2008- New Beginnings

As the year end stats start to roll in for 2007 we are reminded of why we choose to live in a place like Jackson. The past three weeks have been incredible skiing with over 70 inches of new snow in 7 days! Sunny days and cool temps made for empty slopes and the best turns of the year.

As for real estate happenings: Hotel Terra should be closing their units this week, setting the square footage mark around $1800. There seems to be a surplus of inventory at the Village right now for older condos, but as soon as the momentum starts back up again look for new heights in this special market segment.
Coming off two record breaking years the Teton County real estate market is poised for some new growth and adjustments amid the mortgage meltdown and national housing slowdown. What we are discovering as the sales numbers roll in is typical for our market; low inventory and rising prices. Dollar volume decreased slightly by 1% but with 30% less inventory our median prices rose 15% across all market segments. Most notably as usual were Teton Village and the Racquet Club recording price increases of 23% and 46% respectively.

What does this mean? At first glance there is a slight shift into a Buyer's market right now. We are certainly seeing disconnect between buyers and sellers with an increased days on market average. Later this week I will be featuring some of the strongest ‘buys' on the market in Jackson.