Number of Sales Moderate as Prices as
Inventory Remains Tight and Prices Edge Higher
The first four months of 2016 saw a continued increase in the number of single-family home sales, while attached homes (condominiums and townhomes) and vacant homesites sales lessened in number. Real estate pricing in Teton County has continued to generally show upward trending, but at lower rates of appreciation than had been noted in the “rebound period” of 2012-2015. Tightening inventory is the most frequently-identified reason for moderating sales volume, with a corollary of current inventory levels being that sellers feel confident to aspire for price points reflective of continued robust appreciation, with the reticence of buyers providing the indication that a leveling of prices may be the buy-side interpretation of the market (said otherwise… a standoff). After 3-4 years of very strong appreciation, it is intuitive that the rate of price growth will, in fact, moderate. However, continued low inventory levels and sellers that often do not have a motivation to sell within a time constraint may dictate that sales volume numbers remain low while the interaction of these opposing market forces plays out. Notably, while the aggregated data on pricing shows a decrease in the overall average price of real estate, this is simply a result of the small sample size of sales, as the comparison of the sales and resales of similar properties indicates a level-to-still increasing trend.
View the Full Market Report on Jackson Hole Real Estate Search
Andrew Cornish – Broker
PO Box 9467 | 155 E. Pearl,
Jackson, WY 83002
Data provided by Rocky Mountain Appraisals, Teton County’s leading valuation firm: www.rmappraisals.com