A new listing today for a 716-square-foot condo in West Jackson’s Ponderosa Village for $206,900 is now the lowest priced 2-bed home in Teton County. This supplants a 2-bed, 1-bath condo on Smith Lane listed for $245,000.
This continues an 18-month trend of lowering values for entry-level housing in Jackson Hole that has seen few sales relative to the overall market. Currently, there are 11 2-bed units listed in the Town of Jackson for less than $300,000. In 2008, this number was fewer than five.
A closer look at the 24 homes in Teton County listed below $300,000 reveals the following highlights:
- There are two full-ownership (non-fractional) listings listed for less than $200,000 in Teton County with the least expensive a 428-square-foot studio on Meadowlark Lane in West Jackson listed for $164,500. The least expensive 1-bed unit is a 464-square-foot, bank-owned condo in Teton Village listed for $175,600.
- There are 12 1-bed, 1-bath condos in the Town of Jackson.
- Four of the 2-bed units are on Smith Lane near Powderhorn Park.
- The largest unit listed below $300,000 is a Clusters unit with 1,008 square feet reduced in price this week to $299,000. This is also the only unit in this segment with a garage. The Clusters, which has a wide variety of inventory with as many as four bedrooms, has seen several price reductions lately.
Contact me for a closer look at particular properties in this segment of the market, a more comprehensive analysis of the dynamics that have contributed to its decline, and, perhaps most importantly, where it will be in the coming months.
