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Jackson Hole land rush: Vacant land sales spiking in 2012

August 30, 2012 By Leave a Comment

Sales of home sites along the Snake River have been driving a huge bump in sales volume so far in 2012.

Vacant land sales in Jackson Hole in 2012 have already exceeded the entirety of 2011 with more than four months remaining.

And 2010. And 2009. And, with just one more sale this year, Jackson Hole building site closings will also exceed 2008.

With seven closings already reported in August, unit sales for the year surged to 42 and a sales volume of approximately* $82 million. Since the boom year of 2007, when 127 units changed hands for more than $150 million, the high mark for properties sold was 42 in 2008. Sales volume in 2008 and 2010 reached approximately $75 million for the year, the next highest figures since 2007.

What types of vacant land listings are selling?

After flat sales years for Jackson Hole building sites in 2010 and 2011, activity has sharply increased in 2012.

  • Driving the spike in sales volume are sites larger than 35 acres, with six sales in Bar BC Ranch, Bar B Bar and Crescent H with a total list price of $33.9 million.
  • The highest per acre sale of the year so far has been a 3.26-acre site at the base of Jackson Hole Mountain Resort in Teton Village that was listed for $13.5 million, or $4.1 million per acre.
  • Median sales price thus far in 2012 has been $1.5 million with an average sales price of $1.9 million.
  • Nine sales have been below $500,000, with four of those in a newly available corner of Rafter J that will feature twin and single-family homes.
  • The least-expensive building site sale in Teton County, a 0.4-acre lot in Karns Hillside near Snow King, was listed for $214,900 prior to closing.
  • Not including the Rafter J sales, the five least-expensive sales were in Town of Jackson.
  • Sales prices were not reported for 14 of the 42 closings thus far in 2012.

    No fishing on this site, but great views of the Teton Range are abundant.

Please contact me for a closer look at Jackson Hole building sites or a personalized market analysis for any segment.

* All information is provided by Teton County Multiple Listing Service and is deemed reliable. Sales volumes are approximate because sales prices are often not reported. Approximately 90 percent of final list price was used to determine approximate sales volumes.

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May flowers for Jackson Hole real estate

June 6, 2012 By Leave a Comment

Thinking about diving into Jackson Hole real estate? Strong May sales indicate there may be no time like the present.

Jackson Hole real estate unit sales jumped 52 percent in May to 32 and sales volume climbed a whopping 172 percent to approximately $32.2 million compared to May 2011. The month’s significant increases were driven by several high-end building site sales and a comparison to one of the weakest months in 2011 when just 21 properties sold for $12.2 million.

May saw six building site sales in Teton County, bringing the yearly total to 23, or 67 percent of the 34 that closed in all of 2011. Leading the way were two sales in Bar BC Ranch that were listed for a combined total of $15.4 million and two sales in Bar B Bar listed for a total of $11.45 million. All properties were between 35 acres and 53 acres and final sales prices were not reported to Teton County Multiple Listing Service. Sales figures above include 90 percent of list price for unreported sales.

Reported buildings site sales included a 0.89-acre site on the slopes of Jackson Hole Mountain Resort listed for $2.75 million and a commercial property in downtown Jackson bought by the town government for $2 million that will be used for much-needed parking.

The market below $500,000 also enjoyed continued consistency with 16, or 50 percent, of monthly sales. Highlights from sales in this market segment include:

  • Six short-term rental properties sold, including three in Teton Village, two in the Aspens/Racquet Club and one near Snow King in Jackson.
  • Several low-end, long-term rentals also changed hands. One of the best per square foot deal was for a 3-bed, 3-bath, 1,598-square-foot townhouse in Jackson listed for $285,000 that sold after just 136 days.
  • Similarly, a 2,436-square-foot, 4-bed, Freddie Mac-owned townhouse in East Jackson sold for approximately $150 per square foot.
  • Town of Jackson single-family home sales were strong with seven sales in May ranging from $399,000 for a 4,000-square-foot home built in 1972 to a 4,016-square-foot “Bristlecone” in East Jackson that sold for 56 percent more.

    Teton Pines enjoyed the only Jackson Hole golf property sale in May.

