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‘Summer’ selling season still going strong

October 16, 2012 By Leave a Comment

October remains “summer” busy for Jackson Hole real estate while the weather also has remained very mild.

It’s another one of those times of the year here at Teton Realty Today – too busy lately doing ground level research to regularly provide the market overviews that characterize this site.

This is a good thing! Helping people reach their real estate goals is the culmination of a discussion that often began many months earlier, if not years, and is the reason I love this career. I’m always excited to meet someone at the beginning of this journey, but crossing the finish line is what it’s all about.

This dialogue can be like approaching a destination by plane: at 30,000 feet, observations are limited to the surrounding region, weather and general dynamics; at 10,000 feet the neighborhoods, businesses and community fabric comes into view; once on the ground, however, sensory information overwhelms and the services of an experienced guide become invaluable.

Please contact me to initiate a discussion aimed at providing you the diligent, vertical research you will need to reach your Jackson Hole real estate goals. I’m on the ground in Jackson Hole, and can show you that there is much more here than meets the eye.

Until then, please continue to consider this blog, as well as my daily updates on Facebook and Twitter, as the view from about 1,000 feet. Most of these stories were written using research I prepare on a daily basis for active clients and can provide a real understanding of general values, trends and neighborhood activity.

For an even broader look at Jackson Hole, perhaps from about 30,000 feet, check out these posts on jhpropertyguide, my “other” blog.

Jackson Hole Golf & Tennis will close for the season this week.

Jackson Hole Golf & Tennis will close for the season this week.

Earlier this month I wrote about Jackson Hole golf properties. At the time there were 39 residential properties available in golf course communities including Teton Pines, Shooting Star in Teton Village, 3 Creek Ranch and Jackson Hole Golf & Tennis.

In September I wrote about high-end properties in Jackson Hole and how sales of homes above $1.5 million remain the backbone of the Teton County market, in particular when it comes to sales volume. You also read right here on Teton Realty Today that average sales price soared to about $1.8 million in September.

Also in September I wrote an overview of building site sales so far in 2012, which have already surpassed every year since 2008.

Filed Under: Jackson Hole scenic, Market statistics Tagged With: , , ,

Not quite ski-in, ski-out Jackson Hole condos driving resurgence

December 18, 2011 By Leave a Comment

Berry Patch condos in the Aspens are now listed below $300,000 after selling for more than $500,000 in 2007. These 1-bed units built in the 1970s offer a lower-priced opportunity to own ski property.

Currently there are 37 condos listed below $1 million in the Aspens/Racquet Club and Teton Village, with 20 listed below $500,000. While there are another 26 Jackson Hole condos listed above $1 million to nearly $4 million, the lower half of the market has driven the resurgence of ski properties in the last several quarters.

Through the first three quarters of 2011, Teton Village unit sales increased 78 percent to 50 while decreasing in sales volume 4.3 percent to $43.4 million. Since October there have been 12 sales in the Aspens and Teton Village, with all but one below $1 million.

Of course the closer to the lifts the better if skiing or snowboarding is a person’s main reason for owning property near Jackson Hole Mountain Resort. However, a condo doesn’t have to be ski-in/ski-out to earn solid rental income or be more than just a few minutes from lift service. Contact me for actual and/or estimated rental figures for these properties.

After a price reduction this week on a 1-bed, 1-bath, 736-square-foot condo in the Aspens to $289,000, there are now six such units listed for sale below $300,000. Located approximately three miles south of Jackson Hole Mountain Resort, these properties have for decades represented a popular entry-level ski property ownership opportunity. In 2007 these same units sold for more than $500,000.

Rather schuss right to your door in Teton Village? The only option below $300,000 is a 441-square-foot Teton Mountain Lodge studio. The next full ownership opportunity in the Teton Village core is a 1-bed, 580-square-foot condo in Snake River Lodge and Spa at $372,750. There are seven ski-in/ski-out condos listed for less than $500,000.

The only condo sale in Teton Village since October above $1 million was in Four Seasons in Jackson Hole.

The only condo sale in Teton Village since October above $1 million was in Four Seasons in Jackson Hole.

