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Sales rise in January, but high end takes break

By   /  February 4, 2013  /  No Comments

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Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

The Jackson Hole real estate market may have partied like it was 2007 in December, but only high-end buyers seemed to feel a January hangover.

Unit sales for the month increased from 22 to 24 (9 percent) compared to 2012. However, sales volume dropped dramatically from $33.2 million to approximately* $19.3 million (40 percent).

The average sales price in January, according to the latest data from Teton County Multiple Listing Service, was about $805,000, well below the $2.24 million ASP posted in December and the $1.38 million ASP for all of 2012. In December there were 19 sales for more than $2 million. In January, there were just two above $1.8 million.

Interestingly, while ASP and sales volume dropped significantly, there were no residential sales for less than $275,000 (an East Jackson single-family home) and the least-expensive townhouse or condo sale was for $289,000.  In 2012, there were approximately 41 home sales below $285,000, all of them condos or townhouses.  In 2012 the least-expensive single-family home in Teton County closed for $340,000.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Additional highlights from January’s residential sales include:

  • The median price in January was $750,000, down from the median in 2012 of $850,000.
  • Town of Jackson was very active, with the 9 least-expensive sales (up to $625,000) and 11 of the 17 overall residential sales.
  • The top sale was a Teton Pines home with 5 beds on 0.66 acres listed for $3.68 million that sold in just 50 days.
  • The next highest sale was a Hotel Terra condo listed at $1.2 million that closed after 1,482 days on market. Contact me for a detailed look at the Teton Village condo-tel market, including properties in Teton Mountain Lodge, Four Seasons Jackson Hole, Hotel Terra (both phases) and Crystal Springs.

Vacant land accounted for nearly a third of all Jackson Hole property sales with 7 closings, continuing a solid resurgence for this market segment.  Building site sale highlights include:

  • The two least-expensive Town of Jackson lots on the market, including a 0.17-acre lot on Simpson Street listed for $269,000, sold for nearly 100 percent of list price after just 42 days. Another lot on the same street with less buildable acreage sold for about 20 percent less after nearly four years on the market.
  • The two least-expensive property sales in January were building sites.
  • Two approximately 5-acre sites in the Woodside Estates subdivision near Jackson Hole Golf & Tennis sold after about 20 months on market. List prices were $1.495 million and $1.8 million, with finals sales prices unreported.
  • A 1.18-acre lot in Shooting Star in Teton Village on the banks of Fish Creek listed for $2.45 million.

Contact me for a personalized look at Western Wyoming properties from Jackson to Pinedale to Alpine and everywhere in between.

* Total sales volume is estimated based on 90 percent of list price for properties not reporting final sales price. In January there were 6 unreported sales prices.

 

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