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May flowers for Jackson Hole real estate

By   /  June 6, 2012  /  No Comments

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Thinking about diving into Jackson Hole real estate? Strong May sales indicate there may be no time like the present.

Jackson Hole real estate unit sales jumped 52 percent in May to 32 and sales volume climbed a whopping 172 percent to approximately $32.2 million compared to May 2011. The month’s significant increases were driven by several high-end building site sales and a comparison to one of the weakest months in 2011 when just 21 properties sold for $12.2 million.

May saw six building site sales in Teton County, bringing the yearly total to 23, or 67 percent of the 34 that closed in all of 2011. Leading the way were two sales in Bar BC Ranch that were listed for a combined total of $15.4 million and two sales in Bar B Bar listed for a total of $11.45 million. All properties were between 35 acres and 53 acres and final sales prices were not reported to Teton County Multiple Listing Service. Sales figures above include 90 percent of list price for unreported sales.

Reported buildings site sales included a 0.89-acre site on the slopes of Jackson Hole Mountain Resort listed for $2.75 million and a commercial property in downtown Jackson bought by the town government for $2 million that will be used for much-needed parking.

The market below $500,000 also enjoyed continued consistency with 16, or 50 percent, of monthly sales. Highlights from sales in this market segment include:

  • Six short-term rental properties sold, including three in Teton Village, two in the Aspens/Racquet Club and one near Snow King in Jackson.
  • Several low-end, long-term rentals also changed hands. One of the best per square foot deal was for a 3-bed, 3-bath, 1,598-square-foot townhouse in Jackson listed for $285,000 that sold after just 136 days.
  • Similarly, a 2,436-square-foot, 4-bed, Freddie Mac-owned townhouse in East Jackson sold for approximately $150 per square foot.
  • Town of Jackson single-family home sales were strong with seven sales in May ranging from $399,000 for a 4,000-square-foot home built in 1972 to a 4,016-square-foot “Bristlecone” in East Jackson that sold for 56 percent more.

    Teton Pines enjoyed the only Jackson Hole golf property sale in May.

     

June and July also promise strong sales figures with 62 properties in Jackson Hole currently under contract. Nearly 25 percent (14) are listed below $300,000. Total list volume of pending properties is $44 million with an average list price of approximately $725,000.

Please contact me for a personalized Jackson Hole real estate market report.

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