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How Did Jackson Hole Real Estate Compared to Aspen Real Estate in 2008?


2008 Real Estate Resort Market 2008 sales data has just been released by the Rocky Mountain Resort Alliance with not so surprising results.

The Rocky Mountain Resort Alliance consists of Aspen, Whistler, Park City, Steamboat Springs, Summit Co., Sun Valley, Telluride, Jackson Hole, Vail, McCall, Idaho, Grand Co. and the Lake Tahoe region. The Rocky Mountain Resort Alliance is composed of boards of REALTORS of destination ski resorts in the Rocky Mountain West. The alliance was formed in January of 1996.

As mentioned above the market updates from all of these locations slow a dramatic decrease in activity. All of the “Statistics” compare year end totals from 2008 to 2007. Active listings have increased in all locations with the exceptions being Sun Valley (-10.5%) and Vail (-25%).

The number of “units” which include Homes, Condos, Land and Other, decreased in every market. As we will see in a pattern the best performing market was Vail, Colorado with only a 10% decrease in transactions with strength in land and “other” sales. The worst performing market in transactions was Steamboat Springs with 57.3% decrease. The other results – Aspen (-55%), Whistler (-39%), Park City (-45.3%), Summit County (-45.3%), Sun Valley (-46.7%), Telluride (-50%), Jackson (-51%) and Grand County (-33.6%). Notable transaction numbers include a (-92%) decrease in land transactions in Aspen, a (-65%) decrease in Home sales in Telluride and a (-65%) decrease in Condo sales in Streamboat.

As for Total Multiple Listing Service sales volume numbers, the strength again was in Vail with only a 24.3% decrease in dollar volume to a total of almost $2 billion! Seeing the largest drop in sales volume was Telluride with a 56.6% decrease to a total of $225 million. The strongest change in sales volume came from Jackson Hole where the commercial segment saw an 84% increase.

When looking at all the markets Vail is by far the largest with total sales volume of $2 billion and the smallest being the McCall, Idaho market with $100 million in sales. Totals include: Aspen – $917.75 million, Whistler – $400 million, Park City – $1 billion, Steamboat $455 million, Summit County – $800 million, Sun Valley – almost $300 million, Telluride – 225 million, Jackson Hole – $525 million, Grand County – $261 million, and Tahoe – 734 million.

Hope you find this information interesting and for additional statistics feel free to email or call us at 877-739-8056. You may also visit the Jackson Hole Experts website for additional information including our latest Top Values!

Rocky Mountain Resort Alliance 2007 Report

Christy and I received a very interesting report from the Rocky Mountain Resort Alliance the other day and we felt like the information would be helpful to many of you.

First off…What is the Rocky Mountain Resort Alliance (RMRA)?  The Rocky Mountain Resort Alliance is composed of boards of REALTORS of destination ski resorts in the Rocky Mountain West. The alliance was formed in January of 1996 at a meeting in Vail, CO with the presidents of the various boards or REALTORS attending. At this meeting, the various presidents discussed and came to the realization that geographic boundaries were no longer as important as the common bond that we share as resort REALTORS. We understood that the marketing and selling of resort real estate is very different from the traditional models of residential real estate sales. Our buyers and sellers have different expectations and goals and are looking for a REALTOR with knowledge of the resort markets. Frequently, buyers for a vacation home in one resort are comparing similar properties in neighboring resorts. From this realization came the idea of sharing sales information from the various resorts as well as pressing issues the resorts are facing. We know that because of the mountains, we have very limited space for development and housing the work force are issues facing each resort. As the demand for resort real estate grows, and prices increase, there is more pressure on finding suitable housing for the very important work force.

RMRA End of Year 2007

 

Whistler

Park City

Steamboat

Summit County

Sun Valley

# of Active Listings

599

2902

1244

3240

1611

# of Units Sold

846

2306

1725

2463

653

Total Volume Sold

$768,745,877

$1,945,092,339

$1,002,483,388

$1,306,053,245

$558,758,059

Average Sales Price

$908,683

$843,492

$581,150

$530,269

$855,678

# of Agents

125

1184

425

820

410

            

Aspen

Telluride

Jackson Hole

Vail

Winter Park

# of Active Listings

1041

629

409

1782

4176

# of Units Sold

851

355

599

2258

1051

Total Volume Sold

$1,820,970,617

$518,327,166

$844,374,258

$2,641,306,700

$387,022,178   

Average Sales Price

$2,139,801

$1,460,077

$1,409,640

$1,169,755

$368,242

# of Agents

711

248

752

810

206

Those are some outstanding statistics.  When we look deeper into the numbers a few statistics catch our eye.

  • Teton County, Wyoming average sales price is the second highest behind Aspen. 
  • Teton County, Wyoming has the least amount of inventory available and has all the other communities beat by 200 units.

Christy and I have all the statistics broken down into types of sales so if you would like to learn more please email us at garth.gillespie@sothebysrealty.com or visit us at www.jacksonholeexperts.com.