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Jackson Hole on a roll after strong April

May 7, 2013 By Leave a Comment
Winter endures atop Glory Bowl, but in the valley the turn toward summer is clear.

Winter endures atop Glory Bowl, but in the valley the turn toward summer is clear.

Stable. Healthy. Active. There’s really no other way to read the Jackson Hole real estate sales figures from April, when 45 properties sold for $32.5 million.

Stability can be inferred by the fact that sellers collected 96 percent of list price in April. Also, only one sale price was not reported to Teton County Multiple Listing Service, an ongoing trend that indicates the days of distressed sales and significant price cuts are mostly behind us. In April 2012 there were six unreported sales.

Healthy factors from last month’s sales figures include an average sales price of $722,000, well below the $1.32 million ASP in March and the $1.38 million ASP in 2012. The median, not surprisingly, also dropped to $613,000, though this plunge is not nearly as precipitous as ASP.

Throughout the recession the average sales prices remained in line with pre-recession levels even as properties plummeted in value, indicating ongoing strength at the high end. Today, the majority of the transactions are below the median price for residential properties that will be occupied by full-time residents.

The aspens have yet to leaf out, but lawns are beginning to green.

The aspens have yet to leaf out, but lawns are beginning to green.

Also signifying market strength are steady building site sales, with five reported in April. In particular, three of these sales were for less than $440,000, a price point that indicates imminent construction of non-luxury homes.

Activity in April also was remarkable, with a 60 percent jump in transactions compared to April 2012. Sales volume actually dropped 14 percent, however that only accentuates the points above and the anomalies that occur month to month. For example, in April 2012, two large vacant land sales totaling $15+ million skewed the ASP upward while the highest sales price this year was $2.3 million for a Teton Pines home.

April sales highlights include:

  • The unreported sale was a 4-bed, 3-bath, 3,000-square-foot home near Teton Village listed for $1.975 million and on the market for 339 days.
  • Low-end sales continued to drive the market with 50 percent of all residential sales less than $500,000.
  • Melody Ranch enjoyed a surge with four residential sales and a vacant land sale.
  • A Karns Hillside building site on Rodeo Drive listed for $440,000 closed for more than 40 percent above its 2012 sale price.
  • Teton Village reported two sales, both in Teton Mountain Lodge..

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

March sales strong, continue flush of existing inventory

April 7, 2013 By Leave a Comment
Corbett's Couloir is closed for the season, but there is still plenty of snow at 10,000 feet.

Corbet’s Couloir is closed for the season, but there is still plenty of snow at 10,000 feet.

In March, several longtime listings finally fell off the Teton County Multiple Listing Service after finding buyers, fueling a big finish to the first quarter of 2013 that saw significant increases compared to 2012.

No longer offered are these properties, which as a regular researcher of Jackson Hole real estate I had come to take as granted in recent years:

  • A 4,000-square-foot home in Shootin’ Iron Ranches on market for 1,632 days, which dates back to Sept. 30, 2008, originally listed for  $3.675 million with a final list price of $3.095 million.
  • Teton Mountain Lodge unit 132 sold after 1,901 days on market, falling from an original listing price of $1.05 million to $459,000.
  • An approximately 5,000 square foot home in Flat Creek Fishing Club on 7.94 acres and on market for 955 days. Originally listed for $3.495 million, sold in March for close to the final list price of $2.975 million.
  • Another five properties sold after being on market for more than 600 days, including a 4,574-square-foot home in Jackson Hole Golf & Tennis that sold for more than $1 million less than its original list price of $3.395 million.
  • Average days on market for all sales in March was just shy of a year at 362 days.

Overall, there were 38 reported sales in March for an approximate sales volume of $50.4 million. (This includes three unreported sales with a total list volume of $21.4 million. Total includes 90 percent of these unreported sales.). Unit sales rose dramatically compared to March 2012, when just 25 properties sold for approximately $26.3 million in sales volume.

Still a few months from this scene, but it won't be long.

Still a few months from this scene, but it won’t be long.

First quarter 2013 also is dramatically ahead of last year, with the 93 unit sales 36 percent more than the first three months of 2012. Teton Village deserves much of the credit, with more sales in March 2013 (six) than all of 2012 through April 1.

