While reading the current news these days it is very easy to get confused when determining what is happening with real estate. One article you read talks about the next real estate bubble and then the next article talks about the worst month of home sales in almost 1 year. Well Christy and I are here to tell you that the real estate market is extremely healthy and we are seeing strong buying signals in just about every market here in Jackson Hole.
Why some of the negative information out there? The data we are using for comparing last years March totals verse 2014 March totals involves a lot of distressed properties that were on the market in 2013 and the strong push of buyers that swooped in to buy them before they were all gone. Now we are seeing a big push by buyers to purchase by we are encountering a lack of inventory. The sales numbers for house sales in 2014 have been very strong but since there is not the added inventory from the foreclosures or “short sales” the sales totals are lower than in 2013. But if we segment the sales by price point like the chart above the real story is that home sales are trending upward.
The chart above is from the National Association of Realtors. Sales for homes over $500,000 (most of the Jackson Hole market) are above to way above 2013 numbers. This data for for nationwide sales. Here locally ours sales are tracking at the same rate as 2013 or just slightly lower. Why are we not trending as fast as the national average? Inventory! We have not seen a stronger Seller’s market in Jackson Hole since the mid 2000’s.
For a free Listing Presentation by Christy and Garth Gillespie, Jackson Hole Real Estate Associates, please call us at 307-413-5243 or email us at firstname.lastname@example.org.