Sales transactions reported in the Jackson Hole MLS were up a strong 32% in 2011 versus 2010 and sales volume was ahead as well. Both unit and sales volume for 2011 were well above the lows of 2009, up 69% and 71% respectively.
Sales increases occurred in all areas of the valley, with the most robust results at Teton Village where unit sales increased by 66%.
As one might expect, condominium sales led the growth, up 55% compared to 2010. Single-family home unit sales ?were also up for the year, +24% – a very encouraging trend.
2011 fourth quarter unit sales were up a solid 37% and volume was up 10% bolstering the trend of increases in 8 of the past 9 quarters. December 2011 was a banner month with unit sales up 60% and volume up 72% versus December 2010.
Average selling prices are virtually impossible to track on an “apples to apples” basis but measurable data shows they were down slightly in 2011. This is a reflection of the transfer of distressed properties at the lower end of the market – a segment of the market that is rapidly moved out.
At the same time, 2011 saw a number of very high-end sales not reported in MLS causing a dramatic positive effect on comparison numbers in both volume and average sales prices. There is Increased interest in higher end properties as buyers have determined that asking prices today represent values that make it a good time to purchase a home in Jackson Hole. An active higher end market is a good indicator of an improved overall attitude relative to the local real estate market.
For those entering the real estate market for the first time, prices of condos and single-family homes are a very attractive alternative to rental prices.
Another real estate confidence indicator is an increase in local building permits in 2011. The number of permits was up 18.4% and the value of those permits was 18.8% higher than in 2010 further indicating a renewed interest in construction.
Based on the improvement in home sales nationally, it seems we are in the midst of a transformation of the real estate market. Today’s real estate prices represent excellent values. Combine that with recovered losses in stock market paper for many individuals, the lowest interest rates in history and relatively large real estate inventories providing excellent choices.
Back at home here in Jackson Hole, the number of active listings at the end of 2011 was down versus 2010, another indicator that it is time for buyers to take notice of some excellent opportunities in 2012.