March sales highlights include:

  • Just two building site sales; one in Melody Ranch listed at $325,000 and an Owl Creek lot listed at $1.45 million.
  • No sales below $200,000 and just three below $300,000, including one in Alta, WY, one in South Park and one in Town of Jackson.
  • The top sale was a 6,600-square-foot home on 100 acres north of Jackson and adjacent to the Snake River, listed for $16.9 million. A high-ticket item to be sure but marked down from $32 million in 2008.

Please contact me to discuss the details of this post our your personal real estate goals in Jackson Hole.

 

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

February sales fab as volume jumps 131%

March 7, 2013 By Leave a Comment
The welcome mat is out for March visitors to Jackson Hole.

The welcome mat is out for March visitors to Jackson Hole.

There were 27 real estate sales in Jackson Hole in February, six more than in 2012, but only two closed below $250,000 and five for less than $500,000. Not surprisingly, this led to a whopping 131 percent increase in sales volume with monthly sales hitting approximately $40 million.

Why the slow down on the low end? Partly because of a lack of inventory, partly the result of the pendulum swinging the other way after low-end sales led the way in January. In all of Teton County, there are currently 43 residential units are priced below $500,000 and just 3 priced below $250,000.

Let that sink in: just three full-ownership homes for sale below $250,000 in an area larger than 4,000 square miles; just nine priced less than $300,000. After five years of plummeting prices and increasing options for working families, the market has come almost full circle with fewer and fewer free market affordable housing choices in one of the nation’s wealthiest communities.

As a newly minted board member of the Teton County Housing Authority and a longtime advocate of deed-restricted housing that enhances ownership opportunities for the hardest working residents of Jackson Hole, this is a community challenge I am intimately aware of. The good new is that the inventory of affordable housing units has risen in the last five years and the goal of housing more than 65 percent of the county’s workers in Jackson Hole currently is being attained. I will dedicate a future blog post to the state of affordable housing in Teton County.

skiing, Tetons Jackson Hole

The best part of the ski season is upon us and spring skiing on Teton Pass is the go-to slope.

Meanwhile, highlights from February’s residential sales, as reported by Teton County Multiple Listing Service include:

  • Teton Village has been very active with four sales, including the high-ticket closing of the month on a 7,300+ square-foot home on Granite Ridge, listed at $7.95 million.
  • The second-highest priced listing to sell in February was a 7-bed, 10-bath, 8,100+ square-foot home in Bar B Bar on 19 acres listed at $6.75 million and on the market for 745 days.
  • Three Teton Pines homes and 2 Aspens/Racquet Club homes sold, a solid month for this vibrant West Bank neighborhood. Keeping with this month’s theme, the two Aspens properties were quality 2-bed properties listed just below $500,000 and selling for close to asking price, and well above the 2-bed average sale of approximately $350,000 in this short-term rental overlay.
  • Town of Jackson sales continued to soar with 8 closings, including the top vacant land sale for a 6.76-acre commercial piece located near the “Y” intersection of Highways 22 and 189, on market for 1,884 days.

Building sites also continued their steady resurgence with 6 sales, topped by the aforementioned. Additional sales included a 7.92-acre home site north of Wilson listed for $1.395 million; an Amangani building site listed for $895,000, less than an acre; a premium Melody Ranch lot with top-notch South Park views of the Tetons, listed at $399,000.

Always keep in mind these posts are just the tip of the iceberg when it comes to Jackson Hole real estate research. Contact me for a personalized, up-to-the-minute look at the market. 307-690-9346.

 

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

Teton Village: Mid-season real estate report

February 18, 2013 By Leave a Comment
The annual Cutter Races, held this weekend, is pure Jackson Hole.

The annual Cutter Races, held this weekend in Melody Ranch, is pure Jackson Hole.

Jackson Hole Mountain Resort is in full swing this President’s Day weekend, awakening from its mid-season, post-holidays nap. With another season of strong snowfall among the deepest in the Rockies, bookings at Teton Village hotels are solid through mid-March.

Real estate activity also is strong, with five closings since December 1 and eight properties currently under contract. This easily surpasses last winter’s real estate activity, which saw just three full-ownership closings all season and none in 2012 until March 1. Overall, there were 37 closings in Teton Village in 2012, down from 43 in 2011.

Closings this ski season include:

  • Two Hotel Terra units, both on the market for more than 1,200 days.
  • A 5-bedroom condo built in 1978 in the older section of Teton Village listed for $1.099 million. Very few 5-bedrooms in Teton Village. On (and off) the market for 17 months.
  • Two single-family homes on the market an average of 750 days. Listed for $2.595 million and $2.45 million, both selling for less than 10 percent off final list price.

