Interestingly, the market segments that have had the most activity in the recent boom period have had lack luster activity recently. I am noticing very few condos and townhomes trade in the general Jackson area, while in 2006 & 2007 they were trading and appreciating at unprecedented rates. Now i am observing the commuter markets having the majority of activity, and Sublette County enjoying a fair amount of transactions. While the commuter markets are having the majority of MLS sales, pay attention to their sales prices. With inventory building in all areas, it is not uncommon for properties to trade near replacement cost, and at times below it. Simply, supply in many market segments exceed demand, and Economics 101 prevails!
In Jackson, its hard to pin point a specific trend, as i am seeing sales in all segments, at volumes which resemble volumes of pre-boom times. The agents i routinely speak with say that many sellers have been firm on their prics and trying to hold tight to prices of the peak of the market. The sellers who have some flexibility and understanding of the current market conditions, are the ones who are actually going under contract.
Stay tuned, as i suspect the Fall will bring a change in the market.
Thank you, we'll be in touch!