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What’s selling in Jackson Hole these days?

By   /  November 27, 2012  /  No Comments

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Still waiting for snow atop Snow King and across the Teton Range.

Since April, the answer is a little bit of everything: at the high-end it has been building sites in Bar BC Ranch and Bar B Bar, Four Seasons condos, luxury homes and development options that have laid dormant since 2008; at the low end nearly the entire inventory of distressed condos, townhouses and homes listed below $400,000.

Today’s market is marked by stagnant prices, tight inventory, strong interest, increasing activity in nearly every segment and a loosening but still restrictive loaning environment. Sellers still have to bite the bullet in most cases but well-priced properties are often attracting with multiple buyers. Jackson Hole real estate has not yet returned to the heights of 2006 and 2007 but has soared compared to 2009 and 2010.

There are currently 56 Jackson Hole properties listed as pending in Teton County Multiple Listing Service with a total list volume of $73.64 million, or an average list price of $1.3 million.  Median price for properties under contract, however, is less than half at $599,000.

Interest in Bondurant farm and ranch land also is on the rise in 2012.

Often a single Jackson Hole property listed for more than $10 million will create the disparity between ASP and median price, but currently there are eight under contract listed above $2.995 million that have inflated this number. The pending property with the highest list price is a 10,465-square-foot, 5-bed home in Crescent H listed for $5.995 million.

Similarly, as of today there have been 23 residential closings thus far in November, for an approximate sales volume of $26 million and an average sales price of about $1.27 million. The median price for sold Jackson Hole homes this month is $710,000. The median is represented by a 3,000-square-foot home in Melody Ranch on 0.34 acres on the market for about 18 months

Properties of interest among the 56 currently under contract include:

  • The least-expensive listing under contract is a 2-bed, 888-square-foot townhouse in Town of Jackson listed for $175,000 after 228 days on market, originally listed at $235,000.
  • Seven properties are listed below $305,000, five of them in Jackson and the other two in the Aspens subdivision.
  •  The pending property on market the longest, 1,273 days, is a 3-bed, 2,860-square-foot equestrian property in South Park on 2.5 acres. Listed at $1.599 million, the property was originally listed at $1.877 million.

Properties of interest among the 23 residential sales thus far in November include:

Jackson Hole Mountain Resort opened for the season last weekend, though the Aerial Tram has yet to open.

  • The top sale is a 5-bed, 5,016-square-foot penthouse condo at Four Seasons in Jackson Hole with a final list price of $5.95 million. On the market for 151 days, but it has been offered quietly for a few years.
  • Five sales topped $2.295 million, though the sixth highest sale was for $1 million. In other words, there have not been any sales between $1 million and $2.295 million so far in November.
  • Seventeen, or 73 percent, of this month’s sales are single-family homes. Four are condos and the remaining two are townhouses.

Please contact me details on the properties mentioned above or a more personalized look at the Jackson Hole real estate market including active listings, neighborhood profiles and sales histories.

 

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