A closer look at the 63 active listings for condos on the West Bank of the Snake River includes these additional highlights:

  • The least-expensive Teton Village condo remains a 1-bed, 1-bath, 757-square-foot unit in the Gros Ventre building after 173 days on market. This is about a 5-minute walk (or quick shuttle ride) to the lifts.
  • The least-expensive Hotel Terra unit is a 1-bed, 782-square-foot unit listed at $399,000.
  • The least-expensive 2-bed condo is a 1,174-square-foot Aspens unit listed at $399,000. The least-expensive 2-bed condo in Teton Village is a 1,000+-square-foot unit in the Sleeping Indian building in South Teton Village on Michael Drive.
  • The highest sold price for a 1-bed, 1-bath Aspens condo was $620,000 in October 2008. Nine sold for more than $500,000 between 2006 and 2008.

Planning a visit to Jackson Hole this winter? Let me know when and I’ll make sure you are up to speed on area properties before you hit town. We can even have a showing itinerary arranged ahead of your visit. Initial meetings held on ski lifts will be given scheduling preference!

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

Neighborhood focus: Melody Ranch humming right along

October 6, 2011 By Leave a Comment

Melody Ranch is one of Jackson Hole's most vibrant neighborhoods for several reasons, including Teton views, significant open space and newer construction.

For a model of consistency prior to and after the beginning of the current recession in September 2008, Melody Ranch is hard to beat.

A September 13 closing on a 4-bed, 2,320-square-foot home listed at $729,000 was the 14th in the last 12 months. During the previous 12 months, from October 2009 to October 2010, there also were 14 sales. The three years prior to that saw 10, 10 and 13 sales respectively, with the 13 sales occurring during the last full pre-recession year.

Of course values have dropped significantly since the high sale of $1.855 million in July 2008 in this approximately 500-lot subdivision about four miles south of Jackson originally platted in the late 1990s. The high sale in the last 12 months topped out at $1.35 million on a fantastic, 3,600+-square-foot home on the banks of Flat Creek originally listed at $1.995 million in 2008. The second highest sale was $950,000 for an even larger home on perhaps the best view lot in Melody Ranch.

Additional highlights from a look at Melody Ranch sales and activity in recent years include:

  • The least-expensive sale in Melody Ranch in the last five years was reported in August when a 3-bed, 1,536-square-foot home listed for $506,000 changed hands. The next least-expensive sale of a non deed-restricted home was $650,000.
  • The median sale in the last 12 months was for $740,000. Of the 12 sales, seven were between $700,000 and $800,000, none were between $800,000 and $900,000, and two were between $900,000 and $1 million.
  • Of the 61 sales in the last 5 years, 26 were for more than $1 million. However, only four have been in the last 24 months.
  • There are 10 active listings in Melody Ranch with the highest list price at $1.175 million, the only one above $1 million.
  • The least-expensive home in Melody is a deed-restricted unit listed at $455,000. The least-expensive free market home is a 2,128-square-foot unit reduced in price this week to $639,000 from $699,000 after 66 days on market.

Why has Melody Ranch remained a vibrant sales environment? Contact me for a closer look at this neighborhood and a comparison to similar Jackson Hole areas such as Cottonwood Park, Rafter J, Indian Trails and East Jackson.

Filed Under: Neighborhood analysis Tagged With: , , , , ,

June sales signal strong summer

July 5, 2011 By Leave a Comment

Summer is off and running in Jackson Hole with a strong start to the busiest season for real estate and fabulous weather.

June was yet another solid month for real estate sales in Jackson Hole, with 20 residential closings reported for a total sales volume of approximately $23 million.

Additionally, there were six building site sales reported to Teton County Multiple Listing Service for approximately $11 million in volume. Leading the way was the sale of Ranch 6 at Bar BC Ranch, which was listed for $10.9 million, though the final sales price was not reported.

I will post a look at how the second quarter and first half of 2011 stack up later this month when the internal Sotheby’s research is released. But for now, highlights from last month’s sales include:

  • Melody Ranch recorded three closings in June between $674,900 and $922,500.
  • There were six sales in Town of Jackson, including an Eagle Village condo for just north of $250,000 that was the least-expensive sale of the month in Teton County.
  • After 698 days on market, a 3-bed, 2-bath, 1,700+ square foot home in Rafter J sold for about 27 percent off original list price.
  • Teton Village saw four strong sales, including a 2-bed unit in Four Seasons, a 2-bed Granite Ridge cabin, a 2,100+ square foot Crystal Springs condo and a Moose Creek Townhome, all between $1.25 million and $1.6 million.
  • The six lot sales make 34 in the last 12 months, which is a far cry from the 77 building site sales between July 1, 2007 and July 1, 2008 but continues a modest upswing in this segment. This figure dipped to 22 sales between July 2008 and July 2009, climbing slightly to 28 the subsequent year.
  • The Bar BC Ranch sale was the second in the last six months for this premier neighborhood with lots no smaller than 35 acres.

