Sold prices exceeded $2 million this year for the first time in the 20-year history of Melody Ranch, a subdivision of approximately 350 deeds located about 3 miles south of Jackson, with two homes surpassing the threshold.
Melody Ranch has seen 13 closings in the last 12 months for a total sales volume of $21.33 million and an average sales price of $1.641 million, according to Teton County Multiple Listing Service. This represents an increase of 20 percent in sales volume and an increase in average sales price of 27 percent.
Looking back a few more years, the 12 months ending in October 2017 saw just 5 sales with an average of $1.175 million. However, the 12 months prior to that reported a more typical 13 closings and an averages sales price of $1.173 million, which represented a flat year for appreciation.
Main takeaway: Values in Melody Ranch have risen steadily and significantly in recent years to well above pre-recession highs (in July 2007 a 5-bed, 3,717-square-foot home sold for $1.855 million), which cannot be said for all segments of Jackson Hole real estate. There are at least two reasons for this: the supply of single-family homes is well below demand; construction in recent years has been primarily on premium lots, resulting in a higher percentage of premium home sales.
For example, both homes that exceeded $2 million in sales were located on perimeter lots of approximately two-thirds of an acre (as large as Melody Ranch offers) with unobstructed views to the north. The third home, listed for $1.995 million before closing in just 66 days, was new construction sited on the banks of Flat Creek with direct Teton views.
Currently there are three residential properties for sale in Melody Ranch, as well as two properties under contract. Click here to view these properties. (A link to sold properties is available upon request. Also, this link will expire on November 5. Please contact me for a current list). They include:
- ACTIVE: 5-bed, 3,508-square-foot home built in 1999 on .3 acres, listed for $1.599 million after 235 days on market, originally listed for $1.895 million.
- 5-bed, 4,068-square-foot home built in 2000 on .35 acres, listed for $1.725 million after 105 days on market, originally listed for $1.75 million.
- ACTIVE: 4-bed, 4,286-square-foot home built in 2008 on .53 acres, listed for $2.275 million after 67 days on market.
- PENDING: 3-bed, 1,574-square-foot home built in 1998 on .3 acres, listed for $1.049 million after 41 days on market.
- PENDING: 5-bed, 3,508-square-foot home built in 1999 on .3 acres, listed for $1.599 million after 235 days on market, originally listed for $1.895 million.
Do you have questions about Today’s Real Estate Facts or the broader market? Would you like a link to one of the properties mentioned, or a weekly email with recent listing activity for your target market segment? I am an Associate Broker with Jackson Hole Sotheby’s International Realty. Contact me today for a personalized look at properties in Teton, Lincoln and Sublette counties in Wyoming and Teton Valley, Idaho.
“This is for informational purposes only and is not a solicitation for business. If you are currently working with a Realtor, contact them for additional information.”