Riding a huge year-end wave of activity, Jackson Hole real estate surged in 2012 with unit sales and volume comparable to the height of the real estate bubble.
After a post-recession dip to 203 unit sales for $229 million in reported sales in 2009, according to Teton County Multiple Listing Service, there were 430 sales in 2012 totaling approximately $596 million*. These numbers are strong but do not yet measure up with the region’s most prolific years including 2007 when reported sales volume reached a high-water mark of $792 million on 581 sales and 2005 when 746 units sold for approximately $737 million.
The year’s anchor leg was its strongest, with 145 unit sales for approximately $243 million in the fourth quarter, a third of the year’s closings and 40 percent of the dollar volume. December marked one of the most prolific months in Jackson Hole real estate history with 52 sales for about $112 million.
Wow. What a finish. In other words, December alone accounted for 12 percent of unit sales and 18 percent of sales volume. It made the difference between yet another solid year to a great year that exceeded 2011 unit sales by 18 percent and sales volume by a whopping 52 percent.
Find below additional stats and facts of interest, but suffice to say 2012 was a year propelled by buyers taking advantage of depressed prices as much as 50 percent off the height of the market, ridiculously low interest rates and an overall confidence in the long-term value of Jackson Hole. Also contributing were significant sales of distressed properties (bank-owned and short sales), though most of these opportunities had dried up by year’s end.
Facts and figures from the year 2012 in sales include:
- The least-expensive sale was $78,500 for a 2-bed condo in Town of Jackson in very bad shape. It was the only residential sale below $100,000.
- The top sale of the year was a 5-bed, 8-bath, 12,430-square-foot home in Crescent H listed for $18.95 million. The second highest closing was $15.25 million for a home in Tucker Ranch.
- There were 105 sales between $300,000 and $500,000, or about 25 percent of all sales. For comparison, there were 95 sales between $500,000 and $1 million and 64 sales below $300,000.
- Teton Village posted 29 residential sales, not including fractional units, and 7 building site sales. The least-expensive full ownership unit was a 2-bed, 792-square-foot condo built in 1972 that sold for $261,000, which was slightly above asking price.
- Sticking with Teton Village, Hotel Terra saw 4 sales, Four Seasons in Jackson Hole had 7, and there were 8 single-family home sales.
- There were 12 sales of fractional units, including 9 in Teton Club and 3 in Four Seasons of Jackson Hole.
- There were 77 building site sales, a huge increase from the 34 sales in 2012 and 14 more than the previous two years combined. More on this segment in a separate post in the coming weeks.
- Median sales price was $850,000. This was represented by a 3-bed, 2,388-square-foot condo in Teton Village.
- Average days on market for all sales was 344.
Hotel Terra II has put its financial challenges behind and will offer additional condo-tel ownership opportunities in the coming months.
Where is the market headed in 2013? Will Jackson Hole real estate reach even greater heights or have sales hit a plateau? Will a tight inventory allow buyers to continue to find value or will sellers finally see appreciating value? What is the current lending environment? Which banks are best for land loans (or short-term rental properties, or first-time buyers … )? How much is my home worth?
Good questions! Please call to discuss or stay tuned to Teton Realty Today on Facebook and Twitter for the latest Jackson Hole real estate tidbits, nuggets, tips, discussion, analysis, photos and more.
* Total sales volume is estimated based on 90 percent of list price for properties not reporting final sales price. In 2012 there were 47 unreported sales with a total list volume of $220 million. The 380 reported sales totaled $394 million. Additionally, numerous real estate transactions happen outside of the Teton County MLS and are not included in this market analysis.
