call us – Christy and Garth Gillespie at 307-739-8056. We are full time Realtors who enjoy their jobs….