The takeaway on these sales is that buyers have taken advantage of values as much as 50 percent below the height of the market, regained confidence in the short-term rental market and are finding sellers willing and able to deal. However, putting the damper on a more robust resurgence in this hamlet about 15 miles from downtown Jackson is a lack of inventory.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Rendezvous Peak (the top of the Aerial Tram) as seen from Tucker Ranch.

Currently there are just 43 full ownership properties for sale in Teton Village, down from 48 in October.  (There are 29 fractional ownership properties for sale, but those are outside the scope of this analysis.) Options are significantly diminished from December 2011, when there were 73 properties on market.

Available homes at the base of Jackson Hole Mountain Resort include:

  • A 500-square-foot studio built in 1973 listed for $225,000 is the least-expensive property. A 2-bed condo built in 1972 is listed for $297,700.
  • There are 5 condos listed below $500,000 and 13 for less than $1 million.
  • There are 9 single-family homes, with the least expensive a 5-bed, 4-bath, 2,750-square-foot home built in 1980 and listed for $1.650 million.
  • Two Granite Ridge homes, both listed in the last week at $6.9 million and $5.2 million. This premier neighborhood is located along the slopes above Four Seasons Jackson Hole and features some of Teton Village’s finest homes.

Half of the eight pending properties are in Teton Mountain Lodge and Hotel Terra. Activity in these condo-tel developments has been intense of late. Contact me for a detailed look at these developments, including rental figures, floor layouts, comparable sales and more.

 

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

Sales rise in January, but high end takes break

February 4, 2013 By Leave a Comment
Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

Jackson Hole has been a winter wonderland of late, with both crisp and clear days and huge storms that last days.

The Jackson Hole real estate market may have partied like it was 2007 in December, but only high-end buyers seemed to feel a January hangover.

Unit sales for the month increased from 22 to 24 (9 percent) compared to 2012. However, sales volume dropped dramatically from $33.2 million to approximately* $19.3 million (40 percent).

The average sales price in January, according to the latest data from Teton County Multiple Listing Service, was about $805,000, well below the $2.24 million ASP posted in December and the $1.38 million ASP for all of 2012. In December there were 19 sales for more than $2 million. In January, there were just two above $1.8 million.

Interestingly, while ASP and sales volume dropped significantly, there were no residential sales for less than $275,000 (an East Jackson single-family home) and the least-expensive townhouse or condo sale was for $289,000.  In 2012, there were approximately 41 home sales below $285,000, all of them condos or townhouses.  In 2012 the least-expensive single-family home in Teton County closed for $340,000.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Skiing on Teton Pass has been fantastic, though avalanche danger has been high in recent days.

Additional highlights from January’s residential sales include:

  • The median price in January was $750,000, down from the median in 2012 of $850,000.
  • Town of Jackson was very active, with the 9 least-expensive sales (up to $625,000) and 11 of the 17 overall residential sales.
  • The top sale was a Teton Pines home with 5 beds on 0.66 acres listed for $3.68 million that sold in just 50 days.
  • The next highest sale was a Hotel Terra condo listed at $1.2 million that closed after 1,482 days on market. Contact me for a detailed look at the Teton Village condo-tel market, including properties in Teton Mountain Lodge, Four Seasons Jackson Hole, Hotel Terra (both phases) and Crystal Springs.

Vacant land accounted for nearly a third of all Jackson Hole property sales with 7 closings, continuing a solid resurgence for this market segment.  Building site sale highlights include:

  • The two least-expensive Town of Jackson lots on the market, including a 0.17-acre lot on Simpson Street listed for $269,000, sold for nearly 100 percent of list price after just 42 days. Another lot on the same street with less buildable acreage sold for about 20 percent less after nearly four years on the market.
  • The two least-expensive property sales in January were building sites.
  • Two approximately 5-acre sites in the Woodside Estates subdivision near Jackson Hole Golf & Tennis sold after about 20 months on market. List prices were $1.495 million and $1.8 million, with finals sales prices unreported.
  • A 1.18-acre lot in Shooting Star in Teton Village on the banks of Fish Creek listed for $2.45 million.

Contact me for a personalized look at Western Wyoming properties from Jackson to Pinedale to Alpine and everywhere in between.

* Total sales volume is estimated based on 90 percent of list price for properties not reporting final sales price. In January there were 6 unreported sales prices.

