For a model of consistency prior to and after the beginning of the current recession in September 2008, Melody Ranch is hard to beat.
A September 13 closing on a 4-bed, 2,320-square-foot home listed at $729,000 was the 14th in the last 12 months. During the previous 12 months, from October 2009 to October 2010, there also were 14 sales. The three years prior to that saw 10, 10 and 13 sales respectively, with the 13 sales occurring during the last full pre-recession year.
Of course values have dropped significantly since the high sale of $1.855 million in July 2008 in this approximately 500-lot subdivision about four miles south of Jackson originally platted in the late 1990s. The high sale in the last 12 months topped out at $1.35 million on a fantastic, 3,600+-square-foot home on the banks of Flat Creek originally listed at $1.995 million in 2008. The second highest sale was $950,000 for an even larger home on perhaps the best view lot in Melody Ranch.
Additional highlights from a look at Melody Ranch sales and activity in recent years include:
- The least-expensive sale in Melody Ranch in the last five years was reported in August when a 3-bed, 1,536-square-foot home listed for $506,000 changed hands. The next least-expensive sale of a non deed-restricted home was $650,000.
- The median sale in the last 12 months was for $740,000. Of the 12 sales, seven were between $700,000 and $800,000, none were between $800,000 and $900,000, and two were between $900,000 and $1 million.
- Of the 61 sales in the last 5 years, 26 were for more than $1 million. However, only four have been in the last 24 months.
- There are 10 active listings in Melody Ranch with the highest list price at $1.175 million, the only one above $1 million.
- The least-expensive home in Melody is a deed-restricted unit listed at $455,000. The least-expensive free market home is a 2,128-square-foot unit reduced in price this week to $639,000 from $699,000 after 66 days on market.
Why has Melody Ranch remained a vibrant sales environment? Contact me for a closer look at this neighborhood and a comparison to similar Jackson Hole areas such as Cottonwood Park, Rafter J, Indian Trails and East Jackson.