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New homes bolstering Jackson Hole inventory

March 24, 2013 By Leave a Comment
Teton views often are at the top of the list for vacant lot buyers in Jackson Hole.

Teton views often are at the top of the list for vacant lot buyers in Jackson Hole.

During the recession, new home construction came to a virtual standstill in Jackson Hole with just 23 building site sales in 2009 and 29 in 2010. Since then, however, vacant land sales have been rising steadily, hitting 77 in 2012, 80 in the last 12 months and 14 thus far in 2013.

Statistics released this month and compiled by Jackson Hole News&Guide show building permits issued by Teton County tallied 216 for the 12-month period ending in January. That figure rose slightly from 209 in the previous 12-month period. Leading the way were single-family home site sales.

This market segment still has a ways to go before equaling the 127 building site sales reported in 2007, but the resurgence has contributed significantly to the local economy in terms of additional construction jobs and other real estate-related services. One driver of building site sales has been the reduction of values to a point that encourages the construction of a new home instead of purchasing an existing home.

Premium Melody Ranch lots are selling for nearly $400,000.

Premium Melody Ranch lots are selling for nearly $400,000.

Highlights of this year’s building site sales include:

  • the sale of 6.76 acres near the junction of highways 89 and 22, a critical commercial piece at the corner of one of the state’s busiest intersections. On market for 1,884 days, dropping by more than half from the original list price of $7.5 million.
  • the sale of a 1.18-acre building site in Shooting Star in Teton Village. Fish Creek frontage, great Jackson Hole Mountain Resort views, on the market for 610 days with a final list price of $2.45 million.
  • Four sales below $260,000, with three in town of Jackson and one in Melody Ranch.

Currently there are 10 building sites under contract, according to Teton County Multiple Listing Service. Pending vacant land sales in Jackson Hole include:

  • The last Daisy Bush developer site in this very popular East Jackson neighborhood, listed at $350,000 for more than 1,200 days.
  • Half are listed below $$375,000, including two Rafter J lots in the newly released neighborhood on King Eider Road.
  • A 16-acre site in Big Trails subdivision, located about two miles south of Jackson between Rafter J and Melody Ranch, with Flat Creek running through it, listed at $1.495 million and on market for 555 days.

Active building sites in Jackson Hole number 207 with a median price of $1.1 million. A 0.59-acre lot in 3 Creek Ranch and a 0.57-acre vacant lot in Teton Village represent the median.  Please contact me for a personalized look at available properties, a closer analysis of the sales discussed in this post or a broader discussion of the Jackson Hole real estate market.

 

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

Listing Focus: Magnificent home site on McNeely Mountain

December 3, 2012 By Leave a Comment

Views of the Jackson Hole valley from this home site are unmatched by currently available properties.

Set on a bluff about a mile south of the Jackson Hole hamlet of Wilson, this 4-acre building site on McNeely Mountain offers panoramic elevated views of the Snake River, Town of Jackson, Sleeping Indian, Munger Mountain and the Snake River Range.

Conversely, McNeely Mountain can be seen from across Jackson Hole as a prominent knob at the foot of the Snake River Range. Not so high as to require a long, steep approach; not so low as to be shut out from the views unavailable to those living in the floodplain below.

Sleeping Indian as seen from building site.

Sleeping Indian as seen from building site.

The majority of this west bank home site is gently sloping terrain filled with old growth forest, grassy open spaces and multiple potential building sites ideal for your architecturally significant Jackson Hole home. The east end, however, drops off steeply, providing spectacular views uncommon among the surrounding subdivisions such as Crescent H, Teal Trace and Indian Paintbrush. In fact, McNeely Mountain is accessed via Indian Paintbrush and is a part of its homeowners association.

Views of Snake River Range from Lot 2 on McNeely Mountain.

Listed at $980,000, this premium building site compares very favorably with available inventory and comparable sales in this corner of Jackson Hole. Few undeveloped Jackson Hole lots offer this combination of size, views, location and value. Undoubtedly this location will one day feature one of Jackson Hole’s most compelling homes. Will it be yours?

