At the end of the first week of the New Year, Teton County Multiple Listing Service reports six closed real estate sales for a total sales volume of $10,755,000.
Of the six sales, however, one was a lease for 11,905 square feet of new office space for $3,600 per month at 690 S. Highway 89. This is the new building between Kmart and Movieworks that has an Italian restaurant on the first floor. Another was a fractional unit in Teton Club in Teton Village for $5,000 (for two weeks a year, summer week 40 and spring 22), which technically sold in the last days of 2009.
The four single-family homes that sold included:
- A 6-bed, 7-bath, 7,658-square-foot new home on 5.58 acres in Indian Springs for $8.2 million, a 17 percent reduction from the original list of $9.9 million after 378 days on market.
- A 4-bed, 4-bath, 4,220-square-foot interior cluster home in Teton Pines for $1.625 million, a 14 percent reduction from the original list of $1.9 million after 232 days on market.
- A 3-bed, 2-bath, 1,968-square-foot single-family home in East Jackson built in 1978 for $550,000, a 30 percent reduction from the original list of $795,000 after 229 days on market.
- A 1-bed, 1-bath, 440-square-foot condo in Teton Village for $350,000, a 30 percent reduction from the original list of $525,000 after 350 days on market.
Of course these are just four sales, but I see in them trends indicative of the current market. One is that sales are increasing modestly in nearly every segment of the market and becoming more consistent, but only on properties priced at least 20 percent below the high. It also seems evident that while the freefall has slowed dramatically, prices are still on the decline in Teton County.
Contact me for the context of these sales within their respective neighborhoods.