Market Update – Jackson, Wyoming
April 22, 2008
Temperature at the Jackson Hole Airport = 39 degrees! Brrrrrrrr…..
Yes as you read the headline it was 39 degrees on April 22, 2008. This would not be such news but those of us in Jackson Hole have had just about enough winter. We finally had some warmer weather during the weekend to melt some valley snow but overall this has been the spring that just has not started yet. Last year – a warm dry year – was on the other end of the spectrum as most of us were concerned about drought and wildfires. This year we are starting to be worried about when the tulips are going to bloom.
March came and went and there is not a lot to talk about. For the third straight month the number of transactions has not crested 25! In March, there were a total of 22 transactions with a closed sales volume of $38.5 million. To illustrate the slow transaction data we only have to look at the number of transactions during the previous 3 years: 2007 – 60, 2006 – 53 and 2005 – 68.
Of the 22 transactions in March of 2008 – 18 were single family homes and 3 were vacant lots. Highlights are 1. A home in Tucker Ranch sold for $8,000,000 2. There were 2 sales in Teton Village over $3 million and 3. There were 9 sales in the Town of Jackson (mostly condos and townhomes).
There are currently a total of 55 Pending transactions with a total Listing Volume of $133 million. The average list price being $2,425,944. There are 3 transactions that are priced over $10 million!
In real estate news – The Teton County Planning Commission voted 3-1 to advise the Teton County Commissioners to enact a freeze on subdivisions and zone changes for parcels of 20 acres or more.
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