The Jackson Hole condo and townhome market has received a shot of enthusiasm from buyers in the last week. A Hawk’s View 2 bedroom townhome listed for $399K went under contract, a NE40 in Rafter J listed for $475K was purchased, and a 1 bedroom in the Aspens (sold for $610K in 2007) is listed and just went pending. What has happened?

Bernanke delivered a speech last week in Jackson Hole. He says that the economy is starting to improve. Foreclosures are driving prices down. Banks are making it difficult for buyers to get their first mortgages, ironically when there is an $8000 credit out there, appraisers have no comps—-prices are coming down and many of the buyers who have been sitting on the sidelines are jumping back into the market. Even buyers of affordable units are jumping into the free market.

I will believe it when the job market improves. Many of the efficiencies are by cutting costs. Many of the profits are eked out by layoffs and savings, not job creation. When this changes the market will improve.

When buildings like the one above are filled with employees with job security, that is when the market improves.

This entry was posted on Wednesday, February 3rd, 2010 at 12:08 pm and is filed under Jackson Hole Condos, Jackson Hole Realty Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.