Jackson Hole Real Estate 2009 vs. 2008 First Quarter Report

Now that the first quarter of the 2009 Jackson Hole Real Estate market is behind us, I thought readers would be interested in a brief comparison between first quarter 2009 and first quarter 2008 as it relates to property sales in Teton County, and around Jackson Hole Wyoming.

From the beginning of January to the end of March of this year, there were only 13 property sales recorded by the Jackson Hole MLS (Multiple Listing Service). This is a dramatic drop in real estate sales to 74% when compared to 2008 sales in which 49 closings occurred between January and April 2008, and an 89% drop when compared to 111 sales in that same time period in 2007.

This lackluster sales quarter, as well as several before it, has created excellent conditions for cash Buyers who are looking for motivated Sellers and bargain deals.

Please call or email us today for more details for the real estate marketplace in Jackson Hole. Andrew Ellett at andrew@jacksonholerr.com (307.690.6155) or Mark Winston at mark@jacksonholerr.com (307.699.0128).

Great Time to Buy Real Estate in Jackson Hole Wy : 2 Recent Real Estate Deals Reviewed

Last month we closed on two properties in Jackson Hole. I admit this is not a very impressive sentence, particularly if it had been written in 2006 – or any year but this one. In fact, it probably would have been considered a very average month. But on this second week of March, it actually accounted for more than 20% of the Real Estate sales in Teton County Year to Date.

I share this information only to demonstrate how much the market has slowed in the last 12 months and what a great time it is to invest in Real Estate in Jackson Hole. Last year, by the second week of March, 35 properties had closed in Teton County Year to Date and that was by no means a robust market compared to 76 closings in that same time span in 2007. That is not to say though that Jackson’s Real Estate market is all doom and gloom – if you are a Buyer. Yes, sales volume is dramatically lower and inventory has risen sharply and these factors create motivated Seller’s and very lucky Buyers.

Case in point, on March 6th we closed on a 4 bedroom, 4 bath, 2800 sq ft home with stunning Teton Views for $1,475,000. The property was being sold for $1,500,000, however, had the Buyer’s visited that home 12 months before they would have seen a $2,300,000 price tag along with a 2007 appraisal that valued the home at $2,150,000. What a difference a year makes.

An equally amazing deal was the closing of Moose Creek #22 in Teton Village for $1,479,000. This ski in/ski out town home was one of only two free standing townhomes in the exclusive Moose Creek area of Teton Village that actually has its own ski lift that goes to the base of Jackson Hole Mountain Resort. If you were to look at sold comparables for these three bedroom townhomes in 2007-2008, you would have found the range to be within $1,800,000 - $1,875,000, yet this market has created a handful of motivated Sellers willing to sell $400,000-500,000 below comps.

Finding these types of Real Estate deals is our specialty. Our team is exclusively comprised of Buyer’s Agents and our focus is on helping you find and purchase your perfect piece of Real Estate property in Jackson Hole. As Buyer’s Agents, we are your advocate and your advocate only. Please contact us today if you have questions or would like more information on some of the incredible properties now on the market at discounted prices.

Go ahead, Search our Jackson Hole MLS today and call us for a consultation.

Andrew Ellett at andrew@jacksonholerr.com (307.690.6155) or Mark Winston at mark@jacksonholerr.com (307.699.0128)