Also available is an adjacent 4-acre lot, providing the opportunity for an 8-acre property with exceeding privacy. This lot is home to abundant wildlife, a healthy, diverse forest and abuts 109 acres of Crescent H open space as well as 15 acres of Indian Paintbrush open space.  Located just five minutes from Wilson and 15 from Town of Jackson, but virtually invisible to the rest of the world.

Listed for $850,000, this lot also enjoys mountain views to the south and west.

Call today for additional information about these available building sites, including a full Comparable Market Analysis, walking tour of the property and additional photographs.

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What’s selling in Jackson Hole these days?

November 27, 2012 By Leave a Comment

Still waiting for snow atop Snow King and across the Teton Range.

Since April, the answer is a little bit of everything: at the high-end it has been building sites in Bar BC Ranch and Bar B Bar, Four Seasons condos, luxury homes and development options that have laid dormant since 2008; at the low end nearly the entire inventory of distressed condos, townhouses and homes listed below $400,000.

Today’s market is marked by stagnant prices, tight inventory, strong interest, increasing activity in nearly every segment and a loosening but still restrictive loaning environment. Sellers still have to bite the bullet in most cases but well-priced properties are often attracting with multiple buyers. Jackson Hole real estate has not yet returned to the heights of 2006 and 2007 but has soared compared to 2009 and 2010.

There are currently 56 Jackson Hole properties listed as pending in Teton County Multiple Listing Service with a total list volume of $73.64 million, or an average list price of $1.3 million.  Median price for properties under contract, however, is less than half at $599,000.

Interest in Bondurant farm and ranch land also is on the rise in 2012.

Often a single Jackson Hole property listed for more than $10 million will create the disparity between ASP and median price, but currently there are eight under contract listed above $2.995 million that have inflated this number. The pending property with the highest list price is a 10,465-square-foot, 5-bed home in Crescent H listed for $5.995 million.

Similarly, as of today there have been 23 residential closings thus far in November, for an approximate sales volume of $26 million and an average sales price of about $1.27 million. The median price for sold Jackson Hole homes this month is $710,000. The median is represented by a 3,000-square-foot home in Melody Ranch on 0.34 acres on the market for about 18 months

Properties of interest among the 56 currently under contract include:

  • The least-expensive listing under contract is a 2-bed, 888-square-foot townhouse in Town of Jackson listed for $175,000 after 228 days on market, originally listed at $235,000.
  • Seven properties are listed below $305,000, five of them in Jackson and the other two in the Aspens subdivision.
  •  The pending property on market the longest, 1,273 days, is a 3-bed, 2,860-square-foot equestrian property in South Park on 2.5 acres. Listed at $1.599 million, the property was originally listed at $1.877 million.

Properties of interest among the 23 residential sales thus far in November include:

Jackson Hole Mountain Resort opened for the season last weekend, though the Aerial Tram has yet to open.

  • The top sale is a 5-bed, 5,016-square-foot penthouse condo at Four Seasons in Jackson Hole with a final list price of $5.95 million. On the market for 151 days, but it has been offered quietly for a few years.
  • Five sales topped $2.295 million, though the sixth highest sale was for $1 million. In other words, there have not been any sales between $1 million and $2.295 million so far in November.
  • Seventeen, or 73 percent, of this month’s sales are single-family homes. Four are condos and the remaining two are townhouses.

Please contact me details on the properties mentioned above or a more personalized look at the Jackson Hole real estate market including active listings, neighborhood profiles and sales histories.

 

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

Low-end Jackson Hole homes in high demand

April 17, 2012 By Leave a Comment

As the town of Jackson transitions from winter to spring, the low end of the market is dominating unit sales.

The price has been right for entry-level Jackson Hole homes in recent months, with the inventory of properties listed at or below $300,000 decreasing by 28 percent to 28 units since the beginning of the year.

It’s possible the inventory in this market segment peaked in late December, when there were 39 units listed below $300,000, a benchmark I’ve written about many times in recent years. The price is significant because at the height of the Jackson Hole real estate bubble, not a single residence in Teton County was listed below that figure and in 2008 there was not a reported sale below $300,000.

