Recently reported statistics from October show the month was the best of the year for Teton County real estate, with 29 units sold through the Multiple Listing Service for $37.27 million. Only March and July of this year also saw sales higher than $16 million, with each recording sales of approximately $33 million.
On the other hand, 2009 is sure to be one of the slowest years for real estate sales in Jackson Hole in at least a decade.
Consider these two statistics:
• With just 152 sales recorded through the Teton County MLS between January and October, the market has declined 41 percent since 2008 (259 sales during that time) and 70 percent since 2007 (510 sales).
• With a year-to-date sales volume of $181.9 million, 2009 is down 58 percent compared with 2008 ($431.7 million) and 73 percent compared with 2007 ($674.7 million).
The bright side here may be that the most recent 12-month cycle (October 2008 to October 2009) is likely to be the worst of the current downturn. Even a weak market in the next few quarters will surpass the anemic numbers we saw in the first half of 2008.
I will provide more stats from the Sotheby’s market update for January to October 2009 later in the week.
