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Feb: Unit sales flat as ASP plummets

By   /  March 15, 2012  /  1 Comment

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The view from atop the southernmost Teton is always Glory-ous.

It took a leap year to do it, but on the last day of February the 21st sale of the month tied unit sales for February 2011. Total Jackson Hole real estate sales volume, however, plummeted to just $17.3 million, or 55 percent of the $31.3 million recorded the previous year.

Average sales price also fell dramatically to $753,000, one of the lowest monthly numbers in years. Indicatively, the final sale of the month was a distressed, 2-bed condo in Town of Jackson that sold for $149,000. These same units were listed as high as $439,000 in 2008 and closed for as high as $356,000 in June 2007, the height of the Jackson Hole real estate market.

Building site sales continued their minor resurgence as well, with four closings for approximately $3.6 million.  That makes 10 raw land sales for approximately $12.5 million so far in 2012, well ahead of last year’s increased pace of 34 sales for $33 million.

Additional highlights from February sales reported via Teton County Multiple Listing Service include:

  • The lowest-priced sale was $102,300 for a 34-year-old, 2-bed, bank-owned Town of Jackson condo. List price was $103,000, closed after 121 days on market.
  • The top sale in February was $2.3 million for a 3,900+ sq ft home on four acres south of Teton Village after just 50 days on market.
  • Median sales price was just $485,000, represented by a 2,400+ sq ft Town of Jackson home built in 1975. List price was $735,000 in 2011 before being withdrawn.
  • Melody Ranch kept its approximately one sale per month pace with the closing of a 3,400+ sq ft home on the western perimeter for approximately $216 per square foot. A Melody Ranch is also under contract with a closing presumably set for March.

Going forward, expect this trend to continue. There are 46 pending properties in Teton County with a median list price of $379,000. There are 23 properties under contract with list prices below $375,000.

Contact me for a closer look at February sales or for a more personalized look at Jackson Hole real estate.

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1 Comment

  1. K. Crowly says:

    That is too bad, though with the price of each unit in Jackson Hole it seems like this total amount is bound to fluctuate like that

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