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Jackson Hole market recovery Marching right along

By   /  March 22, 2011  /  No Comments

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While the Jackson Hole real estate market still has a way to go to reach the heights of 2007, the recovery has been steady in recent quarters.

With more than a week remaining in March, the 13 residential and three building site sales reported in Teton County, WY, have already exceeded the total of 11 recorded in March 2010, assuring yet another strong month in the Jackson Hole real estate market compared to the depths of 2009.

Ironically, it is also encouraging that the average sales price has been trending slightly downward in recent months. Deeply discounted high end sales above $2 million have been leading the market recovery since fourth quarter 2009, but sales below $500,000 have been more prevalent in recent months due to an increasing inventory of bank-owned properties and more successful short sales.

Thus far in March the sales volume is approximately $18.42 million for an average sales price of $1.15 million, which follows an average sales price in February of  $1.33 million and $1.38 million in January. The average sales price in 2010 was $1.485 million (261 sales for a total volume of $387.8 million).

For a closer look at February 2011 sales statistics and a roundup of 2010, check out my post at jhpropertyguide.com. Much of this article is based on a 52-page PowerPoint presentation compiled by Jackson Hole Sotheby’s. If you would like a copy of this report please e-mail me directly at TetonRealtyToday@gmail.com.

Key March 2011 sales include:

  • A 2-bed, 760-square-foot, bank-owned Teton Village condo sold for just north of $208,000 after 227 days on market and an approximately 16 percent price reduction.
  • A 1-bed, 866-square-foot Aspens/Racquet Club condo sold for $244,000 after 99 days on market.
  • Town of Jackson townhouse short sale with 2,345 square feet and four bedrooms closed for $495,000.
  • Three sales of building sites including lots in River Meadows, Bar B Bar and Stilson Ranch.
  • The top sale reported to Teton County Multiple Listing Service thus far in March is for a 9,250-square-foot home in Gros Ventre North for $5 million. Sold after 665 days on market, down from $8.9 million.

Contact me for a more comprehensive, personalized look at the Jackson Hole real estate market.

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