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Land, bank, unreported sales lead Jackson Hole in January

February 5, 2012 By Leave a Comment

Sometimes it helps to just look at things from 10,000 feet, like the top of Jackson Hole Mountain Resort. Surprisingly, not one of the 18 sales in January were in Teton Village.

Building sites accounted for a third of all Jackson Hole real estate units sold in January, continuing a trend of steadily increasing land sales and stirring hopes for resurgence in the local construction industry.

Teton County, Wyoming, total sales volume reached approximately $26.3 million* on 18 unit sales in January, reflecting a slight drop from the 22 sales for $28 million the previous year. Last year ended with significant momentum as December tallied 32 sales for $48 million, a gain of 60 percent in units and 72 percent in volume from December 2011.

The six building site sales totaled approximately $8.9 million. Compared to the 34 reported sales for $33 million in Jackson Hole building sites in all of 2011, this market segment is off to a fast start in 2012.

A high number of unreported sales prices also stand out among the monthly sales. Final sales figures for four properties with list prices totaling $12.8 million were not reported, including a 35-acre building site in Crescent H listed for $5.9 million that was on the market for 1,603 days and originally listed for $8.5 million.

Several January snow storms have allowed Jackson Hole snow depths to be among the best in the Intermountain West this winter.

Several January snow storms have allowed Jackson Hole snow depths to be among the best in the Intermountain West this winter.

January’s Jackson Hole sales highlights include:

  • The least-expensive sale was a West Jackson 2-bed condo for $105,000. Bank-owned, sold for 96 percent of list after just 50 days.
  • The second least-expensive sale, also bank owned, was a 3-bed East Jackson townhouse that sold for 98.5 percent of list after just 40 days.
  • The highest residential sales price also was for a bank-owned property. The 5-bed, 6,700+-square-foot home near Wilson sold for 97 percent of its original list price of $3.5million after 78 days on market. Property was listed for $6.995 million in 2008.
  • A land sale in Rafter J also included a home to be built later this year, closing above $500,000.
  • A 3-bed home in Cottonwood Park closed for 100 percent of list price after just 56 days on market.
  • The fourth bank-owned sale was a lot in Karns Hillside on the market for 189 days and selling well below the original list price of $254,900.
  • The dog that did not bark: Teton Village saw no closings in January.

Contact me for details on the properties discussed or for a more personalized look at the Jackson Hole real estate market.

* Total assumes 90 percent of list price on sales with unreported sold prices. All sales figures provided by Teton County Multiple Listing Service and/or Jackson Hole Sotheby’s.

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Cottonwood Park: Jackson Hole’s working class hero

November 29, 2011 By Leave a Comment

The east end of Cottonwood Park was originally platted in 1984, with subsequent filings until 1992. Today, this neighborhood houses a considerable percentage of Teton County's middle class.

It may be hard to imagine today, but in 1984 when the first Cottonwood Park homes were under construction, the southwestern corner of Jackson looked almost as rural as the ranch lands that define the landscape south of High School Road today.

There were no sprawling school campuses with synthetic sports fields. No apartment complexes. No big box supermarket or department store. The “X” at the junction of Highway 22 and Highway 89 was still considered a “Y.”

More than a generation later, Cottonwood Park is Jackson Hole’s working class hero, with scores of single-family homes and townhouses priced above entry-level condos but below the newer homes outside town limits and the more highly valued areas of East Jackson.

Two new Cottonwood properties in the last week bring the total number of active listings to 11. The least-expensive is a 2-bed, 1,126-square-foot townhouse priced at $349,500 built in 1986; the highest-priced property, which hit the market this week, is a 3-bed, 2,783-square-foot home on a 0.21-acre lot built in 1996 listed at $599,000.

Continuing to use these two ends of the Cottonwood market as a barometer for this bellwether Jackson Hole neighborhood, a similar 2-bed townhouse sold for approximately $105,000 in 1998, the most recent year for digital records. Similar units were priced as high as $520,000 during the height of the housing bubble. The new 3-bed listing last sold in 2006 for 23 percent more than the current list price.

Looking at sold units in this neighborhood, there were 10 closings during the last 12 months. Highlights include:

  • The lowest-priced sale was a similar unit to the least-expensive active listing (but with 3 beds) for about 7 percent less than list price.
  • The highest-priced sale was also on a similar-sized unit to the highest-priced active listing (but five years older) for about 3 percent less than asking price.
  • Average sales price on the 10 sales was $453,650 for about 92 percent of list price at the time of the sale.
  • Average days on market was 280.

    Cottonwood Flats is a new 32-unit development adjacent to Cottonwood Park and is not included in this analysis.

     

As noted in a 2009 Teton Realty Today post that also took a look at Cottonwood Park, the highest recorded sale in this neighborhood was $779,500 in April 2008 for a 5-bed, 2,478-square-foot home.

