Past - Present - Future, Keys to 2008
Year over Year Comparison 2006 vs. 2007
According to data from the Teton (Jackson Hole) MLS, the total number of Single Family Residential sales in Lincoln County was down 7% in 2007. There were 239 units sold in 2006 compared to 221 units sold in 2007.
While conventional wisdom nationwide was that prices were dropping due to excess inventory, Lincoln County posted strong gains.
The average Sales Price was up 13% from $279,744 to $316,636. The Sold Volume increased 4% from $66,858,904 to $69,976,666. The Total number of Active Listings increased 7% from 564 to 607 units with New Listings posting a 5% gain from 442 to 465 units.
Vacant Land did not do as well! In 2006 there was a total of 695 Active Listings. This increased 43% to 998 for 2007. New Listings increased 33% from 547 units to 731 units. The number of listings Under Contract dropped 32% from 295 units in 2006 to 198 units in 2007. The number of units sold decreased 23% from 274 in 2006 to 209 in 2007.
Sold Volume was basically unchanged at $35,260,987 (2006) to $35,574,037 (2007).
While the number of units sold dropped significantly, the Average Sales Price increased 32% from $128,690 to $170,211.
Predictions are based on historical data and trends plus experience plus known future facts plus a little bit of luck. As always, we go back to our mantra: All real estate is local. There are wide variations with no one neighborhood trend looking like another. Some areas will see housing activity and prices moving up and some moving down.
The real estate team of Petersen & Mack believes that we will see overall, a relatively healthy market in Star Valley for 2008. There are several reasons for this. First we have second-home buyers looking to escape the large cities … especially in the hotter climates of Florida, Arizona and southern California.
Second, we have some 17-million plus baby boomers … retirees … looking for that special place to call home.
Third, we have more and more Jackson Hole residents looking for a more affordable property (more home for the buck) for their families.
Have a GREAT Day!
Joe & Shantal
your
Star Valley Home Team
