As I look out the window of the Jackson Hole Sotheby’s sales office in Hotel Terra in Teton Village, the weather is gorgeous, perhaps even perfect.
Visibility is low and temperatures are in the teens as a heavy snowstorm blows in from the southwest. This late December squall comes on the heels of one of the snowiest months in decades for the Teton Range, with Jackson Hole Mountain Resort reporting 252 inches of snowfall on the season and and a more than 90-inch base with two days still remaining in the month.
Just. Beautiful. Unless you are not a skier, I guess, or at least the kind that prefers a good goggle tan more than powder skiing!
The current state of Teton Village real estate is similar: the hamlet that is home to North America’s top ski resort has enjoyed steady unit sales and sales volume growth in recent quarters, yet the forecast remains optimistic for both Buyers and Sellers in the coming year. This optimistic prediction is based on several positive indicators including:
- Steadily increasing average daily room rates and increasing short-term rental income;
- strong future bookings for short-term rental properties;
- Teton Village property values are still below pre-recession highs;
- Jackson Hole’s snowfall totals have been consistently deeper than competitor U.S. ski resorts in recent years, this season in particular;
- Jackson Hole Mountain Resort and Teton Village Authority’s ongoing and long-term commitment to expansion and improvement of infrastructure;
- Wyoming’s favorable tax structure;
- Proximity to Yellowstone and Grand Teton national parks;
- Consistent rankings at the top or near the top of every national list, including Forbes, which has just ranked Jackson Hole No. 1 for the fifth straight year;
- and the ability of Teton County, WY, to maintain a vibrant four-season community with a small-town feel while offering amenities that serve some of the world’s most discerning travelers.
Getting into the numbers
Demand for Teton Village real estate has outpaced supply in the last 12 months with 42 residential sales for a total sales volume of approximately $72 million, according to Teton County Multiple Listing Service. Compared to 2015, this represents a similar amount of transactions (44) and a slight decrease in reported sales volume, dropping from about $100 million in 2014.
The top sale in Teton Village in 2015 was a ski-in/ski-out single-family home with 4 beds, 6,000+ square feet on .68 acres originally built in 1967 but redone completely in 2011. Listed by Jackson Hole Sotheby’s International Realty for $8.95 million, it sold after 315 days on market.
Additional top sales included a Granite Ridge home that closed at $4.925 million, and a Shooting Star Lodge resale that was priced at $3.75 million. Hotel Terra was one of the hottest single addresses with 12 condo-tel units selling in 2015.
However, it is important to keep in mind that data from the local MLS only tells part of the story in Teton Village, which has seen significant numbers of sales in the last seven years not reported. Not coincidentally this trend accelerated since the inception of Shooting Star, Teton Village’s newest and perhaps most upscale subdivision. In Shooting Star alone there were multiple sales not reported for more than $100 million in sales volume.
What is for sale in Teton Village?
Currently there are 32 full ownership properties in Teton Village listed in Teton County Multiple Listing Service.
At the least-expensive end of the spectrum are studio and 1-bed “condo-tel” units in Snake River Lodge & Spa, built in 2003. Currently there is a 1-bed, 535-square-foot condo listed for $335,000 in this property representing the least-expensive full ownership opportunity in Teton Village.
Also priced less than $600,000 are:
- A 1-bed, 760-square-foot Tensleep condo built in 1972 in “Old” Teton Village (a short walk or shuttle ride to the village core and base area lifts), listed by Jackson Hole Sotheby’s International Realty for $459,000.
- A 1-bed, 565-square-foot Hotel Terra ski-in/ski-out condo built in 2008, listed by Jackson Hole Sotheby’s International Realty for $575,000.
- A Sleeping Indian 464-square-foot studio listed by Jackson Hole Real Estate Associates for $379,000.
The Teton Village mid-market –those properties priced between about $600,000 and $2 million – currently includes 16 options. Representative properties include:
- Teton Mountain Lodge 2-bed, 1,000-square-foot condo built in Village core in 2003, listed by Jackson Hole Sotheby’s International Realty for $975,000.
- Nez Perce “Old” Village 2-bed, 1,092-square-foot condo built in 1980 with a wood-burning fireplace, listed by Jackson Hole Sotheby’s International Realty for $699,000.
- Hotel Terra Phase II 3-bed, 1,610-square-foot condo, listed by Jackson Hole Real Estate Associates for $1.49 million.
- 3-bed, 1,712-square-foot “Old” Village Four Seasons condo with great mountain and valley views pretty close to lifts built in 1971 but updated in 2008, listed by Jackson Hole Sotheby’s International Realty for $1.299 million.
Teton Village properties with a list price of greater than $2 million currently include 15 options. Representative properties include:
- Tram Tower Townhouse just uphill from the Aerial Tram with 4 beds, 3,600 square feet and a 2-car garage built in 1991, listed by Berkshire Hathaway Home Services for $2.5 million.
- Moose Creek townhouse with 3 beds, 2,530 square feet and a 1-car garage built in 2000 that is located at the furthest point in Teton Village away from the Aerial Tram, but is ski-in/ski-out because it has its own lift, listed by Trinity Real Estate Group for $2.35 million.
- The only Four Seasons condo actively marketed is a 2-bed, valley-side, 1,720-square-foot private furnished residence, listed by Jackson Hole Sotheby’s International Realty for $2.775 million.
- Shooting Star 3-bed, 3,321-square-foot home on .15 acres built in 2010 with a 2-car garage, listed by Jackson Hole Sotheby’s International Realty for $4.5 million.
- Granite Ridge 5-bed, 7,616-square-foot home on nearly an acre just steps from the ski slopes built in 2003, Jackson Hole Sotheby’s International Realty for $10.25 million.
What else is for sale in Teton Village?
As mentioned above, a significant percentage of all sales in Teton Village are for properties never listed with MLS or the dozens of third-party real estate Web sites such as Trulia or Zillow or even Realtor.com (my recommended third-party site).
What’s it all mean? Well, in short, and with all humility, your trusted Realtor is more valuable than ever when it comes to finding the perfect ski resort property. Is Shooting Star of interest? There are options available, but most if not all of them will not be found in MLS. Is there a particular price range, unit size, number of bedrooms or particular building you would like to buy in? I am aware of properties available off-market and those that will be coming to market in the near future. Or, I can reach out to owners in areas of interest to see if/when they are ready to sell.
How can I help you reach your Teton Village real estate goals?