During the last 12 months, 41 of the 274 (15 percent) residential sales in Jackson Hole were below $300,000. Closed sales in 2012 have remained on pace, with 10 of the 62 below $300,000. However, 12 of the 55 (21 percent) pending listings in Teton County are listed below $300,000 with 54 percent of properties under contract listed below $400,000.

The demand is not hard to understand. Finally, the costs of home ownership are again comparable to renting a similar residential unit. Interest rates are rock bottom, with a 30-year mortgage on $200,000 at 4 percent resulting in a monthly payment of about $950. Few 2-bed Jackson Hole homes rent for less than $1,000.

Supply, however, may become a problem. Many of the listings at the very bottom of the market, most of them bank-owned, saw multiple offers and short days on market. But foreclosures are waning in Teton County. And with prices stagnant, so is the amount of equity sellers. Contributing to inventory, however, will be additional short sale properties.

A lack of supply has already had a dampening effect on the upper end of the Jackson Hole home market. Sales of high-end homes above $1.5 million carried the market in the early stages of the current economic recovery, but that inventory has shrunk considerably in the last two quarters.

Year to date, 27 percent of residential sales have been above $1.5 million, a figure that often represented a monthly average sales price in the heyday. (In fact, the average sales price for the entire year of 2010 was approximately $1.4 million.) Just 6 percent of sales have been above $3 million, however, a market segment that saw a 13 percent decrease in inventory in 2011.

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

Feb: Unit sales flat as ASP plummets

March 15, 2012 By 1 Comment

The view from atop the southernmost Teton is always Glory-ous.

It took a leap year to do it, but on the last day of February the 21st sale of the month tied unit sales for February 2011. Total Jackson Hole real estate sales volume, however, plummeted to just $17.3 million, or 55 percent of the $31.3 million recorded the previous year.

Average sales price also fell dramatically to $753,000, one of the lowest monthly numbers in years. Indicatively, the final sale of the month was a distressed, 2-bed condo in Town of Jackson that sold for $149,000. These same units were listed as high as $439,000 in 2008 and closed for as high as $356,000 in June 2007, the height of the Jackson Hole real estate market.

Building site sales continued their minor resurgence as well, with four closings for approximately $3.6 million.  That makes 10 raw land sales for approximately $12.5 million so far in 2012, well ahead of last year’s increased pace of 34 sales for $33 million.

Additional highlights from February sales reported via Teton County Multiple Listing Service include:

  • The lowest-priced sale was $102,300 for a 34-year-old, 2-bed, bank-owned Town of Jackson condo. List price was $103,000, closed after 121 days on market.
  • The top sale in February was $2.3 million for a 3,900+ sq ft home on four acres south of Teton Village after just 50 days on market.
  • Median sales price was just $485,000, represented by a 2,400+ sq ft Town of Jackson home built in 1975. List price was $735,000 in 2011 before being withdrawn.
  • Melody Ranch kept its approximately one sale per month pace with the closing of a 3,400+ sq ft home on the western perimeter for approximately $216 per square foot. A Melody Ranch is also under contract with a closing presumably set for March.

Going forward, expect this trend to continue. There are 46 pending properties in Teton County with a median list price of $379,000. There are 23 properties under contract with list prices below $375,000.

Contact me for a closer look at February sales or for a more personalized look at Jackson Hole real estate.

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

October extends trend: More units, less sales volume

November 14, 2011 By Leave a Comment

This graph produced by Jackson Hole Sotheby's illustrates the trend in 2011 for increased unit sales and relatively flat sales volume.

Buyers continue to return to the Jackson Hole real estate market with a focus in 2011 on the low end. In October, for example, this was evident as unit sales (38) increased 31 percent year over year, while sales volume ($36 million) slipped 6 percent.

