Wanted to post with an update on the improving sales and activity in the Jackson Hole real estate market. As with the January statistics we have to put the numbers in perspective — last year we only had 4 sales…. February 2010 was much better with 10 recorded sales in the Teton Board of Realtors Multiple Listing Service. 7 sales under $1,300,000 and 3 sales over $4,000,000. Notice the market gap between $1.3 and $4 million — This is the market Christy and I see as the slowest segment.
Of the lower priced properties 4 look to be “local” purchases which is very encouraging. Last year Christy and I did not see the “local” market move around much through out the valley. We are currently showing a lot of properties to locals so we hope this translates to an active spring and summer sales season. Of course the only way this market will move forword will be if the sellers of all properties properly understand the market and price their homes at current market prices. There is an indication that we are starting to see the new listings enter the market with proper price placement.
The other segment of the market – over $4 million looks to be responding to the more stable ecomony and rising stock prices. We still see uncertainty in the markets but it seems like there is a general consensus that we have turned a corner. This news seems to have brought a few additional buyers into the market. We will continue to watch this trend as we close out the first quarter. The three other transactions mentioned above were: All on the “west bank” with one in Teton Village (ski/ski out home – Granite Ridge), one in HHR and one in John Dodge which sold for over asking price (listed at $7.4 million!).
Updates should be coming more frequest as we will have Katie Colbert – Buyer and Commercial Real Estate specialist – for the Gillespie Team adding to our blog posts.
Here’s to a Happy St. Pats. Go Marquette and Wisconsin in the NCAA Tourny!
For additional information on Jackson Hole Real Estate please feel free to call or email the Jackson Hole Experts!