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Jackson Hole land rush: Vacant land sales spiking in 2012

August 30, 2012 By Leave a Comment

Sales of home sites along the Snake River have been driving a huge bump in sales volume so far in 2012.

Vacant land sales in Jackson Hole in 2012 have already exceeded the entirety of 2011 with more than four months remaining.

And 2010. And 2009. And, with just one more sale this year, Jackson Hole building site closings will also exceed 2008.

With seven closings already reported in August, unit sales for the year surged to 42 and a sales volume of approximately* $82 million. Since the boom year of 2007, when 127 units changed hands for more than $150 million, the high mark for properties sold was 42 in 2008. Sales volume in 2008 and 2010 reached approximately $75 million for the year, the next highest figures since 2007.

What types of vacant land listings are selling?

After flat sales years for Jackson Hole building sites in 2010 and 2011, activity has sharply increased in 2012.

  • Driving the spike in sales volume are sites larger than 35 acres, with six sales in Bar BC Ranch, Bar B Bar and Crescent H with a total list price of $33.9 million.
  • The highest per acre sale of the year so far has been a 3.26-acre site at the base of Jackson Hole Mountain Resort in Teton Village that was listed for $13.5 million, or $4.1 million per acre.
  • Median sales price thus far in 2012 has been $1.5 million with an average sales price of $1.9 million.
  • Nine sales have been below $500,000, with four of those in a newly available corner of Rafter J that will feature twin and single-family homes.
  • The least-expensive building site sale in Teton County, a 0.4-acre lot in Karns Hillside near Snow King, was listed for $214,900 prior to closing.
  • Not including the Rafter J sales, the five least-expensive sales were in Town of Jackson.
  • Sales prices were not reported for 14 of the 42 closings thus far in 2012.

    No fishing on this site, but great views of the Teton Range are abundant.

Please contact me for a closer look at Jackson Hole building sites or a personalized market analysis for any segment.

* All information is provided by Teton County Multiple Listing Service and is deemed reliable. Sales volumes are approximate because sales prices are often not reported. Approximately 90 percent of final list price was used to determine approximate sales volumes.

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

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: , , , ,

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.

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October sales: Good mix of high-end, entry-level properties

November 6, 2010 By Leave a Comment

The floor desk at Jackson Hole Sotheby's main office, where I am today until about 5 pm, has been busy in recent months. After a strong October that included 24 sales and 28 pending contracts, fourth quarter real estate sales in Teton County, Wyoming, are on pace to compare favorably to the same period in 2009.

October real estate sales in Jackson Hole were strong, totaling approximately $29.4 million on 24 completed transactions. However, the month fell short of October 2009, the strongest month of that year, when there were 29 transactions for approximately $37.2 million, according to Teton County Multiple Listing Service.

As has been the trend this year, the high end of the market (sales above $1.75 million are my definition of high end, though many of my peers might still consider this the middle of the market) remained very active in October. The six highest sales totaled approximately $15 million, or just over 50 percent, of the monthly sales volume.

But even with an average sales price of approximately $1.22 million, a closer look at the individual sales shows significant action at the lower end of the market (below $450,000) and below $1 million.

Why? Primarily, values have dropped to the point where buyers who require loans can actually get them, despite today’s increased lending guidelines. Additionally, investors and cash buyers are returning to this market.

Consider the following highlights from sales in October.

  • Four sales of $300,000 or less, including condos in Teton Village and Aspens/Racquet Club; a nearly half-acre building site in East Jackson; and a 3-bed townhouse in Rafter J. Less than three years ago there were virtually no residential listings in Teton County below $300,000.
  • Short sale in Melody Ranch on a 4-bed home for less than $250 per square foot. Yes, less than $250 a foot!
  • A 3,000+ square foot home south of Wilson on more than 5 acres sold for less than $530,000.  This was a bank-owned property. It could be argued, and supported by comparable sales, that the land alone was worth this much.
  • A 4-bed Clusters townhouse in West Jackson sold for approximately $244 per square foot after 107 days on market at about 11 percent off original list price.
  • Arguably the finest home in Melody Ranch sold for more than $650,000 off original list. Sellers did get nearly $375 per foot on a 3,600+ square foot home, but the location and quality of this home is truly superior in this neighborhood. Was on and off the market since April 2008.
  • Twenty-eight properties went under contract in October, foretelling a strong November. Sales in November 2009 for Teton County included 23 transactions for $19.2 million.

Rules prohibit me from being more specific about individual sales in this forum so please contact me for a direct e-mail including MLS sheets for all listings mentioned in this e-mail.

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

Neighborhood Focus: Rafter J

March 9, 2010 By Leave a Comment

A price reduction reported on today’s Hotsheet on a 3-bed, 2-bath, 1,360-square-feet single-family home in Rafter J is a microcosm of how far values in this neighborhood have fallen.

Now listed at $459,000, this home last sold in August 2007 for $600,000, which was $32,500 above the list price, after 67 days on market. In May 2008 it was relisted at $795,000, but did not sell after 371 days on market and price reductions to $566,000. Not surprisingly, this is now a short sale.

