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.