Jackson Hole Sotheby’s International Realty 2013 Market Update
The Jackson Hole real estate market has definitely made a recovery. The fourth quarter of 2013 was solid with volume 62% ahead of the average of the past four years and unit sales up 45%.
Total year 2013 real estate volume in Jackson Hole was up a strong 11% and the number of transactions jumped by 30%. As we look more closely at areas of the valley and types of properties, the message is consistent…where we had inventory, the sales increased and where it was priced right it was even better.
What we also saw was much shorter list to sell time on new listings. Of 577 new listings in 2013, 296 or 53% sold during the year and 35 or 6% within 120 days.
The mood in Jackson Hole is that it is the right time to buy real estate. Prices have stabilized in all market areas and segments and they are increasing. Price growth has been moderate throughout the Valley other than isolated situations such as East Jackson where prices rose at a higher rate.
2013 was the fourth consecutive year of volume and unit growth as we now approach the lofty levels of 2005, 6 and 7. Total volume for 2013 was up 11% over a very good 2012 and 64% higher than the average of the previous 4 years.
The highlight of 2013 in both unit and volume growth was the town of Jackson with East Jackson leading the way (as referenced above) with properties selling quickly and at continually increasing prices. In fact, unit sales in town were up 38% with volume up 31%. The strength of sales has followed the trend elsewhere in the country with the increased popularity of urban living and by all accounts is likely to continue.
As sales have increased, new listings have not come on the market at the same rate. Our inventory levels are down but there are still numerous good buying opportunities making this a great time for both buyers and sellers.
None of us know what the future holds but based on what we are hearing and seeing we expect continued demand and interest in Jackson Hole real estate. Baby boomers want the opportunity to experience and enjoy a special lifestyle and we have that year round.
People are looking for amenities and Jackson Hole has them…in the winter it is great skiing including at the #1 resort in North America, sleigh rides in the Elk Refuge, opera sponsored by the Grand Teton Music Festival and the Center for the Arts, tours in the Parks, snowmobiling, snow shoeing, exhibitions at the National Museum of Wildlife Art, dog sled tours, hot springs, wildlife viewing plus the mountain, river and valley views that are breath taking. Of course summer is full of options for activities so when people are looking for things to do, this is the place.
The beauty of Jackson Hole, amenities, activities plus the tax advantages of being in Wyoming (a state with a budget surplus!) make it an easy and logical choice to own property here and establish residency. Whether young or thinking of retirement, Jackson Hole works and people who come here stay here since it is such a special place.
With all that as positioning, we do expect the real estate market to do well with opportunities for buyers with prices still below what we saw in 2006, 7 and 8.
Jackson Hole Sotheby’s International Realty sold more properties for more money than any other real estate firm in Jackson Hole, outselling all other brokerages combined. Our agents are the market leaders with the Valley’s top producers and the most knowledgeable hardest working group from top to bottom.
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