Sotheby’s provided its monthly update last Wednesday, with a focus on year-to-date sales from the Teton County Multiple Listing Service. The report also includes data on consumer confidence, consumer price index, unemployment and a look at Teton Valley, Idaho. Contact me for a copy of the entire report.
Jackson Hole real estate sales continued to be consistent but subdued, with 23 sales in November for $19.243 million. However, with just 175 unit sales and a total sales volume of $201 million year to date, it is clear 2009 will go down as the weakest real estate market of the decade. Key stats include:
- Year-to-date unit volume declined 35 percent compared to 2008, the second slowest year since 2001, and 68 percent compared to 2007.
- Sales volume is down 56 percent compared to 2008 and is off 73 percent from 2007.
- November marked the fourth month in the last five with at least 22 sales. On the other hand, there were just 18 sales in the entire first quarter of 2009.
- Average sales price lagged 2008 for the fourth consecutive month and for eight of the last 10. Just five of the 23 sales in November were for more than $1 million, compared to 12 of 29 in October.