August sales as extreme as Jackson weather

I love the Jackson Hole real estate market for the same reason I love the weather around here: it can be so extreme that everywhere else is boring by comparison.

For example, among the 26 sales reported in August the least-expensive property was a bank-owned 2-bed condo for $95,000 and the most expensive a fabulous 41-acre building site for $9.5 million. That’s quite a spread, almost as interesting as the 50-degree temperature swings we’ve seen in the last few weeks with the thermometer dropping below freezing overnight and above 80 during the day.

Overall, the 26 sales for approximately* $26.2 million in volume put yet another strong month on the board for 2011. Sales volume dropped from $35.8 million in August 2010, but unit sales were up from 25. August marked the ninth month during the last 12 with sales above $25 million.

Notable sales and trends in August included:

• Sold prices were 94 percent of list price in August, with an average sales price of about $1.1 million.
• The average price per square foot was $300, with the least-expensive sale going for $114 per square foot and the most expensive going for $525 per square foot.
• Average days on market for listings sold were 228.

  

• There were four building site sales, with lots moving in Bar BC Ranch, 3 Creek, Bar Y and Teton Village. *The sales price was not reported for the 0.74-acre site in Teton Village listed for $995,000.
• The median sales price was $526,250, which bought a 3,420-square-foot home in Hoback Junction.
• The least-expensive single-family home sale was $183,379 for a 3-bed home in Hoback Junction.
• Condo sales for 2-bed units at $95,000 and $98,000 were the first two sales below $100,000 since January 2000. It is likely they will be the last two for the foreseeable future as the market floor is now $149,000 for a 1-bed condo in Meadowbrook.

Please contact me for a closer look at recent sales, active listings and other market factors in Jackson Hole. tetonrealtytoday@gmail.com