Hole Report: Lowest inventory in more than 30 years
April 10, 2017
JACKSON HOLE, WYO – The first quarter Hole Report is in confirming what most in the real estate business already know: there’s nothing out there.
Spring 2017 marks Jackson Hole’s lowest inventory in more than 30 years, according to the Jackson Hole Report, a data-driven analysis of the real estate market in Teton County compiled and provided by David Viehman, Devon Viehman, and Luke Smith.
The report found a mere 312 listings are currently available. The last time inventory was anywhere near that low was 2006-07 when the market averaged about 325 listings at any given time. During the first quarter in 2006, 208 total sales were registered. This year, for the first three months, just 109 sales were tallied—a 48% decline in sales volume.
The report blamed three factors for the tight market.
First, there is a notable lack of affordable inventory. In 2007, for instance, 116 sales were recorded by the end of March for homes under $500,000. This year through the first three months, only 10 sales went down. “Today, there are zero homes listed for under $750,000, and only 10 condos listed for under $500,000,” the report stated.
And not much is moving, locally. Families remodeling or trading up into larger homes is just not happening, and turnover is virtually nonexistent.