Like Melody Ranch, Indian Trails and East Jackson, this neighborhood has lost as much as 35 percent of its value since high-mark sales in late 2007 and early 2008. A look at the current active, pending and sold listings since March 2007 in Rafter J offers the following highlights:

  • A Northeast Forty unit with 2 beds, 2 baths, and 1,040 square feet is now listed for $375,000. A similar unit sold in September 2009 for $375,000 as a short sale. At the height of the market, a similar unit sold for $620,000 in February 2008.
  • There are 11 single-family homes in Rafter J on the market, listed between $564,900 and $867,000.
  • The only Rafter J home that is currently under contract is a 3-bed, 1-bath, 1,032-square-foot home listed for $460,000.
  • There have been two closed sales in Rafter J this year, both remarkably similar. Each is a 3-bed, 2-bath, approximately 1,575-square-foot home that sold for $550,000. That’s about $349 per square foot.

But wait, there’s more … contact me for deeper analysis on this very active neighborhood.

Filed Under: Hotsheet Highlights, Neighborhood analysis Tagged With:

Hotsheet Highlights: March in like a lion with 6 SOLD, 6 new PENDING, 6 NEW listings between $539K and $689K, PRICE reductions galore

March 5, 2010 By Leave a Comment

The first week of March saw a tremendous amount of activity in the Teton County Multiple Listing Service. Where to begin?

After a final weekend of February that saw a small flurry of 3 strong property sales, there have been six sales since Monday for a total sales volume of $7.8 million. Six additional properties went under contract with list prices totaling $14.228 million.

New listings, which have been steadily declining in recent months, also saw a spike with 12 new Teton County single-family homes. Six of them fell within a somewhat narrow range between $539,000 and $689,000, with three of those in Rafter J.

There were also 12 price reductions on properties across the market from a 2-bed Meadowbrook unit with a loft reduced to $268,000 to a $500,000 price reduction on a South Park horse property now listed at $5.475 million.

Top sales included:

  • The Davies-Reid building on Town Square (formerly Jackson Drug) finally closed after months of foreclosure/bankruptcy/litigation drama for $4.5 million.
  • A 3-bed, 2-bath, 1,556-square-foot home in Rafter J on .22 acres originally built in 1989 closed at $550,000. This is a rarity in recent months in that it sold for its original listing price in less than six weeks.
  • A 1-bed, 2-bath, 771-square-foot Teton Mountain Lodge condo closed at $500,000 after 565 days on the market, originally listed at $925,000. That’s $648 per square foot, for those keeping score of Teton Village condo values (and I know you are out there!).
  • A 3-bed, 3-bath, 2,286-square-foot Hillside Townhouse, located just above Snow King Avenue overlooking Karns Meadow, closed at $630,000. Originally listed at $895,000, sold after 317 days on market.

Just as fascinating are the week’s many PENDING sales, NEW LISTINGS and PRICE REDUCTIONS, but I don’t have time to outline those. However, I am happy to discuss the context of those listings included in the link above.

In short, the market is demonstrating an activity level not seen in nearly two years. Many forces are at play, but it appears to be as simple as the fact that prices have fallen considerably and buyer confidence has risen to a point of intersection. Or more verbosely, what now appears to be a critical mass of sellers have made the move to current values while more and more buyers are deciding to pull the trigger.

Filed Under: Hotsheet Highlights, Jackson Hole News Tagged With: , , , , , ,

Hotsheet Highlights, March 1, 2010: 3 weekend sales boost February figures

March 1, 2010 By Leave a Comment

Today’s Teton County Multiple Listing Service Hotsheet includes three closings that occurred on Friday for a total sales volume of $2.185 million. For the month of February, this makes 13 closings for a preliminary total sales volume of approximately $24.712 million**.

Like January, February’s numbers will look pretty darn good compared to 2009, which was one of the worst first quarters in more than a decade for Jackson Hole real estate sales. After all the sales are in I’ll follow up with some specific year-over-year numbers, for whatever they are worth.

For now, here are the details on last weekend’s three sales:

  • A 2-bed, 3-bath, 1,697-square-foot Garden Home in Teton Pines built in 1995 closed at $950,000. Originally listed at $1.2 million, sold after 334 days on market.
  • A 3-bed, 2-bath, 1,688-square-foot home in South Park Ranches on 2.5 acres originally built in 1978 closed at $685,000. Originally listed at $739,000, sold after 65 days on market.
  • A 3-bed, 2-bath, 1,584-square-foot home in Rafter J on .29 acres originally built in 1989 closed at $550,000. Originally listed at $750,000, sold after 318 days on market.

Once again, two of the three sales follow a recent trend of properties selling only after more than eight months on the market and price reductions of about 25 percent or more. The South Park Ranch sales represents the other type of property that has been selling lately – a new or reintroduced listing at a price that makes no effort to recapture any of the glory of 2006 and 2007.

Contact me for a more detailed look at these sales or their neighborhoods.

