Jackson Hole Mountain Resort set to open Novemebr 29th, 2008. The earliest opening ever. The big question is will it happen? Upper mountain snow is good from skier report on Teton pass. the temps are allowing them to make snow on AV (Apre Vous) . So the answer is - we will see.
The Spud drive-inn has offically closed for the season. But let's not forget next season. To get to the Spud- Take Hwy 22 west from Jackson to Wilson then over Teton Pass into Victor, Idaho. Continue on the same road until you see "Old Murphy" pictured above and of course the screen. When you are there, don't forget grab a burger and fries. It is like stepping back into the 50's and the food is great. It was ranked as the best drive by Entertainment tonight. It is also registered in the National Register of Historic Places.
The movie are usually current releases. The peopl are great and it makes for a classic experience.
Jackson Hole continues to see a major slow down in sales. Price reductions are abundant. The continuation of the stock market decline and weakness in the national and global economies have continued to put downward pressure on pricing. Many sellers of Jackson Hole properties have not become realistic in pricing. It is what I would call denial. My advice to sellers is do not sell now unless you have too. If you have to sell now, price your real estate way below what everybody else has similar things priced at. If you are looking to buy into the Jackson Hole real estate market, the time is starting to get good. There have been a few exceptional values in our market. One thing to remember is you are buying into Jackson Hole. One of the most pristine enivirons in the world. Home to the lower 48's largest untouched wilnerness. It is home to the headwaters of the Snake River making it a good bet on longterm water supply. The schools are excellent. Crime is low. Cultural activities are unrivaled in a town of this size. etc.. etc.
The Jackson Hole Real Estate Market had been defying gravity for the last couple of years, that is, until this spring. Last year, while the nations real estate market suffered one of the most dramatic declines since the 80's. We in the jackson hole real estate business
enjoyed double digit price appreciation. That party is over for now. In combination with the credit squeeze and the fall of the stock market we have seen recent sales come to a halt. I am sure that most real estate brokers in our area will cringe when they read this but I am not writing this to appease them or to talk someone into buying something from me, under the guise that it is going to keep going up. Though I do believe in the "long term" it will. I think people want to know the true story. My thought is, we are going to see a "correction", to what level is any ones guess. For the market to truly go down would be a remarkable feat if you go from the prior four year time period as our values are up 144% over that time. Now if a property was bought last year it might have been bought at the very top of the market so there is a down side. There are a few shining lights in our area. One, the inventory increase has subsided likely because many of the Jackson hole property owners realize that now is not a great time to sell and they have the financial ability to wait it out. Two, the high end of the market has held steady. Three, we have been seeing sales in the very high end of the market (10 million + ) which by the way, skews our numbers.
Here are the numbers for the Jackson Hole Valley comparing 365 days starting in October 2006-2007 compared to 365 days over the same dates ending in October 2007-2008. Total number of listings is up +19% to 1,116 Listings from 941 the year prior.
Total number of sales down - 42% to 278 sold from 478 sold in 2006-2007, Total Sales dollar volume down -27% to $456,359,749 from $627,169,240. The median sales price was UP to $947,500 from $749,500 an increase of +26% . The average sales price was up +25% TO $1,641,582 FROM $1,312,070 .
Summation: Prices are still high and we did see another major increase average and median sales prices. This is due to the large percentage of sales being very high-end. In the lower end of the market (Below 1.5 million) the market has slowed to a trickle. The next six months is going to be very telling as to the real condition of our real estate market in Jackson Hole.
This report is specifically based on Jackson Hole Real Estate encompassing Jackson, Wilson, Teton Village, Jackson Hole Mountain Resort, Moran and surrounding Teton County real estate. I make every attempt to make my reports unbiased and accurate and I do not "cherry pick" only the results I think are favorable or non favorable. This is a simple market report - if you are interested in a more detailed analysis please email me at www.realestatejackson.com
Inventories:
Teton Village Real Estate Listings - Total active is down _21%, New Listings down -33%, Under contract down - 60%, Number sold down -60%, sold volume down -69%, average sales price down -24%, median sales price is up + 25%, Sold price percent of list price is - 4%
Town of Jackson Real Estate Listings - Total active is up + 33%, New Listings up + 47%, Under contract down - 29%, Number sold down -18%, sold volume down -2%, average sales price up +20%, median sales price is up + 29%, Sold price percent of list price is - 2% Total Active is up +33%,
Teton County Wy Real Estate (The Jackson Hole Valley) - Total active is up +1% New Listings up +18 %, Under contract down - 40%, Number sold down -34%, sold volume down -28%, average sales price up + 9%, median sales price is up + 12%, Sold price percent of list price is down - 4%
Summary,
The low end market in Jackson Hole Real Estate (below $1.5mill) has seen impact from the financial lending crunch. Banks are holding people to more stringent lending policies (As they should). This has created an action reaction effect that dominoes upward - meaning the $300k condo buyer is having a hard time getting finances, the 300k condo seller can't sell and can't move up into the next range above, and this continues into each market above. This does not seem to be effecting the high end market, as the 4million and above buyers are still there and likely have greater access to funding sources.
Our inventory is currently rising especially in the area of Jackson, sales have dwindled downward and prices have just started dropping. We should be headed towards a buyer market.
My last post eluded to the fact that buyers are having to become more realistic in there pricing. It has now become am reality here in Teton County Wyoming. We have seen 113 price reductions in the last 45 days and I consider this to be the start. The best values (and the market segment most effected) are going to be found in our lower end range or below 1.5 million. Or high end market has slowed some but continues to froge ahead with steady sales, though lower than the last few years. We are constantly watching the market for value. If you want to be added to our ubdates go to our website and log in.
Finally, we are seeing an easing of prices here in Jackson Hole. After multiple years of double digit appreciation we are seeing a rise in inventory and multiple price reductions. What is happening? Short answer: Reality has set in. People have been asking prices based on speculative 20% increases from the prior year and also basing prices of sold properties in cases where the buyers paid to much.
It is great to see us heading towards a buyers market again. This is not entirely bad news for sellers if they are asking a reasonable price for the property they own. If a seller has owned a property for more than two years they should be able to sell the property and make a good profit and offer a good opportunity for the buyer.
Jackson Hole real estate should always be a good investment in the long term. Why? because it is very limited in supply and it is a very unique place. I have traveled all over tthe world and have seen many beautiful places and Jackson Hole stands high amongst the best of the best. When you add the wildlife, cultural atributes, water supply, tax structure and quality of the schools together it becomes very hard to compare to anywhere on a global scale.
If you would like more info or access to my detailed market analysis please email or call me.
Four Seasons Jackson Hole - 3 bedroom 3 Bath Ski in Ski Out Condo at Teton Village Just listed by Alan Luther one of our Brokers. This property has been ranked as one of "the top resort hotels in the world" by Travel and Liesure. There is not an amenity missed. With the upcoming Shoooting Star Resort and the new tram this property offers great value for the person who wants the finest of the finest. $3,150,000
One of my biggest goals as a broker and owning a brokerage is keeping my friends and clients informed on what the market is doing. I don't provide fluff. I stick to statistics and knowledge. I consider the use of my time a valuable resource and the more I know the better my clients will do. Hopefully, people will come to trust what we do - following the credo that "we work for our clients not for ourselves" . Now that I have the disclaimer out of the way.
If anybody would like to find out more about what i am talking about please email me at rick@rarejh.com or go to my blog at www.rarejh.com
Cheers,
Rick Armstrong Owner Proker of RARE Properties - Real Estate of Jackson Hole
Rick Armstrong 
at rick@rarejh.com or go to my blog at www.rarejh.com
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