Today, there are 56 months worth of inventory on the market according to the Teton Board of Realtors. A total of 85 listings changed hands in October-the real number is probably over 100, but not all properties are reported in the database. This means prices will come down, buyers will emerge, banks will offer packages though the subprime days are over, and sellers will have to decide if they would like to sell. Easy credit allowed many people to purchase inflating a bubble that is now deflating in Jackson. Although I don’t see properties losing 50% of their value, I do see a 10-20% correction over the course of the next year-numbers must make sense more than ever.
On a good note-Mark Barron, Greg Miles and Mark Obringer were elected tonight. This race was important as it preserves Town as Heart. These candidates believe in opportunities for people to work and live in downtown Jackson. They support affordable housing, creative housing projects, redevelopment, and small businesses.