Sotheby’s International Realty of Jackson Hole has been busy compiling statistics from the past year (2007) and in next series of blog updates I will be taking some of that information and sharing it with you. Leonard Klieman of the Jackson Hole Sotheby’s office has done an incredible job of analyzing Teton County Multiple Listing Service information along with comparing and contrasting data received from Teton County, Wyoming County Assessors Office.
As of January 2008 there were 404 current listings in the Teton County MLS. Due to a extreme slow down in current pending activity this gives Jackson a 20 month supply of inventory. (Months of Inventory = Active Listings / Unit Sales). In January 2008 we saw the first increase in active listings for the first time in 3 years. In 2006 there were 386 active listings and in 2007 there were 364 active listings at this time. The biggest change in the data however is that pending transactions are trending down instead of up when comparing the past few years. This trend started in November of ’07.
Properties listed for less that $3 million: 296. Active listings are up 11.7% vs. last year and is up in January vs. December for the first time in 3 years.
Properties listed greater that $3 million: 116. Active listings are up 9.4% vs. last year.
Teton Valley, Idaho – – Residential and Building Sites — 1,601!!! January 2008 active listings are 46% higher than in Jan – 07 and 153% higher than in Jan – 06. Rising inventory coupled with falling unit sales is contributing to the jump in months of inventory. You ask what the months of inventory for Teton Valley, Idaho is….5 years!
Jackson Hole / Teton Valley Wyoming 2007 Summary: The overall market experienced…
- 9% rise in sales volume
- 25% increase in average sales price
- 30% rise in median price of a single family home
- 34% jump in the median price of a condo
- Decline of nearly 13% in total unit sales
- Inventories remain tight but rose slightly in January
Teton Valley, Idaho 2007 Summary: The overall market experienced…
- 4 years of solid growth through 2006 ended with a 15% decline in 2007.
- Unit sales declined 9%
- Quarter 4 of 2007 – unit sales declined 58% vs. 2006
- Inventory has more than doubled in 2 years.
Hope you enjoy the statistics and if you have any questions or comments please feel free to contact The Gillespie Real Estate Team.