     

June and July also promise strong sales figures with 62 properties in Jackson Hole currently under contract. Nearly 25 percent (14) are listed below $300,000. Total list volume of pending properties is $44 million with an average list price of approximately $725,000.

Please contact me for a personalized Jackson Hole real estate market report.

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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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Quality lots driving uptick in Jackson Hole land sales

October 27, 2011 By Leave a Comment

Three of the 38 building site sales in Teton County during the last 12 months were in Bar BC Ranch, located at the confluence of the Snake River and Gros Ventre River.

In my most recent post on jhpropertyguide.com, I discuss the slowly improving market for building sites in Teton County. And by slowly I do mean S-L-O-W, with just 38 sales* in the last 12 months compared to an average of 125 in the five years between October 2003 and October 2008.

The uptick is measurable, however, as the sales since October 2010 are an increase of 61 percent over the previous 12 months (23) and a jump of 85 percent compared to the 12 months between October 2008 and October 2009 (20).

Driving the building site market in Jackson Hole are premium lots in higher-end subdivisions such as 3 Creek Ranch (6) and Bar BC Ranch (3). This is evidenced by a median sales price of $875,000, which is more than $200,000 higher than the median sales price for residential sales in Teton County during the last 12 months.

Top Jackson Hole neighborhoods such as Crescent H, Gros Ventre North, Bar B Bar Meadows, River Meadows, Elk Ridge, Fairway Estates and Jackson Hole Golf & Tennis also recorded sales.

Interesting, but not surprising, is that five (13 percent) of last year’s sales prices were not reported. The list prices of these five properties totaled more than $33 million.

One of the three Town of Jackson building site sales during the last year included a half-acre site on the banks of Flat Creek.

The highest reported sales price for a building site was the resale of a 41-acre site at Bar BC Ranch listed at $9.5 million. Additional highlights among the 38 sales in the previous year include:

  • Total sales volume is approximately $66 million, with 90 percent of list price used to estimate the five unreported sales.
  • The largest lot sale included 130 acres south of Wilson listed for $13.9 million. Sales price not reported.
  • Just three of the sales were in Town of Jackson.
  • Just three of the sales included less than a half-acre of land.
  • The smallest lot sale included 0.43 acres on Flat Creek in North Jackson listed at $895,000. The second-smallest lot sale included 0.47 steep acres on the east side of Nelson Drive listed at $225,000 that closed after 51 days on market.
  • Ten of the 38 sales were for less than $600,000, totaling $4.265 million.
  • Twenty-four of the sales were for below $1 million.

Contact me for more information on building sites in Jackson Hole or for a more personalized look at the real estate market.

* Since that post was written a fourth building site sale in October was reported to Teton County Multiple Listing Service. The 0.56-acre parcel (2 lots) in East Jackson were listed at $225,000.

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August sales as extreme as Jackson weather

September 7, 2011 By Leave a Comment

While the weather in Jackson Hole can vary widely, the last two months have featured the best weather on Earth, with daytime highs in the 80s, low humidity and big sky.

I love the Jackson Hole real estate market for the same reason I love the weather around here: it can be so extreme that everywhere else is boring by comparison.

For example, among the 26 sales reported in August the least-expensive property was a bank-owned 2-bed condo for $95,000 and the most expensive a fabulous 41-acre building site for $9.5 million. That’s quite a spread, almost as interesting as the 50-degree temperature swings we’ve seen in the last few weeks with the thermometer dropping below freezing overnight and above 80 during the day.

Overall, the 26 sales for approximately* $26.2 million in volume put yet another strong month on the board for 2011. Sales volume dropped from $35.8 million in August 2010, but unit sales were up from 25. August marked the ninth month during the last 12 with sales above $25 million.

Notable sales and trends in August included:

  • Sold prices were 94 percent of list price in August, with an average sales price of about $1.1 million.
  • The average price per square foot was $300, with the least-expensive sale going for $114 per square foot and the most expensive going for $525 per square foot.
  • Average days on market for listings sold were 228.

    Unit and volume sales for Teton County, WY, since June 2010.

