A penthouse in Four Seasons Jackson Hole listed at $5.95 million went under contract this week, extending a recent hot streak for this bellwether Teton County real estate market segment.
As of October 21, there have been 28 Teton Village residential sales in 2012 for an approximate sales volume of $46.5 million. There are currently five pending properties at the base of Jackson Hole Mountain Resort, including the aforementioned penthouse as well as a 2-bed Four Seasons condo listed at $1.795 million, a 6,400-square-foot home listed at $4.6 million and two condos listed for below $600,000.
However, it will be difficult for real estate sales in Teton Village to exceed 2011, when there were 42 closings. This is due mainly to a slow start in 2012 that saw no closings until March 1. Teton Village caught fire in the second quarter with 13 sales before slowing to eight in Q2. This year has already surpassed the 10-year low of 20 posted in 2009 but is far below the 98 reported in 2005.
Inventory is down compared to last year, however, when there were 73 active, full-ownership listings in Teton Village (fractional units are not included in this analysis) as of December 8. Today’s inventory includes just 48 active listings, a drop of approximately 34 percent. Expect some new listings in the coming weeks to cut into this deficit.
The least-expensive property in Teton Village is a 1-bed, 1-bath, 760-square-foot condo built in 1972 listed for $260,000. A 2-bed unit also built in 1972 is listed for $297,700.
At the upper end of the market there are 10 homes listed for more than $3.75 million, with four of these in the Shooting Star subdivision. Platted in 2008, this premium subdivision features a Tom Fazio golf course and an Alpine Barn that services skiers and snowboarders.
Interested in a look at available condos in Hotel Terra, Teton Mountain Lodge, Crystal Springs or Four Seasons? Perhaps a ski-in/ski-out home on the slopes? Please email me a description of your perfect property and I’ll send along an updated market analysis.