The snow is deep at Jackson Hole Mountain Resort, the hotels in Teton Village are full, and it’s tough to get a reservation at the valley’s best restaurants. But the busiest bees in Jackson Hole this week aren’t lifties, valets or servers. Working the hardest during these final days of 2012 are title company employees, home inspectors, Realtors, closing coordinators and anyone else who makes a living helping people buy and sell real estate.
Next week, when all the numbers for 2012 are in, it will be reported that it was a banner year for Jackson Hole real estate with the highest sales volume and unit sales since 2007. So far this year there have been more than 390 closings, far surpassing the 344 posted in 2011, and a significant increase in sales volume from $392 million.
How much of an increase remains to be seen and I will report the exact figures in January. The high water mark for unit sales will remain 2005 with 792 closings. Jackson Hole’s top sales volume year will still be 2007 when $792 million in sales were reported and most estimates put the actual number above $1 billion, but all in all 2012 will go down as a strong year in a recovering market.
Why the huge year-end surge? For some, it’s the chance to close on a property in 2012 and ahead of tax law changes that seem inevitable. For others, it’s the combination of depressed values, low interest rates and confidence in a stabilizing home market. And then there are those who, year in and year out, simply value all that Jackson Hole has to offer and have decided now is the time to get their little corner of paradise in the Rockies.
With about a week left in the calendar year, the 31 units for approximately $52.6 million in sales volume reported in December 2012 already compare well with 2011 when 32 sales were reported for $49 million. However, according to Teton County Multiple Listing Service there are 63 properties currently pending with a total list volume of more than $93 million.
In other words, the Daily Hotsheet will be downright smoking in the next few days. The fallout will be interesting with a slew of new information available to help buyers and sellers (and their trusted real estate professional!) better understand the market.
This will only help further stabilize values and I believe contribute to another strong market in 2013. What questions do you have about the current market and which way certain segments appear headed?
For example, what did the big year for vacant land sales mean to your plans to build a home in Jackson Hole? Which segments are seeing rising prices? Which segments are still losing value? What is your home worth? Do I know any bankers in the area that can discuss your loan potential? Will there be more or less distressed properties coming to market?
Please call today to begin your personalized Jackson Hole real estate discussion. All the best in 2013!