This just in: 2009 was not a stellar year for real estate sales in Teton County. This not-so-breaking news was quantified during a presentation Wednesday at the weekly Sotheby’s International Realty in Jackson Hole sales meeting.
However, it’s also clear there is considerably more momentum as we head into 2010 than at this point last year. Of course that is not hard considering there were just 4 sales in January 2009!
As the above graph shows, 2009 real estate sales fell 52 percent in total sales volume, from $480 million to $229 million, and 71 percent from the $792 million in 2007. Unit sales fell 28 percent to 202 from 282 and 71 percent from the 581 in 2007.
Additional “highlights” of the presentation, compiled from the Teton County Multiple Listing Service, include:
- Average sales prices continued to lag behind 2008, with only three months in 2009 showing higher average sales prices, and two of those months were skewed by low unit sales and a few large sales.
- Consumer confidence was slightly up in December to approximately 55 percent, but has been essentially flat since May 2009.
- Unemployment has flattened also but remains near 10 percent, the highest since 1983, a year considered one of the worst in Teton County real estate sales.
December sales figures were also summarized. Another consecutive solid month of sales led the positive news.
- There were 17 sales in December for a total sales volume of $8.9 million. That follows 16 sales in November and 27 in October.
- There are 28 pending sales in Teton County, not including the 18 pending sales in Hotel Terra 2.
- The Standard & Poor 500, an index often cited as a parallel to the Jackson Hole economy, is up 72 percent from its March 5 low.
What do these statistics mean in today’s real estate market? How will they shape the trends we may see in the coming quarters? Comment or call.