July was one of the best months in years for real estate sales in Jackson Hole. August was almost as strong, with 43 residential and building site closings for an approximate* sales volume of $48.4 million.
August sales in 2012 easily exceeded the previous year, rising 53 percent in unit sales and jumping more than 75 percent in sales volume. The median sales price rose to $810,000 from $526,000 in August 2011; average sales price rose less dramatically from just below $1 million to approximately $1.125 million.
Buyers continued to scoop up well-priced properties in all market segments with the low sale of the month at $113,274 for a 1-bedroom condo in Town of Jackson to a riverside home on 43-acres listed at $9.95 million. Coincidentally, August 2011 saw a similar spread in sold prices with the low end at $95,000 and the high sale at $9.5 million.
Highlights from Teton County sales in August include:
- Nine building sites closed, bringing the yearly total to 44, the highest annual total since 2007.
- Only 3 sales closed below $351,000, signaling a slow down in the lower end that is due mainly to low inventory.
- Three Miller Park lofts closed in August. The newly constructed 1-bed condos near downtown were listed between $347,000 and $361,000.
- A bank-owned 3-bed Melody Ranch home closed ABOVE the list price of $409,900 after less than a month on the market. This listing was unique in that it was originally a deed-restricted home prior to foreclosure, but free market after completion of the redemption period. This became the lowest sales price ever for a free market home in this subdivision.
- Town of Jackson was by far the most active region with 13 sales overall and 11 of the 12 lowest sales prices.
- Nine properties closed for more than $2 million, including 6 residential units and three vacant lots.
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.
*Sales figures are provided by Teton County Multiple Listing Service and all data is deemed accurate. Several sales prices were not reported. To determine approximate totals 90 percent of list price was used.
