When deciding to purchase a home or even an investment property, timing is always a concern. Historically, Jackson Hole property prices have recovered over time from market downturns and have proven appreciation over the long-term. Waiting for ‘perfect timing’ or ‘the bottom’ often results in missed opportunities because, historically, prices quickly turn upward when the market hits true bottom. In fact, this is exactly what we witnessed in the Jackson Hole real estate market in 2013 and 2014. And though history does not provide certainty of future results, when a buyer gets over the psychological pricing hurdle and plans on at least a 2-5 year horizon, the Jackson Hole real estate market has been consistently rewarded.
The fact that only about 2 ½ % of the land in Jackson Hole is privately held, surrounded by world famous National Parks, endless cultural and recreational pursuits and Wyoming’s tax friendly atmosphere, Jackson Hole will always be one of the most desirable places to call home.
Sale statistics show the Jackson Hole real estate market in most segments hit ‘bottom’ about mid-2011. Over the following year we saw a steady increase in the number of sales as many buyers jumped off the fence to take advantage of the bottom of the market while prices remained low. 2013 ended with a fantastic increase in sales with overall number of sales increasing by about 25% over 2012. An increase in sales coupled with an extreme lack of inventory drove prices up quickly, particularly in Jackson Hole’s condos and townhomes, the hardest hit segment of the Jackson Hole real estate market. Opportunities for home buyers in the under $500,000 segment are becoming few and far between with an enormous amount of buyer competition. The biggest hurdle buyers faced in 2014 was a lack of quality inventory at affordable prices. The median sale price increased in every single segment of the Jackson Hole real estate market in 2014, with an overall median sale price jumping to $750,000 (nearly a 17% increase over 2013). View our latest Real Estate Market Report to get detailed information on Jackson Hole’s real estate market conditions.
We strongly encourage anybody who is considering purchasing real estate in Jackson Hole this year to be prepared to make a move when the right property comes along. In order to compete with the other buyers it is important to have pre-approval for any financing you will need, understand the process involved and have a general knowledge of the Jackson Hole real estate trends in the segment you’re interested in. In a competitive market such as this, new inventory, particularly in the under $500,000 segment, can receive offers within the first couple of days. Time is of the essence in these situations and can make all the difference between getting the home you desire and missing out on the opportunity.
We at Budge Realty Group are in constant communication with our peers and can often learn about properties for sale even before they come out on the open market. We encourage buyers to use us as an invaluable resource in the preparation and consummation of your Jackson Hole property purchase. Working as your buyer´s agent in Jackson Hole we will give you the confidence, knowledge and personalized service you need to purchase your piece of Jackson Hole.