The 2003 Mid-Year Report - Newsletter
(Courtesy of David Viehman, dba Jackson Hole Real Estate & Appraisal, LLC, The Hole Report)
For information on Population, Transportation, Recreation, Real Estate, Education, Taxes, Safety, Utilities, Financials, Employment, Local Government, Federal Agencies, please CLICK HERE for General Statistics and Information on Jackson Hole.
For an analysis of the real estate market updates, please see our 2004 Mid Year Market Report for more information. As predicted in the last issue, our market, while moving upward, is recovering slowly. But, our office and several other real estate offices are absolutely slammed with new customers and clients. This is due in-part to the lowest interest rates we have seen in 45 years, the increased level of consumer confidence for Jackson Hole real estate and the stock market at a level where Buyers are selling their stock and moving the money into a more secure investment that they can also enjoy.
You can also view more updated information for the 2006 year, by reading our Jackson Hole real estate blog with up to date, and current market conditions news.
If the increase in traffic is any indication of what the summer holds we could see this market turning from a Buyers market to a Seller’s market by the end of the year.The overall market in the first six months of 2003 had a 22% increase in number of sales but the dollar volume was down slightly by 7%. When looking at what is under contract we are on par with this same time last year. On a positive note, when looking at the amount of active listings on the market, as of July 1st compared to July 1st of 2002, we have seen a 15% drop. This means that with less inventory a Buyer has less to choose from and is more willing to pay the Seller’s asking price. (Supply and Demand).Across the board we are seeing a larger number of closed transactions this year.
This is especially important for vacant land sales as this is the first time in four years we have seen an increase in Buyers. Even the upper end of the vacant land market is seeing more Buyers with a 25% increase in closed transactions for properties over $1 million so far this year. One segment of the market that has really exploded this year is condo/townhomes where the number of sales is up 51%, the dollar volume is up 27% and the median sales price is up 25%.
See the condo/townhome web page for more detailed information.I hope this report will give you some sense of market trends and, as always, I am glad to discuss them further with you. This newsletter does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions showing year-to-year changes in number of transactions and average sales prices. For a more complete analysis go to my website listed below. The value of any individual property may, and probably will, vary from the average indicated in these graphs.*All statistics quoted in the Mid-year report are based on sales in the first six months of 2002 compared to the first six months of 2003.
<<< Home
