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Year End Real Estate Results For Jackson Hole — 2008

Year End Real Estate Results For Jackson Hole — 2008

Looking strictly at the Teton Board of REALTORS multiple listing service (MLS) the numbers are quite stagering. Transactions totaled 282 and sales vloume was $480 million. Verse 2007 – unit volume fell 51% and sales volume declined 39%. Charting the past seven years we saw the unit volume peak in 2005 (746) which results in a 62% reduction when comparing to 2008.

If we are looking for a bottom we believe we have a way to go. The MLS system reported only 7 sales in Teton County, Wyoming in Januray 2009! The previous low was 9 in November of 2008. And the real eye opening fact is when looking aside from the past 3 months the “low water mark” was 23 in January of 2002! Sales volume for January 2009 was $9.2 million and the previous low was February, 2002 @ 16.9 million. Wow!

Looking for a brightside? There are 47 pending transactions (includes 23 presales in Teton Village). Of the remaining 24 pending transactions this number represents twice the amount of pendings reported in January!

Currently there are 675 active listings in the Teton Board of REALTORS MLS.

The Latest and Greatest Jackson Hole Market Update – 12/15/2008

After reading these highlights you are going to believe that Santa has is bag full of coal for Christmas. Unfortunately the market statistics for the first 11 months Jan-Nov 2008 are looking quite bleak. Please do not shoot the messenger.

• The sales volume is 39% below that of 2007 at about $460,000,000.
• We can trace the beginning of the slow down to August of 2007 when units listed outpaced units sold
• Sales volume in all market areas is down with the biggest decreases seen in Teton Village (-55%) and South of Jackson (-64%).
• Units sold as stated above is down (-287) almost 52%.
• Teton Village reported only 1 home and 28 condos sold verse 7 homes and 52 condos and 5 vacant land parcels during the first 11 months of 2007!
• With the limited number of transactions along with a somewhat strong over $3 million market the average sales price has increased by 27%.
• Days on Market has started to increase with an average of 157 days on market verse 142 in 2007. The biggest increase in Days on Market is being seen in the Condo market.
• Vacant land transactions are taking the biggest hit down 47% on volume and down 67% on the amount of transactions 37 vs. 113 in 2007.
• Only 9 transactions took place in November! The fewest since before January of 2002.
• Active inventory is 72% higher than last year at this time
• Inventory priced under $3 million is up 85% vs. last year
• Inventory priced over $3 million is up 32% verse 2007

Sources for a the data come from the Teton Board of Realtors and Sotheby’s International Realty with a little bit of input by Garth Gillespie, Sales Associate, SIR.

It is our belief that we will start to see an adjustment in the average sales price in the near future. Our transaction data is becoming smaller as the market slows so a few transactions can really skew the data. We are starting to see some major price adjustments in the under $1 million and under $2 million markets. For more information on the current real estate environment in Jackson Hole please do not hesitate to call us at 307-739-8056 or email us at garth.gillespie@sothebysrealty.com.