2011 Shows Improvement in Middle Market, Unit Sales Increase
First quarter results for the Jackson Hole real estate market show encouraging trends. Teton County has experienced a slight increase in sales volume, and over 57% increase in sold units (graph 1) for Q1 2011 versus the same quarter 2010, a positive indicator for potentially continued improvement in the market.
MLS Sold Units - Teton Board of Realtors
Teton County MLS also shows a significant increase of units sold in the under $1M category of over 85%. In the greater than $1M category, MLS reports a 23% increase in units over Q1 2010.
Regarding dollar sales volume, overall in Teton County Q1 2011 is 12% above 2010 (graph 2). Not surprisingly the average sales price is down to $1.176M in Q1 2011 due to the increase in volume in the middle market segment and the increase in units overall.
Comparison of MLS - Teton Board of Realtors
Jackson Hole Mountain Resort
Regarding dollar sales volume, Teton County Q1 2011 is 12% above 2010 (graph 2). Not surprisingly, the average sales price declined to $1.176M in Q1 2011 due to the increase in activity within the lower and middle segment of the market.
U.S Pending Home Sales Rose in March
Nationally, March saw an increase in pending home sales, with activity rising unevenly in six of the past nine months, according to the National Association of Realtors.
Lawrence Yun, NAR chief economist, said home sales activity has shown an uneven but notable improvement. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” he said. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.”
Taking Advantage of Values
Today, buyers in Jackson Hole are taking advantage of opportunities in the middle market in addition to the high-end, which has already shown improvement in 2010.