** The sales total for February is approximate because the price for one of the 13 sales, a 6,511-square-foot ski-in/ski-out home in Teton Village’s Granite Ridge neighborhood listed at $6.995 million, was not reported. To reach an approximate sales number I assumed a sales price of $6.295 million, which is 10 percent below list on a property that was on the market for 389 days with no price reductions during that time.

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Hotsheet Highlights for week of Feb. 14, 2010: $4.9M in sales, 4 PENDING, notable NEW listings

February 19, 2010 By Leave a Comment

A CLOSED sale in Wilson for $4.05 million highlights this week’s Teton County Multiple Listing Service Hotsheet activity, as well as more than $2.3 million in PENDING sales.

Additionally, the link above includes a handful of notable new listings and price reductions indicative of the direction of the Jackson Hole real estate market.

In short, prices continue to come down and overall inventory continues to dwindle slightly or remain static as many of the listings that are coming on the market in recent weeks and months are in fact properties that were listed at some point during the last year but were withdrawn after not selling.

Highlights include:

  • A 5-bed, 5-bath, 6,203-square-foot home in Hardeman Ranch near built in 2009 closed at $4.05 million. Originally listed at $4.985 million, sold after 195 days on market.
  • A 4-bed, 4-bath, 2,763-square-foot home in Indian Trails built in 2001 closed at $897,500. Originally listed at $975,000, sold after 150 days on market.
  • A 5,736-square-foot building in Rafter J in a “local convenience commercial district” is under contract after 367 days on market. This is the log building on Big Trails Drive just past River Rock Lodge. List price is $1.25 million, originally listed at $1.45 million.
  • A 1-bed, 1-bath, 766-square-foot condo in the Aspens/Racquet Club listed at $245,000 after 414 days on market is under contract. Originally listed at $419,000. This is a short sale subject to bank approval.
  • Two lots in East Jackson on Dylan Drive (this is just north of Pioneer Homestead near the corner of Rancher and Hansen) are under contract. These approximately 0.16-acre lots are listed at $429,000 and $459,000 and have seen no price reductions after 105 days on market

Contact me for more information on the context of this activity or to discuss the price reductions and new listings included in the above link.

Have a great weekend!

Filed Under: Hotsheet Highlights, Uncategorized Tagged With: , , , , , , , ,

15 Teton County building sites below $575,000

February 10, 2010 By Leave a Comment
While construction has slowed in Teton County in recent months, not everyone is focused on the inventory of existing homes.

While construction has slowed in Teton County in recent months, not everyone is focused on the inventory of existing homes. This twin home is being constructed in West Jackson.

As prices for Jackson Hole real estate have fallen in the past year, sales of building sites have decreased dramatically. In general, better deals on existing homes have been more attractive than buying land and building.

But there will always be those more interested in designing and building a home themselves. And while Teton County is quite famously comprised on 97 percent public lands that cannot be developed, there is not exactly a shortage of available building sites.

In fact, there are 32 sites that are 35 acres or larger listed in Teton County Multiple Listing Service. Currently, I am working for a client looking for something a bit smaller, and this is the search I sent him that includes 15 home sites listed below $575,000.

Interesting search results include:

  • The least-expensive site is a 0.02-acre site in East Jackson for $275,000 that includes plans for a 1,650-square-foot home with more square footage available below grade. Listed last year for $450,000.
  • This search includes two of the 22 approximately 0.14-acre lots recently made available in the southwest corner of Rafter J.
  • A full-sized town lot on Cache Creek Drive listed for $425,000 after 285 days on the market, no price reductions.

Contact me for a discussion of what makes these lots intriguing, or for a more comprehensive or focused look at Teton County building sites.

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

CLOSED in Rafter J, subdivision update

December 11, 2009 By Leave a Comment

Today’s Teton County Multiple listing Service daily hotsheet reports a closed sale in Rafter J. Originally listed for $549,000, the 3-bed, 3-bath, 1,676-square-foot Cedarwoods townhome sold for $446,000 after 141 days on the market,

So what’s going on today in this subdivision located about a mile south of Jackson in South Park? Here is a list of the active, pending, and sold (since this day 2005) listings for Rafter J.

Highlights include:

  • There are 10 active listings in Rafter J, but no pending sales. List prices range from a 2-bed, 2-bath, 1,676-square-foot townhome at $375,000 and a 3-bed, 3-bath, 1,807-square-foot home at $739,000.
  • There have been 65 sales in Rafter J since this date in 2005, but just three in the past 12 months. That breaks down to approximately 14 sales in 2008, 22 in 2007, and 26 in 2006.
  • The highest sale price in Rafter J is $985,000 for a 3-bed, 4-bath, 3.232-square-foot home on .26 acres in May 2008.
  • The high sale for a Cedarwoods, by the way, is $650,000 in May 2008.

What else is going on in Rafter J? What is that large building being constructed on Big Trail Drive? Are there any building sites available in this 25-year-old development? What is the ratio of single-family homes to townhomes?

Contact me to continue the discussion.

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