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November stats preview: Low end on a roll

By   /  November 22, 2009  /  No Comments

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Real estate sales have been improving in recent months in line with a minor uptick in consumer confidence.

Real estate sales have been improving in recent months in line with a minor uptick in consumer confidence.

It’s a little early to guess if November’s total number of closings will exceed the 2009 high of 29 recorded in October, but it appears unlikely.

So far this month there have been eight closings in Teton County and eight new pending sales, with 60 pending sales overall.

Additionally, barring a few big-ticket closings in the last week of the month, total sales as reported to the Teton County Multiple Listing Service will likely not exceed October’s total sales of $37,270,000, also a best for 2009. Remarkably, of the eight closings this month not one has surpassed $645,000 and the average is $437,500. Of the eight new pending listings, the highest list price is $759,000 and the average is $574,250.

Among the 60 pending listings, 20 are Terra II listings that have been in limbo for months. Of the 40 remaining pending listings, 18 are for properties listed below $1,000,000. Fourteen of those are listed between $1,000,000 and $2,000,000. The highest priced pending listing is a Teton Village home listed at $5,350,000.

Contact me for an analysis of what a strong return of the lower end of our market means to the broader housing market in Jackson Hole.

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