 

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

Gulp! Buyers gobble up only Jackson Hole home below $225,000

January 25, 2013 By Leave a Comment
This 2-bed home in Melody Ranch is one of 14 single-family homes available for less than $500,000 in Jackson Hole.

This 2-bed home in Melody Ranch is one of 14 single-family homes available for less than $500,000 in Jackson Hole.

The recent listing of a 2-bed condo in Town of Jackson for $124,900 provides insight into the current entry-level real estate market in Jackson Hole.

Located in Ponderosa Village, a mid-1970s development with more than 60 units, the 644-square-foot property immediately received a half dozen offers. A contract was in place in about a week, presumably for an amount above asking price.

Why the feeding frenzy for such a modest, upper level unit in one of the valley’s densest neighborhoods? Simply, low supply, high demand for affordable home ownership from Jackson’s working class and a consensus that the bottom of the market has clearly come and gone.

The next least-expensive, full-ownership residential unit in all of Jackson Hole, a 500-square-foot studio in Teton Village, is listed for $100,000 more at $225,000. Currently there are only 11 homes listed for below $300,000, a number that spiked to 39 units in December 2011. By April 2012, that number was 28 and it has been falling steadily ever since.

For additional context, the number of units listed below $300,000* in 2008 in Town of Jackson was zero. None. Not a single one. By December 2009, as the Great Recession deepened, there were 26 with the least expensive a 1-bed, 1-bath, 434-square-foot condo on Kelly Avenue listed for $242,000.

The Aspens, a very active market of late, offers 8 units listed for less than $500,000.

The Aspens, a very active market of late, offers 8 units listed for less than $500,000.

By April 2010, the bar lowered to $206,900 for a Ponderosa Village listing, and then kept falling. And falling. The market finally reached bottom in August 2011, when a “Pondo Condo” sold for $98,000, the first Teton County residential sale for less than $100,000 recorded in more than 11 years. (Another bank-owned Pondo Condo sold for $78,500 in March 2012, but is not a strong comparable sale as the unit had significant damage.)

* For a running history of this market, enter “$300,000” in the search function of this site to read several articles going back to 2009, the year this site was launched.

Now, the pendulum has swung back with very few options for working families. Those looking for entry-level housing in Jackson Hole must be ready to move immediately upon news of an appropriate property becoming available. This means establishing a relationship with a lender, if a loan will be needed, to understand exactly how much home a buyer can afford. A lender can also provide a pre-qualification letter, which significantly strengthens an offer and is often required. It also is critical to have a strong understanding of current values and market trends so an appropriate negotiating strategy can be agreed upon quickly.

Snake River Lodge and Spa in Teton Village currently offers two listings for less than $500,000.

Snake River Lodge and Spa in Teton Village currently offers two listings for less than $500,000.

With values expected to rise slowly, low inventory is likely to continue for several quarters to come. Working with an experienced Realtor with an ear to the ground and a hands-on understanding of this market can be an invaluable resource. I can provide a list of trusted local lenders, in-depth market analysis that is up to the minute and the experience necessary to smoothly negotiate any transaction. I track properties coming to market via the foreclosure process and often become aware of other properties coming to market in the near future.

Additional highlights in the current Jackson Hole real estate market below $500,000 include:

  • There are 53 residential listings for less than $500,000, 35 for less than $400,000.
  • Eight Teton Village listings, including 3 Teton Mountain Lodge condos and 2 Snake River Lodge and Spa 1-bed units listed at $330,000.
  • Only two units listed below $300,000 have garages. One is a Clusters unit in West Jackson, the other a townhouse in Rafter J.
  • Two single-family homes are listed below $325,000, both near Hoback Junction. Both are 3-beds, no garage.
  • There are 14 single-family homes listed below $500,000, or 30 percent, with 6 in Town of Jackson.
  • There are 8 Aspens condos listed below $500,000. This neighborhood near Teton Pines has been very active and deserves its own blog post.

Contact me with your Jackson Hole real estate questions or to receive regular updates on the market in your email.

 

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

November: Unit sales rise 25%, volume up 11%

December 10, 2012 By Leave a Comment

Jackson Hole Mountain Resort upgraded its Casper Lift this season to a new high-speed quad.

Just one. And a small one at that.

November was another month of strong sales numbers for Jackson Hole real with 39 residential and building site sales for approximately $37.6 million, but for the first time in memory the number of unreported sales prices is just one.

