Sales were up and inventory down in the Jackson Hole real estate market during 2012, and the lower price range was especially hot. Many people who live and work in Jackson took advantage of the market and spurred big sales in the segment of the house and condo market with prices under $500,000. Sales overall improved from 2011, encouraging brokers.
Andy Cornish of Rocky Mountain Appraisals said the market’s biggest troubles “came to a stop by about midway through 2011, and the improvement we saw continued to hold last year, which was good. “It’s too early to say it’s a frothy, heating-up market,” Cornish said, “but people are interested in getting in at favorable interest rates.”
In his Jackson Hole Report, now in its 18th year, he put the total number of sales in 2012 in Jackson Hole at 565, up 38 percent from 2011. Dollar value by Viehman’s calculation rose 50 percent to $881 million. Sixty-two percent of transactions were for less than $1 million, he said. Mayo was especially encouraged by a drop in total listings, “which have certainly declined from during the dark days, when we had 1,000 listings, to now, where it’s under 700.
The turnover rate in the market — the number of sales compared to the number of listings — is about 76 percent. At the height of the market, he said, before the Great Recession, inventory was turning over between two and three times a year, but during the depths of the crash turnover fell to 25 percent a year.
Viehman, who says his Jackson Hole Report includes every transaction, not just those on the Multiple Listing Service, figured that turnover had improved by year’s end to the point that overall inventory was down to 11 months. He said the average time from listing to sale for single-family homes is nine months, seven months for condos and townhouses. His method put the total listings at year’s end at only 498.