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Land, bank, unreported sales lead Jackson Hole in January

By   /  February 5, 2012  /  No Comments

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Sometimes it helps to just look at things from 10,000 feet, like the top of Jackson Hole Mountain Resort. Surprisingly, not one of the 18 sales in January were in Teton Village.

Building sites accounted for a third of all Jackson Hole real estate units sold in January, continuing a trend of steadily increasing land sales and stirring hopes for resurgence in the local construction industry.

Teton County, Wyoming, total sales volume reached approximately $26.3 million* on 18 unit sales in January, reflecting a slight drop from the 22 sales for $28 million the previous year. Last year ended with significant momentum as December tallied 32 sales for $48 million, a gain of 60 percent in units and 72 percent in volume from December 2011.

The six building site sales totaled approximately $8.9 million. Compared to the 34 reported sales for $33 million in Jackson Hole building sites in all of 2011, this market segment is off to a fast start in 2012.

A high number of unreported sales prices also stand out among the monthly sales. Final sales figures for four properties with list prices totaling $12.8 million were not reported, including a 35-acre building site in Crescent H listed for $5.9 million that was on the market for 1,603 days and originally listed for $8.5 million.

Several January snow storms have allowed Jackson Hole snow depths to be among the best in the Intermountain West this winter.

Several January snow storms have allowed Jackson Hole snow depths to be among the best in the Intermountain West this winter.

January’s Jackson Hole sales highlights include:

  • The least-expensive sale was a West Jackson 2-bed condo for $105,000. Bank-owned, sold for 96 percent of list after just 50 days.
  • The second least-expensive sale, also bank owned, was a 3-bed East Jackson townhouse that sold for 98.5 percent of list after just 40 days.
  • The highest residential sales price also was for a bank-owned property. The 5-bed, 6,700+-square-foot home near Wilson sold for 97 percent of its original list price of $3.5million after 78 days on market. Property was listed for $6.995 million in 2008.
  • A land sale in Rafter J also included a home to be built later this year, closing above $500,000.
  • A 3-bed home in Cottonwood Park closed for 100 percent of list price after just 56 days on market.
  • The fourth bank-owned sale was a lot in Karns Hillside on the market for 189 days and selling well below the original list price of $254,900.
  • The dog that did not bark: Teton Village saw no closings in January.

Contact me for details on the properties discussed or for a more personalized look at the Jackson Hole real estate market.

* Total assumes 90 percent of list price on sales with unreported sold prices. All sales figures provided by Teton County Multiple Listing Service and/or Jackson Hole Sotheby’s.

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