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Hotsheet Highlights: March in like a lion with 6 SOLD, 6 new PENDING, 6 NEW listings between $539K and $689K, PRICE reductions galore

By   /  March 5, 2010  /  No Comments

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The first week of March saw a tremendous amount of activity in the Teton County Multiple Listing Service. Where to begin?

After a final weekend of February that saw a small flurry of 3 strong property sales, there have been six sales since Monday for a total sales volume of $7.8 million. Six additional properties went under contract with list prices totaling $14.228 million.

New listings, which have been steadily declining in recent months, also saw a spike with 12 new Teton County single-family homes. Six of them fell within a somewhat narrow range between $539,000 and $689,000, with three of those in Rafter J.

There were also 12 price reductions on properties across the market from a 2-bed Meadowbrook unit with a loft reduced to $268,000 to a $500,000 price reduction on a South Park horse property now listed at $5.475 million.

Top sales included:

  • The Davies-Reid building on Town Square (formerly Jackson Drug) finally closed after months of foreclosure/bankruptcy/litigation drama for $4.5 million.
  • A 3-bed, 2-bath, 1,556-square-foot home in Rafter J on .22 acres originally built in 1989 closed at $550,000. This is a rarity in recent months in that it sold for its original listing price in less than six weeks.
  • A 1-bed, 2-bath, 771-square-foot Teton Mountain Lodge condo closed at $500,000 after 565 days on the market, originally listed at $925,000. That’s $648 per square foot, for those keeping score of Teton Village condo values (and I know you are out there!).
  • A 3-bed, 3-bath, 2,286-square-foot Hillside Townhouse, located just above Snow King Avenue overlooking Karns Meadow, closed at $630,000. Originally listed at $895,000, sold after 317 days on market.

Just as fascinating are the week’s many PENDING sales, NEW LISTINGS and PRICE REDUCTIONS, but I don’t have time to outline those. However, I am happy to discuss the context of those listings included in the link above.

In short, the market is demonstrating an activity level not seen in nearly two years. Many forces are at play, but it appears to be as simple as the fact that prices have fallen considerably and buyer confidence has risen to a point of intersection. Or more verbosely, what now appears to be a critical mass of sellers have made the move to current values while more and more buyers are deciding to pull the trigger.

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