September sales show balanced Jackson Hole market

This 2-bed single-family home in Hoback Junction recently was listed at $369,000.
This 2-bed single-family home in Hoback Junction near the Snake River recently was listed at $369,000.

The Jackson Hole real estate market continued to show strength in all segments in September, with 45 real estate closings for approximately $38 million, or an average sales price of $882,000, according to Teton County Multiple Listing Service.

The figures represent a 32 percent increase in unit sales year over year, but a decrease of 78 percent from sales volume in September 2012, when a whopping $68.5 million in volume was driven by four residential properties that closed for between $7 million and $12 million.

The high end did not take the month off, however, with a 5-bed, 6,868-square-foot home on an acre in Teton Pines listed at $4.35 million after just 77 days on market. A 4-bed Teton Village condo listed at $2.25 million also closed in September after 99 days on market.

The current market’s strength is most evident in a recent resurgence of entry-level listing activity. September saw 15 sales, or 33 percent, for less than $500,000. Six of these sales were below $300,000, a price range that proved elusive for lower-income buyers in recent months. In fact, a 1-bed, 624-square-foot Meadowbrook Village condo sold for less than $200,000.

This 3-bed Rafter J home was listed last week for $595,000.
This 3-bed Rafter J home was listed last week for $595,000.

Additional highlights from September’s Jackson Hole real estate sales include:

  • 9 building site sales, adding another strong month to a resurgent year that now totals 69. In 2012 there were 77 sales.
  • Building site sales continue to show a “doughnut hole” in sales prices, with 4 selling for $895,000 or more and 5 selling for $490,000 and below, with none in between.
  • Teton Village saw 3 sales, with a 5-bed single-family home listed for $1.65 million selling after 483 days, as well as an older 3-bed condo near the village core listed for $785,000.
  • Town of Jackson continued to lead all Teton County regions with 19 of the 36 residential sales.
  • Perhaps the most notable Town of Jackson sale was a Pine Glades townhouse on market for 1,045 days, listed at $1.395 million.

Want to know how many short-term rental properties sold, went under contract or came to market? Are you interested in which business opportunities were listed or commercial property that was leased?

Please contact me for a more detailed, personalized look at Jackson Hole properties.



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