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Entry-level listings on rise but few 2010 closings

By   /  July 15, 2010  /  No Comments

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While the overall Jackson Hole real estate market has seen resurgence in 2010 (at least compared to the anemic 2009), the lower end of the market has not participated.

Earlier this week I wrote on jhpropertyguide.com about the ballooning inventory of Teton County homes listed below $300,000, which is at its highest point in several years with 34 available properties. On April 27 of this year that number was 24; on January 28, 2010 the total was 20.

Highlights of this property search included:

  • Six Meadowbrook units (mostly 2-bed units with approximately 750 square feet) with list prices between $219,000 and $285,000; four of these are listed higher than $280,000, which demonstrates a close stratification of the market that has been lacking in many neighborhoods for the last 18 months.
  • In April the lowest-priced free-market housing in Teton County was a Ponderosa Village condo for $219,000; in January it was a Teton Village studio condo for approximately $164,000.
  • The largest unit is a 2-bed, 2-bath, 1,090 condo in the Streamside subdivision.
  • Three of these properties are located on the West Bank of the Snake River, including two approximately 760-square-foot condos in the Aspens and a 1-bed, 1-bath, 760-square-foot condo in Teton Village.

Today I took a close look at sales of residential property in Jackson Hole for less than $400,000, as reported through Teton County Multiple Listing Service.

There have been just three. That’s it since New Year’s Day.

In May there were two sales; a 1-bed, 441-square-foot condo in Teton  Mountain Lodge for $260,000 and a 2-bed, 990-square-foot condo Streamside condo for $310,000. On Monday of this week a 2-bed, 1,024-square-foot Trumpeter Swan townhome sold for $320,000.

For comparison, there were 12 sales below $400,000 in Jackson Hole between January 1, 2009, and this date last year.

Contact me to discuss factors that may be contributing to this dynamic or for a list of all closed sales in this market segment for the past 18 months.

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