As reported a couple of weeks ago by Jackson Hole Sotheby’s International Realty, the 2012 real estate market ended on a very good note with December 2012 propelling the dollar volume 52% over 2011 and the best it has been since 2007.
We now turn our attention to the national housing market. The online consumer real estate website, Zillow, reports that US home values were up 5.9% in 2012 over prior year. This is the greatest increase since 2006.
While 2013 is anticipated to increase more modestly nationwide, this is actually a positive sign for the market. “ Yes, we expect home value appreciation to slow this year, but they will still rise, and at a historically solid rate. Rising home values can be expected to pull more borrowers struggling with negative equity back above water,” says Zillow Chief Economist Dr. Stan Humphries.
January in Jackson Hole
After a very good 2012 for the Jackson Hole Real Estate market, how is 2013 unfolding? Inventory levels at the end of December were low creating questions like “is all the good property gone?” It is an encouraging sign that only 25 days into the year Jackson Hole Sotheby’s International Realty has received 3 times the new listings as in January of 2011, so at least for this brokerage we have new inventory arriving to our website nearly every day.
Real Estate is Local Again
Forbes contributor, Stan Humphries writes in his article: “The housing market recovery has remained true to the old real estate axiom of “location, location, location.” How your local market is faring today – and if it makes more sense to buy or rent, to sell now or to hold off if possible – is largely determined by unique, local factors and fundamentals. Arming yourself with timely and comprehensive local market information is good advice at any time, but will be even more important in 2013 as buyers continue to seek bargains and sellers look to maximize returns.”
So in Jackson Hole, our market is likely to benefit greatly from the above axiom. Our unique local market boasts nearly unheard of tax advantages, unmatched scenic beauty (there is only one Yellowstone National Park) and a lifestyle that includes levels of recreation (Jackson Hole Mountain Resort, the Snake River for fly-fishing) not found anywhere else.
There is only one Jackson Hole.