July was hot – so hot that the Fourth of July fireworks shows in Jackson Hole were cancelled due to extreme fire conditions. Real estate sales were even hotter, as volume reached approximately $50 million on 38 sales, both high water marks since 2008.
Driving the sales volume were the closings of a 0.14-acre building site in Teton Village listed at $13.5 million and a ski-in/ski-out home on the slopes of Jackson Hole Mountain Resort listed at $11.5 million. (Both sales prices were not reported to Teton County Multiple Listing Service. Ninety percent of list price was used to approximate sales volume for the month.)
Fifty percent of July’s sales (19) were below $500,000, confirming the resurgence of the low and mid markets. Town of Jackson led the way in this market segment with nine sales, followed by Rafter J with four sales, The Aspens with three sales and Cottonwood Park with two sales.
Teton Village, in addition to the large sales mentioned above, also saw increased activity after a lackluster start to 2012. A 2-bed foreclosure in Four Seasons Jackson Hole sold after just 38 days on market as well as a single-family home in “old” Teton Village listed at $1.75 million. A distressed unit in Hotel Terra listed at $349,000 also closed.
Additional highlights from July include:
- The least-expensive closing was a 2-bed East Jackson condo built in 1976 listed for $117,000. On the market for 104 days.
- Two 3-bed Creekside condos listed at $299,000 both closed within days of each other at almost identical prices.
- The four Rafter J closings average about $315 per square foot.
- Four building site sales continued a rebound year for vacant land. In addition to the large Teton Village development property sale, lots sold in Rafter J, HHR Ranches and Highland Park Estates.
- High-end home sales were strong with six sales above $1.2 million, but only two at more than $2.2 million. A 4-bed, 6,176-square-foot home on 4.6 acres south of Wilson listed at $4,025,000 was the high sale of the month.
Please contact me for more information about July sales and a personalized market analysis.
