Market Update – October 2010

Jackson Hole Market Update – October 2010

Fall is in full splendor in Jackson Hole with the aspen trees right at their peak of color. This is the time of year when mornings are chilly but midday warms to the perfect outdoor temperature for a walk, bike ride, or fly-fishing excursion.

While the streets of Jackson Hole quiet down a bit this time of year, the local economy did see improvement this summer over the 2009 timeframe. In September enplanements in and out of Jackson Hole were up 6% and, for the first time, Yellowstone National Park hosted more than a half-million visitors during September, the fourth record month in a row for the park. In Jackson Hole proper, summer occupancy rose to 84.5% from 79.1% last year.

With the region beating many other U.S. regions in economic indicators, the third quarter Jackson Hole real estate market reported-in with gains as well.

Teton County, WY 2002 through September 30, 2010

Teton County, WY 2002 through September 30, 2010

The Teton County real estate market continues to show a slow yet steady gain over 2009. Third quarter units sold are up a modest 3.1% from last year, but sales volume increased substantially due to a handful of high-end sales in September, including a large-scale ranch auction. The $1.5M – $5M price category reported the greatest increase in sales volume in Q3 indicating that the upper-end, when priced competitively, is gaining traction, while the less than $1.5M remains relatively flat.

Year-to-date 2010, Jackson Sotheby’s International Realty continues to lead the way through the market recovery with our firm handling four-times the sales volume and 123% more transactions than our closest competitor.