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March 4th Market Update

Spring is in the air and here in Jackson we are starting to feel a slight change in the weather. During the last week of January Jackson broke out of the 30’s for the first time since November. It is amazing how nice it can feel after the long winter. That is not to say that skin season is over yet. Jackson Hole is blessed with some of the best skiing in the west. The base snow depth is above 100 inches and total snowfall at Rendezvous Bowl is already over 400 inches. We are anticipating a very busy spring ski season with flights mostly booked.

Speaking of flights….Frontier Airlines announced last week that it would begin flying three planes a day into Jackson Hole starting in mid-May.  The airline is planning on using a 70 seat Q-400 turboprop with flights to Denver. This is great news as it should increase competition with United and will lower prices on flights to many destinations. 
 
Real Estate News – A mixed bag of information. From the prospective of looking at data the numbers are really starting to show a slow down. From the prospective of the “pulse” of the market, Christy and I are feeling like there is still some strength in the real estate market. If a property is unique and desired there are still buyers out there ready to pounce. During the past month we have seen condos in the $400,000 to $700,000 almost disappear. There are also 20 pending transactions over $1,000,000 with 10 over $2,000,000. 
 
On the other end of the spectrum February only saw 17 sales which is the lowest recorded number of sales in the past 3 years. Of the 17 sales 8 were condos, 5 were land sales and 4 were residential sales. As mentioned before there are 41 current pending transactions. Active inventory continued to grow to 441 active listings compared to 404 in January. The number of closed transactions per month fell for the 7th time in the past 8 months. This is the longest and steepest decline in closed activity in the past 4 years.

2007 Jackson Hole Statistics Fine Tuned – March 2008

 

2nd Blog in a series of updates on 2007 statistics:

Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you.  Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.

Source:  Teton County Multiple Listing Service — Sales Volume for 2007 equaled $792 million.  A new record!  There were 83 less sales, but $65.9 million more in gross sales volume verse 2006.  Since 2005 unit sales have been declining yet volume has been increasing.  What does this mean??? Increase sales prices!

There was a noticeable decline in activity in the 4th quarter of 2007.  In 2007 unit volume peaked in July which is completely different from years past when September was the busiest month for sales.  There were only 26 sales reported in December and only 21 in January of 2008.  That is the first time in 3 years that there were 2 consecutive months of fewer than 30 sales.  Six months ended Jan. 08 units sales declined 29% from six months Jan. 07.

Look for more statistics in early March!

For more information or if you have any questions or comments please feel free to contact the Gillespie Real Estate Team.