With 18 closings for the month of April reported by Teton County Multiple Listing Service for a total sales volume of $18,509,000, the Jackson Hole real estate market is on a quantifiable roll. This is an early take with additional April sales likely to be reported in the coming days.
And a closer look at the individual sales reveals several positive trends including lower average sales price, stabilizing prices in Jackson and Melody Ranch and a pick-up in activity for Teton Village and short-term rental properties.
The easy comparison is to April 2009, when there were just 9 sales for a total sales volume of $9.95 million. This year roughly doubles that on both counts. That also makes 68 sales for 2010, compared to 28 at this time in 2009.
True, April 2008 (29 sales for more approximately $30 million), April 2007 (33 sales for more than $30 million) and April 2006 (31 sales for more than $30 million) were more prolific, but 2003-05 averaged 17 sales and $21 million. Once again, 2010 is looking more and more like the new 2005.
Some highlights from April’s real estate closings include:
- Excluding a $5.2 million sale in Teton Pines, the month’s highest recorded sale, the average sales price for the remaining 17 sales was $782,000. Including the 5-bed, 5-bath, 6,589-square-foot Pines home, the average was $1,082,000. The lower this average, the better for the overall market.
- There were five sales at or below $470,000, including two standard Aspens units at $241,000 and $280,000 and a larger Aspens unit (1,407 square feet) going for $470,000. More good news for a hard-hit subdivision.
- Four single-family homes in the town of Jackson sold between $532,500 and $600,000. In each case the home was on the market for at least six months and saw a significant price reduction during that time, but the more comparable sales that occur in this range the stronger the case for the market having reached bottom.
- Same story in Melody Ranch where there were three sales in April. The least-expensive sale was $800,000 for a 4-bed, 4-bath, 2.881-square-foot home on the market for 658 days. Contact me for a much closer look at Melody Ranch.
- Two sales in Teton Village are also encouraging. Still slow in this market but the sale of a Granite Ridge cabin at a great price ($1.5 million) and a closing at Hotel Terra 2 are definitely noteworthy. Contact me for a closer look at Teton Village and other short-term rental property opportunities.