Please contact me to discuss this neighborhood or for a more personalized look at the Jackson Hole/Teton County real estate market.

(Note: This analysis does not include Cottonwood Flats, a two-year-old subdivision with 32 townhouse units located adjacent to Cottonwood Park to the northeast. Information on this development also available upon request.)

Filed Under: Hotsheet Highlights, Market statistics, Neighborhood analysis Tagged With: , , ,

By the numbers: The Jackson Hole single-family home market

May 23, 2011 By Leave a Comment

This Melody Ranch home is one of the 27 single-family units currently listed between $700,000 and $800,000 in Teton County, WY.

A home can be any dwelling from a studio condominium to a sprawling mansion, but most people’s idea of a home, and the meat of the Jackson Hole residential market is a freestanding single-family house.

There are currently 285 single-family homes listed in Teton County Multiple Listing Service, or about 62 percent of the 455 residential properties. Active condo listings, for comparison, number 125, followed by 42 townhouses and just three multi-family homes.

On the sales side, single-family home sales accounted for 127 of the 234 sales during the last 12 months, or 54 percent.

A closer look inside the numbers on the listing side reveals:

  • The median list price is $1.5 million dollars, with six homes listed at $1.495 million or $1.5 million. Typical of the home in this range is a 3,600+ square foot, 4-bed home in the Gill Addition of Jackson built in 2005.
  • The two least-expensive single-family homes in Teton County are in Hoback Junction (about 10 miles south of Jackson) and are the only two listed for below $400,000.
  • There are 27 homes listed between $700,000 and $800,000, the densest concentration of homes within a $100,000 range. Typical of this segment are homes in Melody Ranch (5), Town of Jackson (6), and equestrian properties south of Jackson (6).
  • There are 20 homes listed below $500,000. The largest of these includes more than 3,000 square feet, but half of that is a finished basement. The next largest is a 2,100 square foot home in East Jackson listed at $495,000.
  • The two highest sales prices during the last 12 months were not reported. Teton Valley Ranch was listed for $25 million prior to closing and a home in Crescent H was listed at $10.7 million.

Highlights among the 127 sales of single-family homes during the last 12 months include:

  • The least-expensive sale was for a 536-square-foot, 1-bed house built in 1947 on an AR-zoned lot in the town of Jackson that went for $350,000.
  • There were 14 sales of less than $500,000. Cottonwood Park led this category with five sales.
  • Cottonwood Park also recorded four of the 11 sales between $500,000 and $600,000, with Rafter J close behind in this price range with three sales.
  • The median sales price was $1.3 million. The median sale was for a 4-bed, 2,564-square-foot home on .88 acres in Wilson Meadows originally listed at $1.495 million and sold after 247 days on market.

Which price range is seeing the most activity? Has the lower end bottomed out? Are there still some great deals in the upper end? Will the mid-market between $500,000 and $1 million see more activity in the next six months?

To discuss these and other burning questions about the single-family home market, contact me. (Or we can talk condos, townhouses and building sites if you prefer! : – > )

Filed Under: Hotsheet Highlights, Market statistics, Neighborhood analysis Tagged With: , , , , ,

Monthly sales streak in jeopardy

June 23, 2010 By Leave a Comment

With just nine sales reported so far for the month of June, Teton County's streak of consecutive months with higher sales than the previous year could be coming to an end.

For the first time this year, monthly sales of real estate in Jackson Hole are in danger of not outperforming the same month in 2009.

As of the 23rd, June sales reported by the Teton County Multiple Listing Service total just nine with a total sales volume of $5.165 million. June 2009 included 16 sales for $14.2 million in sales volume.

May 2010 was strong for real estate sales in Jackson Hole, with 31 sales compared to 15 during the same month in 2009. Similarly, April’s 19 closings were up nine from 2009, March’s 27 sales were 16 more than in 2009 while January and February easily outpaced dismal 2009 numbers for these months.

Why the pause? It’s hard to say it is even significant with such a short period of time and relatively few numbers to consider. And there are currently 32 properties under contract with total list prices exceeding $50 million, not including the 13 Hotel Terra 2 units still under contract. But if June sales do not increase dramatically in the next week, the month will bring to an end a winning streak dating back to last year.

Some highlights from the Teton County closings so far this month include:

  • A 3-bed, 2-bath, 1,221-square-foot home in Cottonwood Park sold for $525,000. That’s $429 per square foot.
  • A 3-bed, 2-bath, 1,507-square-foot condo in Iron Rock sold for $660,000. Was on the market for 329 days but only came down $15,000 from original list price.
  • A 2-bed, 2-bath, 1,607-square-foot downtown Jackson condo listed for $1.095 million sold for $905,000. Was on the market in 2009 for $1.2 million before being reintroduced this year.
  • The deal of the month may have been the 6-bed, 6-bath, 5,998-square-foot Teton Pines home on 1.89 acres that sold for $2.75 million. This new home was originally listed for $4.75 million in July 2008.