Contact me with questions about this post, to discuss the latest market trends or for a personalized look at Jackson Hole real estate.

Filed Under: Jackson Hole scenic, Market statistics, Neighborhood analysis Tagged With: , , , , ,

Q3 report for Jackson Hole real estate: YTD volume mirrors 2003

October 20, 2010 By Leave a Comment

This graph clearly illustrates the dramatic dip in 2009 and the measured comeback of unit sales and dollar volume in 2010 for real estate sales in Jackson Hole. Click to enlarge.

Looking at monthly real estate sales in Jackson Hole can be misleading due to the relatively small sample sizes, especially when it comes to statistics like average sales price and months of inventory. For example, Teton County recorded an average sales price of $2.112 million in September, a rise of 258 percent from the September 2009 average of $590,000.

Quarterly sales, on the other hand, provide a much more accurate picture of the market. Last week Jackson Hole Sotheby’s International Realty provided its agents with a detailed look at statistics from Q3 2010. I’ll touch on a few highlights subsequently, but for a look at the entire 27-page PDF just drop me a note and I’ll send it along.

According to Teton County Multiple Listing Service, this year’s real estate market in Jackson Hole most closely tracks the dollar volume of 2003. Thus far in 2010 there has been a total sales volume of approximately $276 million, just a bit below the 2003 total of about $284 million. The big difference, however, is that total transactions for this year so far are 186 compared to 412 in 2003. Click on graph above to see year-to-date totals going back to 2003.

Overall the Q3 numbers confirm what we have been seeing all year: 2010 is way better than 2009 but a far cry from the bubble years of 2006-2008. For example unit volume has jumped 51 percent compared to 2009 but is down 67 percent from the peak in 2005, when there were 590 transactions through the first nine months of the year.

Other highlights from the report, which also includes a close look at September sales, include:

  • Unit sales fell 8 percent from September 2009, which saw 25 sales for about $14 million. September 2010 recorded 23 sales for $48 million, but the volume was buoyed by several large sales including Teton Valley Ranch, Puzzleface Ranch and a few others on the West Bank of the Snake River.
  • Year to date, average sales price has risen 26 percent to $1.4 million compared to 2009. Condos have risen 32 percent to $669,000 and single-family homes have risen 28 percent to an average sales price of $1.8 million.
  • The town of Jackson was the only region in the county that saw a decline in sales volume so far this year.
  • Ten properties sold for more than $3 million in Q3 2010 compared to just four during Q3 2009.
  • Average days on market prior to sale rose to 243 in Q3 2010 from 196 in Q3 2009. Condos, however, bucked the trend by dropping to 172 DOM compared to 192 in 2009.

But wait, there’s more! Much more! Call today for your copy of this report replete with bar graphs, pie charts and statistics, statistics and more statistics!

Even better, let me know which market segment interests you the most and I’ll send a personalized search of the MLS including active, pending and sold properties. 307-739-8055.

Filed Under: Market statistics Tagged With: , , ,

June sales hit 21 in Teton County

July 11, 2010 By Leave a Comment

Teton County sales in June 2010 averaged $1.4 million for 21 units sold. Coincidentally, $1.4 million is also the average sales price for the 120 sales year to date.

Three sales reported in the last two days of June helped push total unit sales to 21 and sales volume for the month to $29.9 million. These included 14 residences, five building sites and two commercial transactions.

The good news is that June sales in 2010 exceeded June 2009 by five sales and more than twice the volume; the not-too-good news is that last month represented a slight cooling of the market after May’s 31 sales and $35.7 million in sales. In the big picture, however, the market continues to show stability and consistency, if not the vibrancy of the years between 2004 and 2008.

Other statistical highlights of the Jackson Hole real estate market from recent weeks include:

  • Year to date, unit sales have increased 103 percent (120) and sales volume has increased 105 percent ($165.3 million) compared to 2009.
  • Looking back over the last decade, 2010 compares closest to 2003, the second slowest year since 2002. The year 2007 is the benchmark, with 308 unit sales and $382.7 million in sales through the first two quarters.
  • For the first time in years (in fact the first time in memory for those keeping track) the amount of sales reported by Teton County Multiple Listing Service – the source for all statistics on this Web site and this post – is exactly the same as reported internally at Jackson Hole Sotheby’s. For context, monthly sales reported through MLS are usually approximately only 80 percent of total sales within the brokerage.
  • Average sales price in June was $1.4 million, which is approximately the same as the average sales price year to date in Teton County.
  • June 2010 included eight sales greater than $1 million compared to just three in June 2009.
  • June’s top sale was a $6.1 million commercial property in Town of Jackson; the top residential sale was a $5.4 million home in Spring Creek Ranch.
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How low can Jackson’s low end go?

