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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.

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

January sales figures, February preview and a final look at 2009

February 26, 2010 By 2 Comments
This graph shows January sales going back to 2002. While January 2010 represents a significant increase compared to January 2009, it remains one of the slowest Januarys in the last decade.

This graph shows January sales going back to 2002. While January 2010 represents a significant increase compared to January 2009, it remains one of the slowest Januarys in the last decade.

While I have already discussed January sales numbers in this Teton Realty Today post, this week my brokerage, Sotheby’s International Realty in Jackson Hole, provided a more complete roundup of the month’s sales as well as a thorough analysis of the year 2009. (I also covered 2009 more superficially in this post.)

I am happy to pass along this 56-page presentation as a PDF to anyone interested. It covers not only Teton County, WY, but also Teton County, ID, and Star Valley, WY, as well, in addition to graphs charting consumer confidence, unemployment figures and more.

Some of the deeper analysis available in this presentation I found most interesting included:

  • While it is true that January units and volume were up 174 percent and 194 percent respectively compared with 2009, as the above graph represents, 2010 was the second lowest January for both statistics since at least 2001.
  • January 2010 included 11 sales for a total sales volume of $21.7 million. January 2006 was the most vibrant of the past decade with more than 50 units sold for nearly $60 million.
  • Looking at February sales to date, as of Wednesday there were seven closed transactions for $20.1 million compared to four transactions for $2.3 million at this point in February 2009.
  • There are currently 36 pending sales in Teton County, WY. Of these, Sotheby’s is on the list side of 17 and on the sale side of 14. If you include Terra II, there are 54 pending sales. (Contact me for an explanation of why Terra II properties – which are listed by Sotheby’s – are often excluded from overall pending sales.)

As mentioned above, these statistics are the tip of the iceberg. True statistics geeks are encouraged to request a complete copy of the presentation. Additional graphs include:

  • Quarter-over-quarter percentage changes going back to Q1 2007.
  • Average sales price versus 2009 by month.
  • Teton County sales by region 2009 versus 2008.
  • Average sales price and days on market by Teton County region.
  • Average and median sales by property type.
  • Sales by price range (pie chart!).
Filed Under: Market statistics Tagged With: , , , ,

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.

Filed Under: Hotsheet Highlights Tagged With: , , ,