Where’s the Jackson Hole Real Estate Market Headed – Feburary Review
That’s a good question. Currently we are at a stand still as transactions are almost nonexistent. The month of February will go down as a month to forget or should I say a month that was forgotten. Totals for sales volume and units sold are unbelievably small.
Okay – enough baiting. When looking back on the month of February for sales in the entire Teton County Multiple Listing Service we find a grand total of 3 transactions! Since there are only three I can actually list them: 1. Fractional Sale at the Teton Club, 2. 1 Bedroom Condo, 500 square feet in the Town of Jackson for close to $300,000 and 3. a small single family home with development potential for a little over $600,000. That’s it. Sales Volume totaled close to $1,000,000.
How about new activity? Well, we did see some activity in Melody Ranch. 2 homes which were priced at, or above $1,000,000 this past summer, had some very aggressive price reductions which motivated a couple of buyers. Both transactions, if they close, with be under $700,000. There are a total of 41 pending residential transactions. Interesting to note – of the 41 pending transactions almost 30 of them are in the construction phase of development. 6 of the pending transactions are priced above $1,000,000 and 1 of those transactions is listed for $10.5 million! There are also 4 fractional units pending.
Current active inventory is at 708 listings, 506 of which are residential, 48 are fractional units and there are 152 building sites. Of the 152 building sites there are 5 pending transactions (2 in my opinion are suspect) and the other 3 are Commercial properties.
Where are we headed? …as I mentioned above – Good question. It is our opinion that until we see some light at the end of the tunnel with our economy our real estate market will stay in hibernation. We are still waiting to see some significant price reductions – especially on the lower/lowest end of the market. Christy and I see a solution to get our market moving but that takes the low end to move another 20% to 25% downward. This would stimulate first time home buyers. From there, the sellers of these properties could make a move at the next tier and so on.
The stimulus plan does give some incentives for first time home buyers ($8,000 tax credit) and interest rates are at historically low-low rates (under 5%). Incentives, low interest rates and lowering prices – bring it on. Christy and Garth Gillespie are eager to help. We want to be part of the “Jackson Hole Stimulus Plan”. Call us and let us help you make a move in this market. Read our blogs, our top picks or call for a free consultation.