December 10, 2009 By 1 Comment
Prices at the low end of the Jackson Hole real estate market have begun falling to levels commensurate with losses already seen at the mid and upper levels.

Prices at the low end of the Jackson Hole real estate market have begun falling to levels commensurate with losses already seen at the mid and upper levels.

Just one year ago there were but a handful of full ownership properties listed for sale in the Teton County Multiple Listing Service for less than $300,000. A quick search today finds there are now 26 such properties.

Some of the highlights of these listings include:

  • The least expensive is a 2-bed, 1-bath, 800-square-foot unit located on Deer Drive about 2 miles south of Jackson. Newly listed today at $219,000, this is one of 5 active listings in the Hillside Business Condominium development listed below $305,000. One of these units closed for $380,000 in 2005.
  • The least expensive in the Town of Jackson is a 1-bed, 1-bath, 463-square-foot unit in the Kelly Street Condos listed for $242,000, followed closely by two units in Brookside (1-bed, 1-bath, 450 square feet) both listed at $257,000. A Brookside sold for $400,000 less than two years ago.
  • There are now four of the somewhat standard 1-bed, 1-bath, 776-square-foot units available in the Aspens/Racquet Club for less than $300,000. Several are either short sales or bank-owned properties. These units sold for at least $510,000 in 2007.
  • There are now seven units for sale in the Meadowbrook subdivision listed between $289,000 and $329,000. These 1 and 2-bed units that are between 640 and 1,048 square feet (most are approximately 760) sold for as much as $445,000.

Obviously the low end of the Jackson Hole market has seen a significant erosion of list and sales prices since the beginning of the current downturn, just like the rest of the county. However, this segment has been one of the last to correct, with sellers of these low-end properties waiting longer to reduce prices (or accept offers significantly less than the list price) than those with more expensive properties.

So, has the low end seen the bottom yet? Contact me to see where I think this market will be in six months and which indicators to keep an eye on between now and then. Links to all properties mentioned, as well as comparable market analyses for each neighborhood, are also available.

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

Melody Ranch in motion

November 16, 2009 By Leave a Comment
Melody Ranch is about three miles south of Jackson.

Melody Ranch is about three miles south of Jackson.

The least expensive free-market home in Melody Ranch went under contract over the weekend after 448 days on the market. Originally listed at $1,075,000, this 4-bed, 2.5-bath, 2,137-square-foot home on .35 acres was listed for $835,000, a discount of at least 22.7 percent. For perspective, this home closed for $570,000 in September 2002.

This continues what has been a dramatic downturn in values during the last year in this 10-year-old South Park neighborhood. The most recent sale in Melody was a short sale on a 4-bed, 3,100-square-foot home for $890,000 that was originally listed for $1,399,000 after more than a year on the market.

And right on cue there is an intra-MLS e-mail announcing a $96,000 price reduction on a Melody Ranch home from $995,000 to $899,000, or 9 percent.

That leaves 17 active listings in Melody Ranch with the least expensive being a 2,602-square-foot home with an asking price of $849,000.

Filed Under: Hotsheet Highlights Tagged With: , , ,

October was best month of the year

November 15, 2009 By Leave a Comment
Month by month sales for 2009

Month by month sales for 2009

Recently reported statistics from October show the month was the best of the year for Teton County real estate, with 29 units sold through the Multiple Listing Service for $37.27 million. Only March and July of this year also saw sales higher than $16 million, with each recording sales of approximately $33 million.

On the other hand, 2009 is sure to be one of the slowest years for real estate sales in Jackson Hole in at least a decade.

Consider these two statistics:
• With just 152 sales recorded through the Teton County MLS between January and October, the market has declined 41 percent since 2008 (259 sales during that time) and 70 percent since 2007 (510 sales).
• With a year-to-date sales volume of $181.9 million, 2009 is down 58 percent compared with 2008 ($431.7 million) and 73 percent compared with 2007 ($674.7 million).
The bright side here may be that the most recent 12-month cycle (October 2008 to October 2009) is likely to be the worst of the current downturn. Even a weak market in the next few quarters will surpass the anemic numbers we saw in the first half of 2008.
I will provide more stats from the Sotheby’s market update for January to October 2009 later in the week.

Filed Under: Market statistics Tagged With: ,