Turns out there really are $100,000 bills, and they have a picture of Woodrow Wilson on them. Thank you, Wikipedia.
When I wrote on jhpropertyguide.com earlier this week about the recent price reductions on a pair of 2-bed condos to at or below $100,000, the mention of such a denomination was only meant to be a metaphorical image worthy of this “note”-able threshold being passed. The occasion almost certainly assures a sale in Jackson Hole below this figure for the first time in more than 11 years, according to Teton County Multiple Listing Service.
Almost from the beginning of this blog in 2009, I have been writing about the significance of the $300,000 mark in Jackson Hole. As the housing bubble reached full expansion, dwellings priced below $300,000 became nonexistent. Like a receding tide, however, the inventory in this range has returned to values more in line with anticipated rental returns.
Additional highlights of the available inventory and recently closed sales below $300,000 includes:
- Two sales of 2-bed, 716-square-foot condos in Ponderosa Village earlier this year for $100,000 and $102,500.
- The largest home to sell for less than $300,000 was a 3-bed, 1,400-square-foot Creekside townhome.
- In the last 12 months, there have been seven sales below $200,000 and 30 at or below $300,000.
- Thirteen of the 30 sales in this price range in the last year were in Teton Village or in the Aspens/Racquet Club.
- Currently, there are 28 listings in Teton County at or below $300,000.
- The least-expensive condo on the west bank of the Snake River is a 1-bed, 528-square-foot unit in the Aspens/Racquet Club listed for $269,000. There are four west bank condos listed for less than $300,000 with three of them in Teton Village.
As I wrote on jhpropertyguide.com, there are indications the Jackson Hole market is unlikely to go much lower. In general, stories about the national real estate climate are only roughly applicable to Teton County, but this piece on the “Nine reasons to buy a house now” offers a locally applicable overview of the current buyer’s market.
Where will we be in six months? A year? Is it a good time to buy? Contact me for a more in-depth analysis of this market segment and its dynamics, or a personalized look at the Jackson Hole market. TetonRealtyToday@gmail.com