April Market Update for Jackson Hole

Market conditions in Jackson continue to improve.  After the liquidity crisis in the Fall of 2007 the market took a decided breather.  The trend of under contract properties took a dip along with the rest of the country.  That dip continued somewhat into the first quarter of 2008.  We have not experienced the wave of foreclosures that have swept through other more speculative parts of the country.  The good news is that although transaction volume was down in the 30% range the dollar volumes were less affected.  This is proof that underlying supply and demand forces are still solid here in Jackson Hole.  The median price of closed single family homes continued to hover in the $900,000 range.  New contract activity has also shown an increase in April as Jackson moves out of its seasonally slow period and into the busy summer and fall season.  Inventory is still a big part of the story with the Jackson area still hovering at historically low levels.  Inventory in outlying ares continues to increase accounting for most of the build.  This scenario is creating a buyers market in many areas such as Teton Valley, Idaho.  Inventory selection should improve in the Jackson area as we move into summer if the trend follows prior years.  The current active listings in Jackson (not including commercial or farm/ranch) is at 345 units.  The lowest priced condo is listed at $380k, the lowest priced townhome is $549k and the lowest priced SF home is listed for $675k.