Contact me for a link to these properties or a personalized Jackson Hole real estate property search.

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May-mentum! JH real estate tallies 30 closings

June 1, 2010 By Leave a Comment

Hello summer! It's that delicious time of year when the valley is beginning to green while the mountains still have significant amounts of snow at higher altitudes. The next 90 days are THE BEST!

Last I checked, May real estate sales for Jackson Hole were strong with 21 closings after the first three weeks. A preliminary look at the last 10 days of the month shows another 9 closings totaling approximately $8.6 million, bringing the monthly total to approximately $37 million.

Two-word analysis: Consistent, stable.

Best of all, sales continue to represent all market segments from short-term rentals in Teton Village to in-town entry-level housing to luxury homes. Highlights include:

  • A 441-square-foot, 1-bed condo in Teton Mountain Lodge sold for $260,000 after 30 days on market.
  • A 1,068-square-foot, 2-bed, 2-bath townhouse sold for $382,500, the second closing in the new Cottonwood Flats development in West Jackson.
  • Cottonwood Park saw some much-needed action with a closing for $538,000 on a 3-bed, 2-bath, 1,900-square-foot home. Sold after 63 days on market with an original list price of $599,000.
  • A 2-bed, 2-bath, 1,776-square-foot luxury condo in Pearl at Jackson listed at $1.995 million sold for an undisclosed price.
  • A 4-bed, 5-bath, 4,241-square-foot home in 3 Creek Ranch sold for $1.935 million after 468 days on market, down from $2.4 million.  However, this home was originally listed at $3.55 million in 2006 before the listing was cancelled. This mimics a common trajectory for many homes in this private South Park neighborhood.

All information has been gathered from Teton County Multiple Listing Service. Monthly sales totals often increase in the coming days as additional closings are reported.

Please contact me for more detailed analysis of this information, including a personalized e-mail that includes a list of all properties, or for a comprehensive search of available properties.

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Recent Teton County estate sales span price range, reflect discounts

January 15, 2010 By Leave a Comment

Since last Friday, when I last summarized the significant sales of 2010, Teton County Multiple Listing Service reports the sale of four additional single-family homes.

As has been the story so far this year and in recent weeks, the sales span the price range for a single-family home in Jackson Hole. Also, again almost all sold after notable price reductions and at least six months on the market.

The four single-family homes that sold included:

  • A 4-bed, 4-bath, 4,220-square-foot home in Teton Pines for $1.65 million, a 24 percent reduction from the original list of $2.195 million after 232 days on market.
  • A 3-bed, 2-bath, 1,652-square-foot home on .23 acres in the East Jackson built in 1966 for $682,000, a 26 percent reduction from the original list of $925,000 after 323 days on market.
  • A 2-bed, 1-bath, 870-square-foot townhome in Cottonwood Park for $345,000, a 33 percent reduction from the original list of $520,000 after 546 days on market.
  • A 3-bed, 3-bath, 2,197-square-foot condo in Love Ridge near Snow King listed for $1.25 million for an unreported price, after 163 days on market. The list price was not lowered during that time.

Contact me for the context of these sales within their respective neighborhoods or the overall Jackson Hole real estate market.

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Neighborhood focus: Cottonwood Park

January 12, 2010 By Leave a Comment

Yesterday I told you about Cottonwood Flats, Jackson’s newest residential neighborhood. Today let’s take a look at its much older neighbor to the south, Cottonwood Park. The first portion (the Corner Creek area) was platted in 1984 with additional filings until 1992 (Rangeview area).

Here is the Teton County Multiple Listing Service search for Cottonwood Park. Highlights include:

  • Five active listings, with four single-family homes listed between $599,000 and $765,000. The townhome is a Corner Creek unit built in 1986 with 2-beds, 1-bath, 1,120-square-feet and a 1-car detached garage listed for $395,000 that has been on the market a remarkable 824 days, originally listed for $580,000.
  • Two pending listings, including another on Corner Creek lane, though this is a Wilderness Townhouse built in 1989, that has 2 beds, 1 bath, 870 square feet and a 1-car attached garage was listed for $385,000. On the market for 544 days, originally listed for $520,000.
  • Since approximately 1998, the oldest year for records in the Teton County Multiple Listing Service, there have been 196 recorded sales in this subdivision. The lowest recorded closing was in 1998 for a townhome on Corner Creek with the same specs as the active listing above for $105,000. So even in our “down” market, this home is still worth about 300 percent more than it was 12 years ago.
  • The highest sale ever in Cottonwood Park is $779,500 in April 2008 for a 5-bed, 3-bath, 2,478-square-foot home on Mountain View lane built in 1992. Sold in 48 days for just about two percent off original list price.
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