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July sneak peek: Discount it and they will buy

By   /  July 31, 2011  /  No Comments

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Jackson Lake was one of the few cool places in Teton County in July. Similarly, the Jackson Hole real estate market has been hot with significant activity at the lower end in particular.

It was only a matter of days before multiple offers were made on the 3-bed, 1,924-square-foot Elk Run townhouse listed at $485,000, which closed in July after just 57 days on market. Similarly, investors and entry-level buyers swarmed the four distressed 2-bed condos recently priced at or below $100,000 that are now under contract and expected to close in August.

An early look at Jackson Hole real estate sales activity in July shows significant market activity in the lower and mid ranges with 15 residential sales for approximately* $11.8 million and an average sales price of about $707,500. Twelve of the 15 sales were below $755,000.

While these figures lag July 2010, when there were 18 sales for $27.93 million, there will almost certainly be a few more July closings reported in the next few days and August looks very strong with 34 residential properties currently pending.

After six building site sales in June, there were none in July. However, in addition to the 34 homes under contract, there are seven building sites pending with list prices totaling more than $29 million.

Highlights from July real estate activity in Jackson Hole, according to Teton County Multiple Listing Service, include:

  • The least-expensive sale was a 2-bed West Wind townhouse in town of Jackson listed for $295,000 after 99 days on market.
  • The highest property sale of the month was a 4-bed, 5,243-square-foot home near Wilson that was listed for $3.75 million after less than 30 days on market.
  • Three sales were not reported or reported as $1 last month, including the highest priced property to sell. The other two were a West Bank home listed for $1.395 million and a horse property near Jackson Hole Airport listed for $1.149 million. *To determine sales volume, 90 percent of list price was used.
  • Including the Elk Run townhouse mentioned above, there were five sales in town of Jackson including a 810 West listed at $860,000.
  • If one of the four pending condos listed at or below $100,000 does not sell for more than asking price (a distinct possibility, actually), it will be the first sale below $100,000 since January 2000.
  • Two Teton Village condos listed for $249,000 are under contract. Both are subject to short sale and will close near prices last seen in 2002.
  • Five of the pending residential properties and two pending building sites are in Teton Village, though there were no closings for Teton Village in July.

Want to know more about where the market is today and where I think it will be next month? Please contact me for links to the information above or a more personalized look at the Jackson Hole real estate market.

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