The Brokerage of the Tetons market report is published at the end of each year to give our client’s and customers an accurate recap of the year in the Jackson Hole real estate market. Prices held level through most of 2012 with an increase in the number of transactions of over 29% in comparison to 2011 data from this time period. This gain, and the fact that the average price remained level, is good news for the market. The result of these factors was an increase in dollar volume of sales of over 27%. The most active area of the market in 2012 was the “local” market or that under $1 million. It appears as though prices in this segment will begin to increase in 2013 if our current trend continues. There is very little inventory available in this price range but buyers are noticing deals with strong value and jumping on them quickly.
Most Realtors agree that the market appears to be gaining strength, and while individual property values are still trending down, the number of sales in Teton County was up by over 27% over the preceding year. Furthermore, despite the continued value decline, the relative strength of the higher end segments of the market kept average prices nearly level, showing a less than 1% decline. The increase in both number of sales and the influence of high end transactions combined to increase overall dollar volume of sales by approximately one-third. Some value losses have been as extreme as 7;0%, although these losses are limited to areas where distressed properties are most prevalent (such as entry level attached homes). Value loss for this market segment was ongoing throughout 2010, with losses of 30% in some cases. Less distressed areas of the Teton County market have been, to date, able to limit total loss to between 30% and 40%