You are here: Home / Archives for Teton County

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: , , ,

Rolling into Q4: 47 Teton County sales in October

November 7, 2012 By Leave a Comment

Time for buffalo to stock up for winter! Indian summer won’t last much longer …

Another month, another big set of numbers for Jackson Hole real estate sales.

October unit sales jumped 17 percent from 2011, with 40 residential closings and 7 building site sales. Sales volume rose even more dramatically, increasing 78 percent to approximately $68.1 million, according to Teton County Multiple Listing Service.

Driving October’s surge was the sale of a 12,340-square-foot home in Crescent H listed at $18.95 million, the largest residential sale in 2012. Final sales price was not reported, as were seven other listings that closed last month. (The total list price of unreported sales was $37.5 million; sales volume figures above represent 90 percent of final list price for these properties and actual sales prices for other units sold.)

Time is also running out for a quick dip in a Jackson Hole trout stream …

At the lower end of the market, 18 sales were reported below $500,000, an encouraging sign after several months of waning sales in this segment. Interestingly, six of these sales were older homes in Town of Jackson that seem ideal for investors looking for income properties (long-term rentals) or potential redevelopment projects.

Teton Village reported four sales ranging from a 2-bed, 792-square-foot condo that sold for MORE THAN the list price of $260,000 to a 3-bed, 3,172-square-foot condo in Four Seasons Jackson Hole listed for $3.95 million. A 2-bed Four Seasons condo listed for $1.72 million also sold for just under $1,000 per foot, as did a 3-bed, 1,388-square-foot condo that closed for $485,000.

The Aspens, located on the Teton Village Road about three miles from Jackson Hole Mountain Resort, also reported steady activity, reporting three sales including a 2-bed, 1,206-square-foot townhouse for $457,500.

Even the moose are making the most of the few warm days before winter!

The least-expensive property to change hands in October is a 2-bed, 744-square-foot condo in Meadowbrook (downtown Jackson along Flat Creek) listed for $169,000.

Want to see the MLS sheets for these listings? How about a current list of active listings personalized for your market segment? Please contact me today to receive a market analysis and sign up for regular market updates.

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

May flowers for Jackson Hole real estate

June 6, 2012 By Leave a Comment

Thinking about diving into Jackson Hole real estate? Strong May sales indicate there may be no time like the present.

Jackson Hole real estate unit sales jumped 52 percent in May to 32 and sales volume climbed a whopping 172 percent to approximately $32.2 million compared to May 2011. The month’s significant increases were driven by several high-end building site sales and a comparison to one of the weakest months in 2011 when just 21 properties sold for $12.2 million.

May saw six building site sales in Teton County, bringing the yearly total to 23, or 67 percent of the 34 that closed in all of 2011. Leading the way were two sales in Bar BC Ranch that were listed for a combined total of $15.4 million and two sales in Bar B Bar listed for a total of $11.45 million. All properties were between 35 acres and 53 acres and final sales prices were not reported to Teton County Multiple Listing Service. Sales figures above include 90 percent of list price for unreported sales.

Reported buildings site sales included a 0.89-acre site on the slopes of Jackson Hole Mountain Resort listed for $2.75 million and a commercial property in downtown Jackson bought by the town government for $2 million that will be used for much-needed parking.

The market below $500,000 also enjoyed continued consistency with 16, or 50 percent, of monthly sales. Highlights from sales in this market segment include:

  • Six short-term rental properties sold, including three in Teton Village, two in the Aspens/Racquet Club and one near Snow King in Jackson.
  • Several low-end, long-term rentals also changed hands. One of the best per square foot deal was for a 3-bed, 3-bath, 1,598-square-foot townhouse in Jackson listed for $285,000 that sold after just 136 days.
  • Similarly, a 2,436-square-foot, 4-bed, Freddie Mac-owned townhouse in East Jackson sold for approximately $150 per square foot.
  • Town of Jackson single-family home sales were strong with seven sales in May ranging from $399,000 for a 4,000-square-foot home built in 1972 to a 4,016-square-foot “Bristlecone” in East Jackson that sold for 56 percent more.

    Teton Pines enjoyed the only Jackson Hole golf property sale in May.

     

June and July also promise strong sales figures with 62 properties in Jackson Hole currently under contract. Nearly 25 percent (14) are listed below $300,000. Total list volume of pending properties is $44 million with an average list price of approximately $725,000.

Please contact me for a personalized Jackson Hole real estate market report.

Filed Under: Jackson Hole News, Market statistics 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: , , , ,

Q1 Jackson Hole March-es out like a lamb

April 2, 2012 By Leave a Comment

Figures for first quarter Jackson Hole real estate sales show the market is plateauing after rising during eight of the ten previous quarters.

