Looking at the MLS hot sheet, a large percentage of the activity appears to be in the commuter markets, and Sublette County. Lower prices appear to be fueling these markets. Sales in the Jackson area are ocurring, but at lower volumes than observed in the past 24 months. This is not too surprising, due to the easy financing available prior to the mortgage melt down.
The question i get asked frequently, is when are things going to get better, meaning, higher sales volume. Cheap available financing will likely be a big factor here. Interestingly, i see some markets doing quite well, while some others are adjusting! When i mean quite well, i mean holding up, and exhibiting signs of a stable market.
High inventory levels in any market segment will likely result in the biggest adjsutments. Low inventory levels will have a stabilizing affect.