Eleven building site sales boosted the Jackson Hole real estate market in June, which recorded a 35 percent increase in unit sales to 41 and a 33 percent increase in sales volume year over year by reaching approximately* $45 million.
The 11 vacant land sales brought the total for the year to 40, which is on pace to exceed the 77 sales in 2012, and the two top sales of the month were building sites. They were a 40-acre lot on Fish Creek in Wilson selling for $5.75 million and a 3-acre premium building site in 3 Creek Ranch listed for $4.25 million.
June’s robust sales complete a strong first half of the year that far exceeded 2012, with 235 sales for approximately* $268 million, far ahead of the 159 sales during the first two quarters of 2012.
Why is the market so strong? Jackson Hole’s long list of unique amenities remains a large part of the story, of course. Grand Teton and Yellowstone national parks, the Snake River, Jackson Hole Mountain Resort and other natural beauties are unequaled in the United States. The tax environment, which recently has been drawing small companies and numerous individuals from more restrictive states like California and New York, remains one of the most attractive in the nation.
However, Jackson Hole is not alone when it comes to having a dynamic and increasing real estate market. Realty is surging in nearly all U.S. regions and sectors because in general it is a good time to be both a buyer and a seller.
At this time last year, many more sellers were still underwater and not able to participate at current values. Since then, values have inched up, creating more homes with equity and drawing out those on the sidelines that have been waiting to sell.
On the buyer side, values remain depressed from the height of the market by about 20 percent, depending on segment. Combined with interest rates that remain low (though rising lately), relaxed lending guidelines and an improving economy, buyers are motivated to buy before the market overheats again.
It’s often a win-win situation these days at the closing table, with both parties feeling good about the deal.
Additional highlights from sales during the month of June include:
- The median building site sale was just $350,000, represented by a 0.41-acre lot in Karns Hillside in Town of Jackson. This continues a focus by buyers on the least-expensive land in Teton County.
- The top residential sale was $2.375 million for a 6-bed, 4,800-square-foot Teton Village single-family home on the market for 303 days.
- A 3-bed, 7,800-square-foot home on 4.86 acres in Hoback Junction last listed for $1.14 million finally sold as a short sale. The property has been on and off the market since 2006, once listed for more than $3 million.
- Three bank-owned properties sold, including a 3-bed East Jackson condo that sold for more than the $229,900 list price, and a 3-bed, 1,386-square foot townhouse in Rafter J that sold for considerably more than the list price of $344,900.
Contact me for a closer look at recent sales, individual listings or a personalized look at the Jackson Hole real estate market.
* Total sales volume is estimated based on 95 percent of list price for properties not reporting final sales price. Additionally, numerous real estate transactions happen outside of the Teton County MLS and are not included in this market analysis. In all cases figures reported here are deemed reliable but not guaranteed accurate.