Market Update – December 22, 2016

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December 22, 2016

2016 has been quite a year! Lots of things happening in Jackson Hole, the U.S. and around the world.

From a real estate perspective, we saw a “new norm” in the level of activity being established, with total residential transactions down 6% and 8% fewer single family home sales. Without new developments, inventory is down and consequently so are the number of transactions – not a surprise given market trends over the past two years. The lack of inventory in Teton Village demonstrated this very clearly with 24% fewer transactions year to date.

However, opportunity abounds for both Buyers and Sellers. Jackson Hole is having another great year! We helped the National Parks celebrate 100 years, St. John’s Medical Center celebrated 100 years of existence, the new Sweetwater Gondola just opened at Jackson Hole Mountain Resort, snowfall year-to-date is the deepest in the past 40 years, and our town is right on the centerline for the solar eclipse on August 21st.

The economy is getting stronger; equity markets are at an all-time high and Wyoming continues to be rated the most tax friendly state in the country.

On a personal note, I was asked to join the Board of Directors for our local MLS starting in 2017. I look forward to providing additional leadership within the real estate industry in the coming years.

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