September snapshot: Stuck in the middle

September is not only one of the busiest months of the year in Jackson Hole for real estate, it is also jam-packed with community events such as Old Bill's Fun Run (pictured), Fall Arts Festival, Canine Carnival, Farmer's Market and more.

Last month I wrote about how the high end of the Jackson Hole real estate market was where the action is, with above average sales of properties just below $2 million and above. And earlier this month I discussed some green shoots in the lower end of the market, with a flurry of closed and pending sales below $300,000. (I’ve also recently discussed the market’s high end and low end on the Jackson Hole Daily’s online property guide.)

But what about the properties priced between these figures?

September sales, as reported by Teton County Multiple Listing Service, confirm that the bulk of the market activity continues to take place on the margins. Of the 13 reported sales so far in September, five are for less than $463,000 and six are for more than $1.725 million.

What does this mean? Additional observations from the list of sales thus far in September include:

  • Because the only single-family home in this price range to sell was in East Jackson, consider these major Jackson Hole neighborhoods that have not seen a single sale for the better part of a month: Melody Ranch, Rafter J, Cottonwood Park, Indian Trails, Hidden Ranch, Game Creek and South Park Ranches, among others.
  • The other mid-priced home to sell was a 3-bed, 2-bath, 2,400-square-foot horse property on 2.87 acres located near the Jackson Hole Airport discounted approximately 20 percent from an original list price of $1.095 million after being on the market for 304 days.
  • Total sales volume for the month thus far is $21.815 million for an average sales price of $1.67 million. However, if the high sale of $7 million for a home in Teton Pines is removed from the list, the average drops to $1.234 million for 12 homes.
  • No building sites have sold in Jackson Hole thus far in September.
  • The sale after the fewest days on market was for a 1-bed condo in the Aspens after 27 days just $9,000 off original list price; the sale after the most days on market was for the Teton Pines home after 917 days, closing for more than $2.5 million below original list.
  • September 2009 saw 25 closed transactions for a total sales volume of $14.7 million. Subsequently there were 80 transactions in the fourth quarter of 2009 for a total sales volume of approximately $85 million.

Please contact me for an e-mail including a link to this month’s closed sales, deeper analysis of this topic or for a personalized Jackson Hole property search.

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