October is traditionally one of the strongest months for real estate sales in Jackson Hole, but this year October’s unit and volume sales were through the roof.
All segments were very active with Teton County Multiple Listing Service reporting 59 unit sales with a list volume of $157.4 million. Actual sales volume is difficult to pin down with 7 unreported sales of properties totaling $85.94 million, but adding the $65.32 million in reported sales to 90 percent of list for those unreported arrives at approximately $142.67 million.
For comparison, in 2012 there were 40 October sales for $68 million; in 2011 there were 40 sales for $37 million; in 2010 there were 23 sales for $38 million; and in 2009 there were 25 sales for $39 million.
Not all the action in October was found at the upper end of the market, however, with 15 residential sales, or 30 percent, for less than $500,000. Median sales price was right around $700,000, represented by a Melody Ranch home with 2 bedrooms and 2,150 square feet on market for 144 days.
Additional highlights from October sales in Jackson Hole include:
- A bank-owned 2-bed condominium in South Park was the least-expensive sale, closing for ABOVE list price of $164,900.
- The Aspens neighborhood was very active, with 5 sales in this short-term rental area near Teton Pines. Sales prices ranged between $274,500 for a 1-bed unit built in 1978 and $625,000 for a 3-bed unit of the same era but extensively remodeled in 2008.
- Melody Ranch also posted a strong month with 5 sales. The top sale was a 4-bed, 3,379-square-foot home on a premier lot listed for $1.195 million.
- Two Shooting Star cabins sold for a combined sales volume of approximately $7.75 million.
- Teton Village saw only one sale, a 3-bed Crystal Springs condo listed at $1.495 million.
- The top sale of the month was the well-publicized auction of a 13,721-square-foot home on 118 acres atop Riva Ridge, centrally located along Spring Gulch Road with dead-on Teton Range views. Final list price was $32.95 million.
- There were 9 building site sales in October. Once again, there were a few at the low end (closings at $205,000 in Rafter J and $400,000 in Town of Jackson) and several at the high end (7 above $970,000), creating a “doughnut hole” in between. Clearly, those looking to build homes are either seeking the most economical options for a home they intend to occupy full time or construction is intended to produce a second or luxury home.
- The top land sale, like the top residential sale, was on Riva Ridge with the closing of 293-acre parcel listed for $25 million. Sales price for this closing also was unreported.
Please contact me for a personalized Jackson Hole real estate market report including active listings, neighborhood analyses and more. I am also active in Star Valley (Lincoln County) and Bondurant (Sublette County).
