(This article first appeared in “Real Estate News,” published by Jackson Hole Sotheby’s and inserted into the Sept. 10, 2014, Jackson Hole News&Guide.)
Almost as fast as Jackson Hole Realtors placed “For Sale” signs on area properties this summer, the offers started flying. There were 106 closed contracts in the months of July and August for a total sales volume of more than $135 million, according to Teton County Multiple Listing Service.
While sales volume during the heat of the summer increased approximately 20 percent compared to 2013, unit sales actually declined by about 13 percent, due almost exclusively to the lowest inventory in the Jackson Hole region since 2009.
As of the end of June, listings had declined 15 percent from 2013, with a drop of 26 percent in the extremely vibrant market for properties priced below $850,000. As a result sellers are netting 96 percent of list price and seeing decreased days on market.
“I think we will continue to see an increase in demand for property ownership in Jackson Hole within all segments of the market,” said Christian Cisco, Jackson Hole Sotheby’s International associate broker. “Whether it be for our quality of life, vast public lands or favorable tax climate, people want to be in Jackson Hole.”
Nonetheless, several notable sales occurred this summer, including:
- The least-expensive sale this summer was for a 2-bed, 644-square-foot condo in West Jackson listed for $199,900.
- The highest-priced home to sell was a 5-bed home with more than 5,600 square feet on 35 acres located just east of Hoback Junction and listed for $8.5 million
- A 3-bed townhouse in Cottonwood Park sold for 28 percent ABOVE list price after going to auction.
- A 3-bed townhouse near 5-way intersection in Town of Jackson, listed for $464,000 and on market for just 48 days.
- A 3-bed, 1,333-square-foot Rafter J townhouse, for more than list price of $615,000.
- A 5-bed home in Polo Ranches subdivision in South Park, list $1.345 million.
- A 2-bed Golf Creek townhouse off third hole at Jackson Hole Golf & Tennis, listed for $525,000.
- A Melody Ranch home with 3 beds, 1,920 square feet, list price $990,000, after 95 days on market.
- An Indian Trails log home on a great lot with 4 beds, 3,200+ square feet, listed for $1.275 million.
- A Moose Creek townhouse in Teton Village, list $1.635 million.
- A 3-bed Town of Jackson contemporary home recently completed with 1,950+ square foot, listed for $850,000.
And while new listings are often too few and far between, the market has welcomed numerous compelling listings in all segments, including:
- Town of Jackson single-family home with 3 beds, 1,800+ square feet, built in 1962, listed for $795,000.
- Five contiguous lots in Gill Addition of nearly an acre, just a short walk from Town Square. Includes two existing, older homes and offers development potential. Listed for $4.25 million.
- 4-bed South Park home on an acre with 2,500+ square feet, list $965,000.
- Crescent H building site, .83 acres listed for $1.025 million.
- Dairy subdivision home with 4 beds, 4,600+ square feet on 28.72 acres, list $6.895 million.
- Commercial lot on North Cache with .16 acres, lots of potential for this proposed high-density area in Town of Jackson, list $890,000.
- Building site with 310 feet of Snake River frontage on 2.5+ acres, about 10 minutes south of Jackson, has guesthouse that is very nicely done, list $995,000.
- 1-bed, 796-square-foot Hotel Terra condo, list $675,000.
- Rafter J home with 3 beds, 1,522 square feet on .15 acres, $625,000.
- 3-bed, 3,158-square-foot Timbers townhouse in Teton Village, $3.2 million.
- Snake River Sporting Club home with 4,800+ square feet, 4 beds on two-thirds of an acre, list $3.9 million.
- 4-bed home in Hoback Junction on a half-acre, now the least-expensive single-family home in Jackson area and only the second listed below $500,000, list $460,000.
- 3-bed, 2,015-square-foot home in downtown Wilson, listed for $1.25 million.
- Skyline Ranch building site adjacent to 215-acre ranch, list $475,000.
Whether you are looking to buy or sell, to reach your real estate goals in today’s tight, fast-moving market requires the assistance of a nimble, well-informed real estate professional.
“Our office is truly an invaluable resource in a tight market like this one, being that we are the market leader within Jackson Hole itself and a significant portion of our business is conducted outside of the Multiple Listing Service,” Cisco said. “We simply have access to more properties than any other Brokerage.”
Brian Siegfried is an associate broker with Jackson Hole Sotheby’s International Realty and writes regularly about Jackson Hole real estate market activity on his web site, TetonRealtyToday.com. Contact him at TetonRealtyToday@gmail.com or call 307-690-9346 for a personalized market analysis.