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Jackson Hole real estate: Partying like its 2003

By   /  December 19, 2010  /  No Comments

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Jackson Hole Sotheby's provided a detailed look at the regional market last week. The 11-page report is available via email.

At the end of 2009, the yearly real estate sales chart for Jackson Hole properties looked like a ski run on a hanging snowfield. Beginning with the peak in 2005 of more than $700 million in sales, the numbers steadily deteriorated to approximately $225 million in sales in 2009.

But what lay below? A cliff, level ground or a return to the “heights” of relatively mediocre sales years like 2003?

With 2010 nearly in the books, the good news is that transactions and sales volume are on the rise again. The 247 year-to-date sales in Teton County are about a third higher than at the same point in 2009 and this year’s sales volume of $358 million is 43 percent ahead of last year.

So far 2010 has most closely tracked 2003 in dollar volume with this year about $12 million behind year to date. In 2003, however, there were already 537 sales compared to  2010’s 241. Obviously, the average sales price is significantly higher in 2010, rising to approximately $1.4 million for residential units.

These statistics and many more were compiled from Teton County Multiple Listing Service and provided by Jackson Hole Sotheby’s to its agents and clients at the most recent weekly sales meetings. The 11-page PowerPoint presentation is available via email. Please contact me at TetonRealtyToday@gmail.com to receive a copy.

Additional highlights from the report include:

  • November saw 26 sales for a total of $42.74 million for an average sales price of approximately $1.6 million, more than twice the ASP for November 2009.
  • Year-to-date, the average sales price in Teton County is $1.4 million, about 30 percent higher than 2009.
  • Average sales price for condos in 2010 rose 19 percent to $691, 300 while the average sales price for single-family homes rose 29 percent to $1.9 million.
  • December 2009 sales in Teton County included 28 units for approximately $28 million in sales volume.
  • There has been a rise in 30-year mortgage rates of approximately 70 basis points in the last four weeks.

Contact me for a more detailed look at this data or a personalized look at the Jackson Hole real estate market.

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