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Jackson Hole Update – Real Estate in 2009

The final, final statistics are not quite finished but Sotheby’s International Realty Jackson Hole Brokerage has compiled the final sales numbers from the Teton Board of Realtors Multiple Listing Service for 2009.  The past year will go down as one of the most difficult real estate years in history.  With financing difficult to find and more importantly a complete lack of buyer interest, sales across the entire spectrum slowed t a crawl.

The year did not start out well at all with only 20 transactions in the first quarter!  The second quarter improved a little with 63 transactions.  Finally during the last half of the year we started to see some activity market wide and had a total of 143 deals take place.  The totals are incredible when compared to the previous few years.  Unit volume declined 28% vs. 2008 and 65% vs. 2007.  Sales volume was even worse being 52% lower than 2008 and 71% lower than in 2007!

From Garth and Christy’s perspective the Jackson Hole market has a ways to go before we see any type of recovery.  There are chunks of the market that have not realized the decline in sales and prices and have refused to adjust with the current market.  There are 53 active listings between $2 and $3 million with only 1 pending sale in this price range.  The low range in the market $350,000 and below has barely adjusted which is resulting in a completely stalled market. 

What does this mean?  I will be updating the blog in the next few weeks and I’ll try to lay the frame work for recovery.  We have seen some motivated sellers which have resulted in sales so we are hoping sellers and the real estate community is starting to grasp the severity of the declining market.  The only way we recover is for the market to reflect the 30% to 40% decline and adjust the prices accordingly.

Jackson Hole is still a fantastic community.  It offers good schools, a top notch hospital, incredible arts and social environment, fabulous resturants and that small town charm many people desire.  Wyoming still offers incredible tax savings, abundant wildlife, great ski resorts and ample space for recreation.  These aspects are still here so we see a lot of opportunity for Jackson and the real estate market to rebound.

Stay tuned for additional information and thank you for visiting the Jackson Hole Experts Blog provided by Garth and Christy Gillespie.