By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC
Our active buyers on our popular jacksonholerr.com site may have noticed the sudden surge in high end properties pouring into the Jackson Hole Marketplace as of late. This may indicate a shift in the market. Last year we had very little good inventory to show our buyers and that seems to be changing dramatically this year. Those homes that are priced well and have exceptional locations in the valley are selling while those homes that are overpriced and not in desirable locations will struggle to obtain offers. Jackson Hole sellers seem to be reaching for new heights in pricing asking well over $2,500 per ft in some instances. Is this the new norm? While most Realtors can point to current sales and try to justify this, I am not confident this high end strategy can hold for much longer.
When will we know and see the signs of a buyer market shift? High end long term rentals are one indicator. I have several high end buyers sitting on the sidelines watching the market shift daily but have opted to lease homes and wait for just the right opportunity. The sudden surge of high end listings can also give high end buyers so many choices they can get confused and realize there is NO urgency. We should know a lot more towards the end of the summer. With the booming economy it will be interesting to see what happens next as most sales are yet to come in August through October.