Single-Family Homes Selling Fast in 2012

JH Property Guide Market Watch
By Emma Breyess, Jackson Hole Daily 

Sales of single-family homes buttressed an improving Jackson Hole real estate market during the first three months of 2012, according to data released this week in The Hole Report.

“The hot spot in the market right now is single-family homes between $400k to $500k,” David Viehman and Devon Viehman-Wheeldon wrote. The father-daughter team are partners at Jackson Hole Real Estate Associates. The pair releases valley-wide market data quarterly.

First-quarter data shows that almost half the real estate sales in 2012 have been homes, a 14 percent increase over the same time last year.

The authors called the trend an indicator that the area’s real estate sector is slowly but surely recovering from the Great Recession.

The report, at www.holereport.com, also projected the current inventory of single-family homes would last about four months.

Residential lots also saw a spike in popularity in early 2012, with the report citing an 83 percent increase in vacant land sales over the same time last year.

Viehman and Viehman-Wheeldon said vacant lots appeal to second-home buyers who have not seen what they wanted in the existing home inventory.

These tend to be higher-ticket purchases rather than single-family homes, according to the report.

More than half of the vacant lots now on the market are priced at more than $1 million, according to the report.

The report predicts a robust summer for the real estate market, and a continued interest in single-family homes. It also urges sellers to price properties correctly, saying that buyers these days are focused on getting a “good value.”