First quarter unit sales for Jackson Hole real estate will be down as much as 16 percent and sales volume nearly 40 percent compared to 2011, according to preliminary figures from Teton County Multiple Listing Service. This marks just the second quarter in the last 10 to see a decrease in year-over-year sales.

March marks the third consecutive month reported sales trailed the previous year, with 25 sales for $26.3 million compared to 32 units sold for $34 million in volume in 2011.

So what gives? After a strong Q4 2011, in which Teton County enjoyed a 37 percent increase in unit sales over 2010, it’s been easy to explain lagging numbers in January and February as slower but still solid. And March will probably see a few more closings added in the next few days to close the gap between this year and last.

Nonetheless, the trend has been toward flat unit sales growth and lower sales volumes and average sales prices. Is this the “new normal?” Probably, with reasons including:

Bears have been awaking from hibernation recently, including some looking to do some skiing at Jackson Hole Mountain Resort before it closes.

  • After the historical lows of 2009, it has been easy in recent quarters to post comparatively impressive gains. Q1 2011, for example, was one of the strongest three-month periods in recent years with a 57 percent increase year over year. Exceeding 2011 in 2012 would have required a very strong market.
  • The peak of the distressed inventory to hit the market in recent years has passed. Short sales and REO properties remain a big part of the inventory, but they are fewer and more concentrated at the lower end of the inventory.
  • The market has yet to rebound at the lower end. Prices have stabilized in large part, but declining or stagnant values are doing nothing to increase the supply of equity sellers.
  • More and more potential buyers are beginning to explore the process. I am seeing it personally and within my brokerage. Lower supply and a lending environment that remains very restrictive, however, will temper this rise in demand.
  • As of the first of the year, inventory priced below $3 million is down 13 percent.

There are 53 pending properties in Teton County MLS, including four building sites, indicating a continuation of steady unit sales. Amazingly, however, the median price of these pending listings is $399,000 with 34 of them listed below $500,000, which will also perpetuate the trend of lower sales volume.

One large caveat, however (which is standard for Jackson Hole real estate – just like the weather around here the extremes can fluctuate wildly from month to month), is the current list of pending properties does not include a large land sale not yet reported as under contract that will close in late April.

But that is what makes following Jackson Hole real estate so darned interesting! Contact me for personalized, real-time market research aimed at achieving your goals.

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

Cottonwood Park: Jackson Hole’s working class hero

November 29, 2011 By Leave a Comment

The east end of Cottonwood Park was originally platted in 1984, with subsequent filings until 1992. Today, this neighborhood houses a considerable percentage of Teton County's middle class.

It may be hard to imagine today, but in 1984 when the first Cottonwood Park homes were under construction, the southwestern corner of Jackson looked almost as rural as the ranch lands that define the landscape south of High School Road today.

There were no sprawling school campuses with synthetic sports fields. No apartment complexes. No big box supermarket or department store. The “X” at the junction of Highway 22 and Highway 89 was still considered a “Y.”

More than a generation later, Cottonwood Park is Jackson Hole’s working class hero, with scores of single-family homes and townhouses priced above entry-level condos but below the newer homes outside town limits and the more highly valued areas of East Jackson.

Two new Cottonwood properties in the last week bring the total number of active listings to 11. The least-expensive is a 2-bed, 1,126-square-foot townhouse priced at $349,500 built in 1986; the highest-priced property, which hit the market this week, is a 3-bed, 2,783-square-foot home on a 0.21-acre lot built in 1996 listed at $599,000.

Continuing to use these two ends of the Cottonwood market as a barometer for this bellwether Jackson Hole neighborhood, a similar 2-bed townhouse sold for approximately $105,000 in 1998, the most recent year for digital records. Similar units were priced as high as $520,000 during the height of the housing bubble. The new 3-bed listing last sold in 2006 for 23 percent more than the current list price.

Looking at sold units in this neighborhood, there were 10 closings during the last 12 months. Highlights include:

  • The lowest-priced sale was a similar unit to the least-expensive active listing (but with 3 beds) for about 7 percent less than list price.
  • The highest-priced sale was also on a similar-sized unit to the highest-priced active listing (but five years older) for about 3 percent less than asking price.
  • Average sales price on the 10 sales was $453,650 for about 92 percent of list price at the time of the sale.
  • Average days on market was 280.

    Cottonwood Flats is a new 32-unit development adjacent to Cottonwood Park and is not included in this analysis.

     

As noted in a 2009 Teton Realty Today post that also took a look at Cottonwood Park, the highest recorded sale in this neighborhood was $779,500 in April 2008 for a 5-bed, 2,478-square-foot home.

Please contact me to discuss this neighborhood or for a more personalized look at the Jackson Hole/Teton County real estate market.

(Note: This analysis does not include Cottonwood Flats, a two-year-old subdivision with 32 townhouse units located adjacent to Cottonwood Park to the northeast. Information on this development also available upon request.)

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

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: , , , , , , ,
« Older Posts