No matter how you slice the numbers, Jackson Hole real estate sales in 2013 were robust with a 30 percent increase in unit sales (559) and a 10 percent increase in sales volume (approximately $659 million) compared to 2012*. These figures and much, much more are included in a Jackson Hole Sotheby’s internal market research Power Point presentation to be released tomorrow and available to active clients upon request.
The epicenter of last year’s activity, just as it is the heart of heart of Jackson Hole and the only incorporated town in Teton County, was Town of Jackson, which comprised 37 percent of all residential and building site sales. Unit sales in town totaled 212, a jump of 38 percent compared to 2012.
One of the keys to increased activity in town was a strong push by workforce housing and investment buyers that gobbled up anything priced below $400,000 in a matter of days. Even though values rose slightly in nearly all Jackson Hole neighborhoods in 2013, values were still down significantly from the heights of 2007, which kept the door open for those households within shouting distance of the region’s median income. Favorable interest rates and a slightly improving economy also motivated more buyers to make their move in 2013 than in any year since 2007.
Interestingly, however, the average sales price in Town of Jackson fell approximately 5 percent to about $579,000. In fact, average sales price dropped in nearly every corner of Teton County in 2013, sinking 15 percent across the board to $1.17 million. Hardest hit in average sales price was the South of Town market, which saw a decrease of 21.3 percent to approximately $819,000. This area includes Melody Ranch, Rafter J, South Park Ranches, Little Horsethief and Game Creek, among other neighborhoods.
The dip in average sales price can be linked to far fewer high-end sales, in particular premium building sites. For example, Bar BC Ranch, a community of 35-acre+ building sites near the confluence of the Snake River and Gros Ventre River priced in the $8 million range, saw no sales in 2013 compared to four in 2012.
Additional highlights from 2013 Jackson Hole real estate sales include:
- There were 4 residential sales for more than $15 million, with the top sale the result of an auction for a home on Riva Ridge last priced at $32.95 million.
- There were 109 vacant land sales in 2013, an increase of about 40 percent, with three for more than $10 million. The top land sale also was on Riva Ridge, located off Spring Gulch Road, for a 243-acre parcel listed for $25 million.
- Thirty-eight building site sales (34 percent) were for listings below $500,000. Combined with a strong uptick in building permits, builders will be busy this year with lower-end homes in addition to several very high-end projects.
- Days on market dropped in 2013 from an average of 344 days to 322 in 2012. Teton Village, however, saw a pretty dramatic uptick in average days on market from 380 to 471, or almost 25 percent.
- Prices were not reported for 38 of the 559 unit sales in 2013, or about 7 percent. Wyoming is one of the few states that do not require public disclosure of sales prices, and for those that are Realtors are restricted from offering this information to the general public. If you’ve ever wondered why in my market updates I never state the sales price or the address of a home, using only the final list price and general neighborhood, this is why. However, I am aware of this information and can share with active buyers and sellers I have established a relationship with. So if you want to know what these properties sold for and their exact location, call me!
*All information above is according to Teton County Multiple Listing Service. It should be noted that these figures do not include the numerous transactions that occur outside of the MLS, which accounts for approximately 25 percent of all sales. With this in mind, actual sales volume for Jackson Hole in 2013 may be as high as $800 million with about 700 sales. More importantly, because market knowledge = smart money, it is critical to work with a local real estate broker who is aware of activity and availability in this shadow market.
Contact me to receive a copy of the Power Point presentation of extensive internal Jackson Hole Sotheby’s market research on sales in 2013, or for a personalized discussion of your preferred market segment.
