A Slowdown is Not a Letdown

While the Jackson Hole market has experienced a slow down, it is nowhere near the dire straits being touted in the media.  A California-based research company recently reported that the median home price in Teton County had dropped 9% in the last fiscal year.  While the lower end market has experienced a slight dip in home values, the higher end Jackson market has actually increased 2% (from $1.175 million in July 2007 to $1.2 million as of July 1, 2008).  Since the Jackson Hole market has consistently experienced approximately 20% increases every year for the last few years, a slow down or even slight dip may seem much bigger than it is.  Many Teton County realtors believe this is a much needed correction in the market.  With slowing sales volume, there is now an 80% increase in inventory from a year ago.  In actuality, Jackson home values are about the same as they were two years ago.  Sellers seem to have trouble believing that their home hasn't increased 20% from last year, which is reflected in the asking price.  However, many sellers are understanding that this has become a buyer's market.  So, don't be shy.  Make an offer.  The worst that can happen is that the seller will counter.