Real Estate Tightens, Owners Stay Put

JHNewsandGuide.com
John Spina / Jackson Hole Daily
Jan 28, 2018

You know those people who say housing has always been a problem in Jackson? Well, it’s never been this bad.

According to the Jackson Hole Report’s year-end review, which compiles and analyzes data from every free-market real estate transaction in Jackson Hole each year, the available housing inventory is the lowest it’s been in more than 30 years. That’s driving costs to record levels and reducing turnover, which creates an economic cycle that greatly overvalues real estate.

“This combination of factors has created a limited supply, and prices have accelerated to the point where most local buyers can no longer afford to enter our market,” the report reads. “After reviewing the 2017 stats, it’s become very clear that we have entered into a new normal for Jackson Hole.”

The numbers are clear. Last year, there were 31 percent fewer sales in Jackson Hole than in the years before the Great Recession, and the median sale price was $1.3 million, tied for the highest ever. There were only 14 listings under $500,000, none of which were single-family homes. The median list price for single-family homes was $2.65 million, also the highest on record.

Read More>