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Big April for Jackson Hole real estate

May 8, 2012 By Leave a Comment

Spring has finally sprung in Jackson Hole, with new listings, like this one in Melody Ranch, arriving as fast as aspen leaves.

Sales volume jumped approximately 22 percent in April to $40.6 million, compared to April 2011, on 26 unit sales. Jackson Hole real estate unit sales for April were flat year over year.

The high end was very active in April compared to recent months that saw a surge in entry-level residences in Town of Jackson. Ten of the sales were above $1.85 million, and in nearly every case the property sold after years on market and significant discounts from original list price.

  • Bar BC Ranch closed two large building sites (44 and 53 acres) listed for a total of $15.4 million. Sales prices were not reported.
  • The top residential sale was for an 8,300+ square foot home on 7.5 elevated acres south of Wilson near Mosquito Creek listed for $7.995m. Property has been on and off the market since 2008, originally listed for more than $12 million.
  • The second-highest sale also was on the market for more than 1,000 days, a Granite Ridge townhouse on the slopes of Jackson Hole Mountain Resort in Teton Village. The 5-bed unit was originally listed for $4.6 million in October 2008, reduced to $3.4 million prior to sale.
  • Originally listed for $3.995 million in 2008, a nearly 6,000-square-foot home in Schofield Patent near Wilson sold for less than the final list price of $2.295 million.

    The Snake River had a few good days of fly fishing in April, but water will be off-color for the next few weeks.

Once again building site sales were steady, with five sales. In addition to the two Bar BC Ranch sites, two vacant lots were sold in Karns Hillside subdivision, located on the flanks of Snow King Mountain in Jackson.

The fifth building site sale was for a 0.63-acre site on Granite Ridge after 468 days on market at more than 25 percent off original list price of $2 million.

Last month’s numbers come with the caveat that six sold prices were not reported to Teton County Multiple Listing Service, with all but one of the properties listed above the median sale price of approximately $800,000. Volume totals in this report represent 90 percent of list price.

Contact me for more personalized real-time Jackson Hole real estate research.

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April sales bring May-mentum

May 7, 2011 By Leave a Comment

The top sale for April, a home listed at $10.7 million, may have already been eclipsed by the pending sale of a Bar BC Ranch 35-acre building site listed at $10.9 million reported on May 3.

For the first time since 2007, Jackson Hole real estate unit sales reached 100 during the first four months of the year.

After 23 sales in April for a total sales volume of approximately* $32 million, Teton County sales in 2011 now exceed $122 million, not far behind the $130 million recorded during this time period in the final “bubble” year of 2008. April 2011 also easily outperformed April 2010, when 18 sales totaled $18.5 million in sales.

So once again a look at monthly sales, according to Teton County Multiple Listing Service, and quarterly trends reveals a strengthening real estate market for Jackson Hole.

April sales were led by the closing of a 7,996-square-foot home on 28.5 acres in Crescent H that was listed for $10.7 million. The final sales price was not reported, as was the case with a 3.1-acre building site in Schofield Patent listed for $1.495 million. (* Sales volume for April includes 90 percent of list price for these two properties.)

The Crescent H home was originally listed for $15.9 million and sold after 912 days on market. The building site was on market for 627 days, originally listed for $1.75 million.

Additional highlights from April sales include:

  • Six sales between $375,000 and $475,000, a price range that signals increased activity in the lower end of the single-family market.
  • Two sales in Skyline subdivision for $825,000 and $1 million.
  • Five building site sales, with the least expensive a 2.6-acre lot in Riverfront subdivision listed for $860,000.
  • A Hotel Terra 3-bed unit after 805 days on market for approximately 50 percent less than the original list price of $2.5 million.
  • A Four Seasons penthouse sold after 242 days on market for approximately 30 percent less than the original list price of $4.495 million.

May sales already are off to a fast start, with the pending sale of a Bar BC Ranch 35-acre building site listed for $10.9 million and four closed sales below $785,000. Contact me for a closer look at April sales, an in-depth look at Q1 2011 figures or a personalized look at the Jackson Hole real estate market.

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