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Rolling into Q4: 47 Teton County sales in October

November 7, 2012 By Leave a Comment

Time for buffalo to stock up for winter! Indian summer won’t last much longer …

Another month, another big set of numbers for Jackson Hole real estate sales.

October unit sales jumped 17 percent from 2011, with 40 residential closings and 7 building site sales. Sales volume rose even more dramatically, increasing 78 percent to approximately $68.1 million, according to Teton County Multiple Listing Service.

Driving October’s surge was the sale of a 12,340-square-foot home in Crescent H listed at $18.95 million, the largest residential sale in 2012. Final sales price was not reported, as were seven other listings that closed last month. (The total list price of unreported sales was $37.5 million; sales volume figures above represent 90 percent of final list price for these properties and actual sales prices for other units sold.)

Time is also running out for a quick dip in a Jackson Hole trout stream …

At the lower end of the market, 18 sales were reported below $500,000, an encouraging sign after several months of waning sales in this segment. Interestingly, six of these sales were older homes in Town of Jackson that seem ideal for investors looking for income properties (long-term rentals) or potential redevelopment projects.

Teton Village reported four sales ranging from a 2-bed, 792-square-foot condo that sold for MORE THAN the list price of $260,000 to a 3-bed, 3,172-square-foot condo in Four Seasons Jackson Hole listed for $3.95 million. A 2-bed Four Seasons condo listed for $1.72 million also sold for just under $1,000 per foot, as did a 3-bed, 1,388-square-foot condo that closed for $485,000.

The Aspens, located on the Teton Village Road about three miles from Jackson Hole Mountain Resort, also reported steady activity, reporting three sales including a 2-bed, 1,206-square-foot townhouse for $457,500.

Even the moose are making the most of the few warm days before winter!

The least-expensive property to change hands in October is a 2-bed, 744-square-foot condo in Meadowbrook (downtown Jackson along Flat Creek) listed for $169,000.

Want to see the MLS sheets for these listings? How about a current list of active listings personalized for your market segment? Please contact me today to receive a market analysis and sign up for regular market updates.

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: , , , , ,

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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Jackson Hole real estate sales in January up nearly 300 percent!

January 29, 2010 By Leave a Comment

February doesn’t begin until Monday, but why wait until next week to find out what kind of month January was for real estate sales in Jackson Hole? With a quick search of the Teton County Multiple Listing Service, we see there have been 11 recorded sales so far this month with two significant closings this week.

One more closing and January 2010 will see a 300 percent increase over the four sales in January 2009! Of course this is a nearly meaningless statistic as the first quarter of 2009 was so weak for sales.

So be forewarned that this probably won’t be the last time you will see a headline touting a significant rise in sales over the previous year, but without the exclamation point providing a clue as to its absurdity. Have no doubt the market is significantly more stable and dynamic than it was a year ago and the trends are favorable, but take any hype you may hear in the coming weeks and months with a grain of salt

The two sales this week include:

  • A 3-bed, 3-bath, 2,620-square-foot home on 2.23 acres in Crescent H for $2.1 million. This home is shown as having been on the market for 163 days with an original list price of $2.85 million, but was in fact on the market for the 346 days before that by the same owner beginning at $3.125 million. Final sales price is 33.6 percent off original list.
  • A Four Seasons private residence with 3 beds, 5 baths, 3,577 square feet and all the amenities this premier property has to offer. Originally listed 149 days ago at $3.975 million, discounted just 4 percent.

Beyond that our office has been involved in several significant transactions outside of the MLS this month, confirming a level of activity that is consistent and involving all segments of the market.

Interested in January’s significant NEW listings and most dramatic PRICE REDUCTIONS? Contact me for a personalized list.

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