After a mediocre first quarter, Jackson Hole real estate sales rebounded in the second quarter with a 25 percent jump in units sold over 2011. This marks the ninth quarter in the last 11 that has seen an improvement in year over year unit sales.
According to an internal Jackson Hole Sotheby’s sales report based on data provided by Teton County Multiple Listing Service, there were 167 sales during the first six months of 2012, an increase of 9 percent over 2011 and 39 percent over 2010. Sales volume during this period rose to approximately $188 million from $172.4 million in 2011 and $165.3 million in 2010.
A copy of the 36-page market report is available upon request.
Driving the market in the second quarter were several large land and ranch sales, which accounted for $61 million, or about a third of total sales volume. Five sales at Bar BC Ranch and Bar B Bar contributed greatly to this market segment’s growth of 211 percent in sales volume and 76 percent in unit sales over 2011.
Town of Jackson also enjoyed significant growth, with an increase in sales volume of 63.7 percent to $41 million and a jump in unit sales of 51.1 percent to 71.
The coolest corner of the Jackson Hole real estate market remains Teton Village, which saw a drop of 31.6 percent in sales volume to $24.9 million and a 36.8 percent decrease in unit sales to 24.
Excluding land, farm and ranch listings, nearly every segment saw a decrease in
average sales prices.
- Average condo sales prices dropped to $484,200 from $591,200 in the first half of 2011, a decrease of 18 percent.
- Average single-family home sales prices dropped to $1,298,900 from $1,688,400 in the first half of 2011, a decrease of 23 percent.
- Average sales price for the entire county in the second quarter 2012 was essentially flat, dropping a tenth of one percent to $1.1258 million.
- Commercial real estate sales enjoyed an increase in average sales price of 35 percent year over year, but volume remains low in this segment, totaling just $1.4 million or less than 1 percent of total sales volume.
Why is Teton Village struggling? Will Town of Jackson continue to offer entry-level opportunities for residents and investors? Will the steady rise in vacant land sales continue?
Contact me for answers to these questions and more. I will provide a personalized, highly detailed look at Jackson Hole real estate listings, trends and opportunities.
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