1 & 10%
1 = The total number of properties sold in November 2008 in Teton County, WY (Jackson Hole).
10% = The percentage of Teton County, WY residents who hold a real estate license (this is the number that is toss around...I do not know the accuracy).
The Jackson Hole real estate market has caught up with global economic forces. I would assume that December and January will have very weak real estate sales, perhaps not 1 or 2 properties but under 10 each month. Looking at this as a trend over the next quarter:
1. How will real estate professionals, title companies and mortgage brokers make money during the next 3 months? The expense strucutre of the firms are setup with an assumption of a minimum of 10-20 transacations for each company per month. Think about this, most compaines tied into the real estate market had ZERO revenue in November.
2. How will this trickle down to the local economy?
An interesting piece of data to watch will be the number of properties listed on the MLS that are owned by real estate agents. That will provide a glimpse into the financial stability of local agents and their long term view of market conditions. It would be interesting to compare the current number of properties listed and owned by agents to the same date last year, but I am not sure how you could find the old data.
The one property that sold in November was $7+ million dollar house. This was most likely an all cash deal which enabled the buyer to avoid the tightening credit market which will drastically effect the price of all properties in Jackson that are under $1.5 million. This is a topic for a future post.
10% = The percentage of Teton County, WY residents who hold a real estate license (this is the number that is toss around...I do not know the accuracy).
The Jackson Hole real estate market has caught up with global economic forces. I would assume that December and January will have very weak real estate sales, perhaps not 1 or 2 properties but under 10 each month. Looking at this as a trend over the next quarter:
1. How will real estate professionals, title companies and mortgage brokers make money during the next 3 months? The expense strucutre of the firms are setup with an assumption of a minimum of 10-20 transacations for each company per month. Think about this, most compaines tied into the real estate market had ZERO revenue in November.
2. How will this trickle down to the local economy?
An interesting piece of data to watch will be the number of properties listed on the MLS that are owned by real estate agents. That will provide a glimpse into the financial stability of local agents and their long term view of market conditions. It would be interesting to compare the current number of properties listed and owned by agents to the same date last year, but I am not sure how you could find the old data.
The one property that sold in November was $7+ million dollar house. This was most likely an all cash deal which enabled the buyer to avoid the tightening credit market which will drastically effect the price of all properties in Jackson that are under $1.5 million. This is a topic for a future post.
posted by Bradley Krugh at 8:04 AM
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