A report produced by Jackson Hole Sotheby’s summarizing 2011 sales through October quantifies the recent trend toward more transactions for lower sales prices resulting in relatively flat sales volume. Key points in the 37-page presentation include:

  • Year-to-date unit sales in 2011 through Q3 rose 30 percent while dollar volume declined 3 percent.
  • October was the ninth month in the last 10 in which average sales price has been lower than the previous year.
  • In September, unit sales increased 70 percent year over year while sales volume increased less than one percent.
  • Q3 2010 unit sales increased 33 percent compared to Q3 2011
  • Unit sales have increased during seven of the last eight quarters.
  • Average sales prices have been lower than the previous year’s month in eight of the last 10 months.
  • Condos are the leading property type with a 22 percent increase in sales volume through Q3 in 2011 compared to 2010, and a 46 percent increase in unit sales.
  • Sales below $1.5 million represent 80 percent of the units sold in 2011 compared to 72 percent in 2010 through Q3. Sales below $850,000 increased 49 percent.

    Three of the sales so far in November are in Town of Jackson, seen here from atop High School Butte. Picture was taken last week, prior to weekend snowstorms that have provided a welcome blanket of white.

Looking ahead, November sales are thus far considerably slower with just 7 reported as of today. Highlights include:

  • A 2-bed condo in Teton Village a short walk from Jackson Hole Mountain Resort for more than 20 percent off its list price of $279,000.
  • Town of Jackson single-family home in Indian Trails listed for $625,000 that closed after 579 days on market.
  • East Jackson home in Eastridge for $337 per square foot, sold after 183 days on market.
  • A 50-year-old home near the National Elk Refuge on a double-lot listed at $750,000 after just 43 days.

 

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

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.

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

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

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

July sneak peek: Discount it and they will buy

July 31, 2011 By Leave a Comment

Jackson Lake was one of the few cool places in Teton County in July. Similarly, the Jackson Hole real estate market has been hot with significant activity at the lower end in particular.

It was only a matter of days before multiple offers were made on the 3-bed, 1,924-square-foot Elk Run townhouse listed at $485,000, which closed in July after just 57 days on market. Similarly, investors and entry-level buyers swarmed the four distressed 2-bed condos recently priced at or below $100,000 that are now under contract and expected to close in August.

An early look at Jackson Hole real estate sales activity in July shows significant market activity in the lower and mid ranges with 15 residential sales for approximately* $11.8 million and an average sales price of about $707,500. Twelve of the 15 sales were below $755,000.

While these figures lag July 2010, when there were 18 sales for $27.93 million, there will almost certainly be a few more July closings reported in the next few days and August looks very strong with 34 residential properties currently pending.

After six building site sales in June, there were none in July. However, in addition to the 34 homes under contract, there are seven building sites pending with list prices totaling more than $29 million.

Highlights from July real estate activity in Jackson Hole, according to Teton County Multiple Listing Service, include:

  • The least-expensive sale was a 2-bed West Wind townhouse in town of Jackson listed for $295,000 after 99 days on market.
  • The highest property sale of the month was a 4-bed, 5,243-square-foot home near Wilson that was listed for $3.75 million after less than 30 days on market.
  • Three sales were not reported or reported as $1 last month, including the highest priced property to sell. The other two were a West Bank home listed for $1.395 million and a horse property near Jackson Hole Airport listed for $1.149 million. *To determine sales volume, 90 percent of list price was used.
  • Including the Elk Run townhouse mentioned above, there were five sales in town of Jackson including a 810 West listed at $860,000.
  • If one of the four pending condos listed at or below $100,000 does not sell for more than asking price (a distinct possibility, actually), it will be the first sale below $100,000 since January 2000.
  • Two Teton Village condos listed for $249,000 are under contract. Both are subject to short sale and will close near prices last seen in 2002.
  • Five of the pending residential properties and two pending building sites are in Teton Village, though there were no closings for Teton Village in July.

Want to know more about where the market is today and where I think it will be next month? Please contact me for links to the information above or a more personalized look at the Jackson Hole real estate market.

Filed Under: Hotsheet Highlights, Jackson Hole scenic, Market statistics 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: , , , , ,
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