Everything must go! Shop now for best selection on deeply discounted inventory!
With just a few weeks until September, the busiest month for sales in Jackson Hole, price reductions have dominated the Teton County Multiple Listing Service Daily Hotsheet this week. Since Monday, there have been 23 price reductions on residential properties priced as low as $230,000 to as high as $10.5 million.
And just pick a neighborhood, virtually any neighborhood for big, big savings! Take $200,000 off for a building site in Shooting Star, now just $3.795 million for 1.3 prime acres. Or save $3.2 million dollars off original list price on an 8,365-square-foot home in Indian Springs. Like Teton Pines? Two Cluster units reduced this week with one now at $1.495 million.
As discussed in a post on jhpropertyguide.com earlier this month, the high end of the market has been where most of the action has been this year. This is due to a variety of factors but certainly one of them is this market segment has seen the largest price reductions in both dollar amounts and percentage off market highs.
Of the 23 price reductions this week, 11 of them are on properties north of $1 million and 7 priced higher than $1.795 million. Savvy buyers who have the means to purchase in this price range are taking advantage, resulting in an average sales price thus far in 2010 of approximately $1.55 million.
Properties on the low end of the market, which has been stagnant, have been heating up this week as well with a bellwether sale of an Elk Run townhouse and numerous price reductions. Additional price reductions on the lower end of the market include:
- A 2-bed, 1-bath Ponderosa Village condo is now $230,000; however this is more than $90,000 above the least-expensive unit in this neighborhood.
- A 3-bed, 3-bath, 1,400-square-foot Creekside townhouse is now $355,000. Originally listed at $625,000 and on the market for 676 days.
- A 3-bed, 3-bath, 1,671-square-foot single-family home in Rafter J was reduced $40,000 to $539,000 after just 23 days on the market. However, this home was originally listed by same seller in June 2008 for $865,000.
Contact me for a full Comparable Market Analysis on any of these properties or neighborhoods, or to discuss the dynamics that are driving the Jackson Hole real estate market. 307-690-9346.
