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Jackson Hole on a roll after strong April

By   /  May 7, 2013  /  No Comments

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Winter endures atop Glory Bowl, but in the valley the turn toward summer is clear.

Winter endures atop Glory Bowl, but in the valley the turn toward summer is clear.

Stable. Healthy. Active. There’s really no other way to read the Jackson Hole real estate sales figures from April, when 45 properties sold for $32.5 million.

Stability can be inferred by the fact that sellers collected 96 percent of list price in April. Also, only one sale price was not reported to Teton County Multiple Listing Service, an ongoing trend that indicates the days of distressed sales and significant price cuts are mostly behind us. In April 2012 there were six unreported sales.

Healthy factors from last month’s sales figures include an average sales price of $722,000, well below the $1.32 million ASP in March and the $1.38 million ASP in 2012. The median, not surprisingly, also dropped to $613,000, though this plunge is not nearly as precipitous as ASP.

Throughout the recession the average sales prices remained in line with pre-recession levels even as properties plummeted in value, indicating ongoing strength at the high end. Today, the majority of the transactions are below the median price for residential properties that will be occupied by full-time residents.

The aspens have yet to leaf out, but lawns are beginning to green.

The aspens have yet to leaf out, but lawns are beginning to green.

Also signifying market strength are steady building site sales, with five reported in April. In particular, three of these sales were for less than $440,000, a price point that indicates imminent construction of non-luxury homes.

Activity in April also was remarkable, with a 60 percent jump in transactions compared to April 2012. Sales volume actually dropped 14 percent, however that only accentuates the points above and the anomalies that occur month to month. For example, in April 2012, two large vacant land sales totaling $15+ million skewed the ASP upward while the highest sales price this year was $2.3 million for a Teton Pines home.

April sales highlights include:

  • The unreported sale was a 4-bed, 3-bath, 3,000-square-foot home near Teton Village listed for $1.975 million and on the market for 339 days.
  • Low-end sales continued to drive the market with 50 percent of all residential sales less than $500,000.
  • Melody Ranch enjoyed a surge with four residential sales and a vacant land sale.
  • A Karns Hillside building site on Rodeo Drive listed for $440,000 closed for more than 40 percent above its 2012 sale price.
  • Teton Village reported two sales, both in Teton Mountain Lodge..

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