A few weeks ago, Andrew Cornish, owner and president of Rocky Mountain Appraisals in Jackson Hole, Wyoming released his Year End Report. The main conclusion: Despite an increased number of real estate sales in 2010, home values in Jackson Hole continued to decline, with entry level homes hit the hardest.
|Total Residential (Single-Family, Condo,Homesite) Transactions||388||224||296||-42.27%||32.14%|
|Average Price of Transaction||$1,606,595||$1,404,296||$1,462,113||-12.59%||4.12%|
Andy Cornish explains that while the number of sales in Teton County, WY was up over 32% from last year, certain segments of the market are still experiencing value losses up to 30-40% from peak values in 2007 and 2008. The single family home market saw the average transaction price increase by over 12% in 2010. However, Mr. Cornish explains, this is due to a prevalence of higher-end transactions, not an increasing value trend.
Available Inventory (homes for sale on the market) has remained relatively constant between 2009 and 2010, however currently inventory levels are double of that in 2007. The type of inventory is interesting to note as well. According to the Teton County MLS, the least amount of ‘distressed’ properties exist north of town, while the greatest concentration of distressed properties exist in the Town of Jackson and South of Town, where an estimated 12% of homes for sale are described as bank-owned or have short sale potential.
Conclusion – According to Mr. Cornish’s Year End Report, while the real estate market continued to lose value in 2010, an increase in the number of transactions can provide hope that a market stabilization is in sight. For the entire Year End Report, visit Rocky Mountain Appraisals or contact The Gillespie Real Estate Team at 307-739-8078 or by visiting www.jacksonholeexperts.com