January 2013 YTD Market Update - Rocky Mountain Appraisals

Early 2013 Data Shows Pace Ahead of Last Year in Jackson WY area

Observing data compiled through the end of the first month of 2013, it is noted that the number of residential real estate sales (single-family homes, attached homes and vacant lots) are up from 19 total sales during January of 2012, to 33 sales during January of this year (an increase of 73.68%). Analysis of individual property sales indicates that, at the very least, property values are remaining stable, and a “bounce back” of pricing from ostensibly over-corrected levels has been noted in some market segments. Examples of this were seen in developments such as Elk Run Townhomes, Ponderosa Village and Melody Ranch vacant land. Aggregated pricing numbers did decrease in this year-over-year comparison, but this is due to the increased prevalence of sales in Teton County’s more affordable market segments. As a result of this increased volume, inventory (particularly at the low end) is tightening and reports of competing offers for the same property have been observed. At the same time, the high-end luxury market is continuing its strong performance. One sale of a property greater than $3,000,000 has already been recorded this year (the same as last year’s year-to-date reporting) and four properties with asking prices in excess of $3,000,000 are currently under contract. Furthermore, the vacant land market segment was dominated by resort oriented sales (versus local market transactions). Seven of the eleven vacant land transactions were from higher-end developments, with three sales occurring in the Shooting Star Development.