There were 27 real estate sales in Jackson Hole in February, six more than in 2012, but only two closed below $250,000 and five for less than $500,000. Not surprisingly, this led to a whopping 131 percent increase in sales volume with monthly sales hitting approximately $40 million.
Why the slow down on the low end? Partly because of a lack of inventory, partly the result of the pendulum swinging the other way after low-end sales led the way in January. In all of Teton County, there are currently 43 residential units are priced below $500,000 and just 3 priced below $250,000.
Let that sink in: just three full-ownership homes for sale below $250,000 in an area larger than 4,000 square miles; just nine priced less than $300,000. After five years of plummeting prices and increasing options for working families, the market has come almost full circle with fewer and fewer free market affordable housing choices in one of the nation’s wealthiest communities.
As a newly minted board member of the Teton County Housing Authority and a longtime advocate of deed-restricted housing that enhances ownership opportunities for the hardest working residents of Jackson Hole, this is a community challenge I am intimately aware of. The good new is that the inventory of affordable housing units has risen in the last five years and the goal of housing more than 65 percent of the county’s workers in Jackson Hole currently is being attained. I will dedicate a future blog post to the state of affordable housing in Teton County.
Meanwhile, highlights from February’s residential sales, as reported by Teton County Multiple Listing Service include:
- Teton Village has been very active with four sales, including the high-ticket closing of the month on a 7,300+ square-foot home on Granite Ridge, listed at $7.95 million.
- The second-highest priced listing to sell in February was a 7-bed, 10-bath, 8,100+ square-foot home in Bar B Bar on 19 acres listed at $6.75 million and on the market for 745 days.
- Three Teton Pines homes and 2 Aspens/Racquet Club homes sold, a solid month for this vibrant West Bank neighborhood. Keeping with this month’s theme, the two Aspens properties were quality 2-bed properties listed just below $500,000 and selling for close to asking price, and well above the 2-bed average sale of approximately $350,000 in this short-term rental overlay.
- Town of Jackson sales continued to soar with 8 closings, including the top vacant land sale for a 6.76-acre commercial piece located near the “Y” intersection of Highways 22 and 189, on market for 1,884 days.
Building sites also continued their steady resurgence with 6 sales, topped by the aforementioned. Additional sales included a 7.92-acre home site north of Wilson listed for $1.395 million; an Amangani building site listed for $895,000, less than an acre; a premium Melody Ranch lot with top-notch South Park views of the Tetons, listed at $399,000.
Always keep in mind these posts are just the tip of the iceberg when it comes to Jackson Hole real estate research. Contact me for a personalized, up-to-the-minute look at the market. 307-690-9346.