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Over/under: $300K in Jackson Hole

By   /  August 5, 2013  /  No Comments

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Teton Village properties are active for summer. Look for this Granite Ridge Lodge to hit the market in coming days.

Teton Village properties are active for summer. Look for this Granite Ridge Lodge to hit the market in coming days.

There were 44 property sales in July in Teton County, but not one full-ownership closing was for less than $300,000, a significant figure for Jackson Hole real estate in recent years. The least-expensive sale in July, when there were 43 property sales for approximately $47 million in sales volume, was a 2-bed, 952-square-foot condo in West Jackson listed for $310,000 that sold for 100 percent of list price in 32 days.

In 2008, at the height of the real estate bubble, there were no active residential listings in Teton County below $300,000, save for a condo or two in the industrial park south of Jackson. During the ensuing recession, entry-level housing prices dropped considerably with dozens of properties dropping below this important benchmark. A few Town of Jackson condo sales actually dropped below $100,000 for the first time since the turn of the millennium.

The result was a wave of opportunity for Teton County workers earning median incomes or just above to once again participate in home ownership. Stagnant wages, economic uncertainty and overly restrictive lending practices remained challenges in recent years, but many families that were on the sidelines or resigned to renting forever were able to get in the game.

The market below $300,000 has not disappeared once again, but it is moving that way. After reaching more than 30 such options in 2010, there are now just 10. The least-expensive residential option in Jackson Hole is a 1-bed, 624-square-foot condo in Jackson’s Meadowbrook subdivision listed for $199,000.

Listings are slim north of town where the Teton views are prime, but this home in Bar B Bar is still on the market.

Listings are slim north of town where the Teton views are prime, but this home in Bar B Bar is still on the market.

Additional highlights from July’s sales include:

  • The top residential sale was a Teton Pines home with 5 beds, 7 baths and 5,700+ square feet on 2.8 acres that was listed for $2.95 million.
  • Seven building sites, including at the low end a 0.14-acre lot in Rafter J listed at $249,000 and at the high end a 439-acre lot south of Hoback Junction along the Snake River listed at $14.9 million.
  • Median residential sales price was $585,000, represented by a 3-bed, 2-bath, 1,700-square-foot single-family home in Rafter J.
  • Average sales price for all properties was just above $1 million.
  • Despite no sales below $300,000, a third of all residential sales were below $460,000, indicating vibrancy at the upper end of the worker housing market.

Please contact me for a personalized look at the Jackson Hole real estate market.

* Total sales volume is estimated based on 95 percent of list price for all sold properties. 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.

 

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