We’ll keep this short as there was little activity in the Commercial Real Estate market in 2009, and even less transactions shared through the Multiple Listing service.
Here are the facts for 2009 in the Teton Valley Commercial Real Estate Market;
Total No. Leases: 0
Total No. Building Sales: 1
Total No. Lot Sales: 1
Total No. Transactions: 2
Total Volume: $0.4m
1. Transactions include commercial leases, commercial building sales and commercially zoned land sales as reported in the MLS.
2. Idaho is a non-disclosure state so not all transactions are reported.
3. The majority of lease transactions are conducted outside of the MLS directly between the Landlord and the Tenant.
What does this mean?
2009 Transaction Value was 8% of the median for the past 10 years (down 92%)
2009 Total No. Transactions was 13% of the median for the past 10 years (down 87%)
The drops provide possibly the most distinct measure of economic activity in Teton Valley and the most accurate indicator of Un/Employment in the absence of other formal measurement tools.
There were other transactions completed outside of the MLS and therefore not represented here. Transactions occur every year, outside of the MLS and in 2009, it is fair to say that the nature and volume of these outside transactions are not significant enough to influence the overall picture of this market. Life was hard in the 2009 Teton Valley Commercial Real Estate Market.
The remedy = construction jobs + tourism, two market sectors that we expect to be quiet in 2010. A rebound in construction jobs relies on absorption of existing housing inventory + consumer confidence + banks return to lending (commercial). Tourism spending relies again on consumer confidence and an increase in employment across the country.
We expect further patience will be needed to see through 2010 while these key ingredients of our remedy start to take shape.
Meagan Hill is a Commercial Real Estate Investments Specialist and Principal of NAI Jackson Hole servicing the Jackson Hole WY and Teton Valley ID markets.
For further information, contact Meagan at (307) 734-8700 or email@example.com