November: Unit sales rise 25%, volume up 11%

Jackson Hole Mountain Resort upgraded its Casper Lift this season to a new high-speed quad.

Just one. And a small one at that.

November was another month of strong sales numbers for Jackson Hole real with 39 residential and building site sales for approximately $37.6 million, but for the first time in memory the number of unreported sales prices is just one.

Not sure what the overall significance of this number is, but I do know it allows for a much more accurate and thorough look at the numbers reported here. For my active clients, it means a clearer, real-time understanding of the values in a given market segment.

For example, considering the only sales price to not be reported was a short sale in Rafter J listed at $349,000, I can reliably report statistics such as:

  • Average sales price, which is approximately $984,000. First time in several months this number has dropped below $1 million.
  • Sale to list price ratio of 93 percent.
  • Median sales price, which is $795,000. This number has remained remarkably stable in 2012.

As Jackson Hole has emerged from the recession, as many as 15 percent of sellers in any given month have chosen not to report final sales prices to Teton County Multiple Listing Service, as is their right in the state of Wyoming. To determine statistics it becomes necessary to guesstimate the final sales price. Here at Teton Realty Today I always use 90 percent of final list price.

The snow was slow to arrive in Western Wyoming this year, but recent storms have blanketed the valley.

Because the large majority of these sales are at the upper end, estimated sales volume becomes even less reliable. For example, in October the reported sales volume was $34.32 million. Final list prices for unreported sales totaled $37.53 million. After reducing the unreported totals by 10 percent, the amount of reported and unreported sales were nearly equal.

Additional highlights from November sales include:

  • November unit sales increased 25 percent compared to 2011; sales volume rose 9 percent.
  • The top residential sale of the month is a Four Seasons Jackson Hole penthouse condo, listed at $5.95 million that sold for more than 15 percent off.
  • Teton Village also recorded the second and third largest residential sales in November, both single-family homes listed above $3.895 million. Overall there were four sales at the base of Jackson Hole Mountain Resort.
  • Despite a shrinking inventory the low end showed renewed strength with 15 sales, or 37 percent, below $500,000.
  • Easily the best per square foot deal of the month was for a 3-bed, 1,200-square-foot townhouse in Town of Jackson that closed for $214,000, or $178/foot. Interestingly, the least-expensive home sale in November was $210,000 for a 1-bed, 448-square-foot condo, a per square foot price of $468.
  • Nine building site sales extends a very strong year for this market segment, which will easily double totals for 2011 in unit sales and volume. Look for a comprehensive look at vacant land sales in 2012 in the coming weeks, which will include several large December sales.

Please contact me for a personalized look at Teton County, Wyoming, properties.

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