  • There were four building site sales, with lots moving in Bar BC Ranch, 3 Creek, Bar Y and Teton Village. *The sales price was not reported for the 0.74-acre site in Teton Village listed for $995,000.
  • The median sales price was $526,250, which bought a 3,420-square-foot home in Hoback Junction.
  • The least-expensive single-family home sale was $183,379 for a 3-bed home in Hoback Junction.
  • Condo sales for 2-bed units at $95,000 and $98,000 were the first two sales below $100,000 since January 2000. It is likely they will be the last two for the foreseeable future as the market floor is now $149,000 for a 1-bed condo in Meadowbrook.

Please contact me for a closer look at recent sales, active listings and other market factors in Jackson Hole. tetonrealtytoday@gmail.com

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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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Watching the clouds float by at Bar BC Ranch

August 22, 2010 By Leave a Comment

Photo by Gary Schmitz. Bar BC Ranch, centrally located in Jackson Hole at the confluence of the Snake River and Gros Ventre River, is a great place to watch the clouds roll by. This rainbow is seen from the east with the swan pond in the foreground and the Tetons providing a striking summer backdrop.

I’m sitting in one of Jackson Hole’s most scenic offices this afternoon. That picture to the right was taken earlier this month at Bar BC Ranch just up the road from the sales office, where I’ll be until 6 p.m. today.

While I have not seen a rainbow at the ranch this summer, I almost always enjoy a quiet afternoon of watching the clouds float by the Tetons and the north end of West Gros Ventre Butte. Some days I take the short walk to the confluence of the Snake River and Gros Ventre River. Like I said, there can’t be many offices in Teton County in a more scenic and serene setting than this one.

I’ll also be here on Wednesday, next Sunday and Monday. Give a call for directions or to let me know you are coming on these days between 1 and 6 pm. If another day is preferable this month or throughout the year, tours and information are available seven days a week, 12 months a year. Call me at 307-690-9346 to arrange.

Bar BC Ranch features elevated views of Jackson Hole from the Teton Range to the Sleeping Indian to the valley floor in all directions.

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End-of-summer sale for Jackson Hole real estate

August 20, 2010 By Leave a Comment

A $1 million price reduction on one of the premier building sites in Bar BC Ranch is just one of several discounts on Jackson Hole real estate announced in recent days.

Everything must go! Shop now for best selection on deeply discounted inventory!

With just a few weeks until September, the busiest month for sales in Jackson Hole, price reductions have dominated the Teton County Multiple Listing Service Daily Hotsheet this week. Since Monday, there have been 23 price reductions on residential properties priced as low as $230,000 to as high as $10.5 million.

And just pick a neighborhood, virtually any neighborhood for big, big savings! Take $200,000 off for a building site in Shooting Star, now just $3.795 million for 1.3 prime acres. Or save $3.2 million dollars off original list price on an 8,365-square-foot home in Indian Springs. Like Teton Pines? Two Cluster units reduced this week with one now at $1.495 million.

As discussed in a post on jhpropertyguide.com earlier this month, the high end of the market has been where most of the action has been this year. This is due to a variety of factors but certainly one of them is this market segment has seen the largest price reductions in both dollar amounts and percentage off market highs.

Of the 23 price reductions this week, 11 of them are on properties north of $1 million and 7 priced higher than $1.795 million. Savvy buyers who have the means to purchase in this price range are taking advantage, resulting in an average sales price thus far in 2010 of approximately $1.55 million.

Properties on the low end of the market, which has been stagnant, have been heating up this week as well with a bellwether sale of an Elk Run townhouse and numerous price reductions. Additional price reductions on the lower end of the market include:

  • A 2-bed, 1-bath Ponderosa Village condo is now $230,000; however this is more than $90,000 above the least-expensive unit in this neighborhood.
  • A 3-bed, 3-bath, 1,400-square-foot Creekside townhouse is now $355,000. Originally listed at $625,000 and on the market for 676 days.
  • A 3-bed, 3-bath, 1,671-square-foot single-family home in Rafter J was reduced $40,000 to $539,000 after just 23 days on the market. However, this home was originally listed by same seller in June 2008 for $865,000.

Contact me for a full Comparable Market Analysis on any of these properties or neighborhoods, or to discuss the dynamics that are driving the Jackson Hole real estate market. 307-690-9346.

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