Not sure what the overall significance of this number is, but I do know it allows for a much more accurate and thorough look at the numbers reported here. For my active clients, it means a clearer, real-time understanding of the values in a given market segment.

For example, considering the only sales price to not be reported was a short sale in Rafter J listed at $349,000, I can reliably report statistics such as:

  • Average sales price, which is approximately $984,000. First time in several months this number has dropped below $1 million.
  • Sale to list price ratio of 93 percent.
  • Median sales price, which is $795,000. This number has remained remarkably stable in 2012.

As Jackson Hole has emerged from the recession, as many as 15 percent of sellers in any given month have chosen not to report final sales prices to Teton County Multiple Listing Service, as is their right in the state of Wyoming. To determine statistics it becomes necessary to guesstimate the final sales price. Here at Teton Realty Today I always use 90 percent of final list price.

The snow was slow to arrive in Western Wyoming this year, but recent storms have blanketed the valley.

Because the large majority of these sales are at the upper end, estimated sales volume becomes even less reliable. For example, in October the reported sales volume was $34.32 million. Final list prices for unreported sales totaled $37.53 million. After reducing the unreported totals by 10 percent, the amount of reported and unreported sales were nearly equal.

Additional highlights from November sales include:

  • November unit sales increased 25 percent compared to 2011; sales volume rose 9 percent.
  • The top residential sale of the month is a Four Seasons Jackson Hole penthouse condo, listed at $5.95 million that sold for more than 15 percent off.
  • Teton Village also recorded the second and third largest residential sales in November, both single-family homes listed above $3.895 million. Overall there were four sales at the base of Jackson Hole Mountain Resort.
  • Despite a shrinking inventory the low end showed renewed strength with 15 sales, or 37 percent, below $500,000.
  • Easily the best per square foot deal of the month was for a 3-bed, 1,200-square-foot townhouse in Town of Jackson that closed for $214,000, or $178/foot. Interestingly, the least-expensive home sale in November was $210,000 for a 1-bed, 448-square-foot condo, a per square foot price of $468.
  • Nine building site sales extends a very strong year for this market segment, which will easily double totals for 2011 in unit sales and volume. Look for a comprehensive look at vacant land sales in 2012 in the coming weeks, which will include several large December sales.

Please contact me for a personalized look at Teton County, Wyoming, properties.

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

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: , , , , , ,

Teton Village sales back on track

October 23, 2012 By Leave a Comment

Just one month until Jackson Hole Mountain Resort kicks off the 2012-13 ski season.

A penthouse in Four Seasons Jackson Hole listed at $5.95 million went under contract this week, extending a recent hot streak for this bellwether Teton County real estate market segment.

As of October 21, there have been 28 Teton Village residential sales in 2012 for an approximate sales volume of $46.5 million. There are currently five pending properties at the base of Jackson Hole Mountain Resort, including the aforementioned penthouse as well as a 2-bed Four Seasons condo listed at $1.795 million, a 6,400-square-foot home listed at $4.6 million and two condos listed for below $600,000.

However, it will be difficult for real estate sales in Teton Village to exceed 2011, when there were 42 closings. This is due mainly to a slow start in 2012 that saw no closings until March 1. Teton Village caught fire in the second quarter with 13 sales before slowing to eight in Q2. This year has already surpassed the 10-year low of 20 posted in 2009 but is far below the 98 reported in 2005.

Inventory is down compared to last year, however, when there were 73 active, full-ownership listings in Teton Village (fractional units are not included in this analysis) as of December 8. Today’s inventory includes just 48 active listings, a drop of approximately 34 percent. Expect some new listings in the coming weeks to cut into this deficit.

A look at Jackson Hole Mountain Resort exactly one year ago. Today, the view is obscured with more than a foot of snow reported near the summit.

The least-expensive property in Teton Village is a 1-bed, 1-bath, 760-square-foot condo built in 1972 listed for $260,000. A 2-bed unit also built in 1972 is listed for $297,700.

At the upper end of the market there are 10 homes listed for more than $3.75 million, with four of these in the Shooting Star subdivision. Platted in 2008, this premium subdivision features a Tom Fazio golf course and an Alpine Barn that services skiers and snowboarders.

Interested in a look at available condos in Hotel Terra, Teton Mountain Lodge, Crystal Springs or Four Seasons? Perhaps a ski-in/ski-out home on the slopes? Please email me a description of your perfect property and I’ll send along an updated market analysis.

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