August 2013 Jackson Hole Real Estate Market Review
After a hiatus Christy and Garth Gillespie are back to blogging. The Jackson Hole real estate market has been very busy so far for 2013. We have been exceptionally busy and are having one of the best years that we can remember ever having. Why? We pride ourselves in pricing properties correctly and educating our Sellers and Buyers as to what is “current market”. We have seen 4-5 years of depreciating sales and prices so now that we have better sales and prices are increasing it takes time to understand the market. Unfortunately many sellers and agents working with sellers have over priced their properties because they saw the market heat up. Buyers are out there but they are not stupid and are not willing to over pay for properties now that the market has done better these past 6 months. There has been a nice increase in property prices of anywhere between 10-20%.
August was a good month with 50 sales market wide. Over half the sales were for single family homes spread out around the valley. Town had the most sales with 13 but also the lowest average sales price so most of these sales were either condos/townhomes or entry level homes. North of Town also saw nice traffic as we had 7 sales. Teton Village, 6 sales, has invested a lot of money in its infrastructure in the past 4-5 years and it is starting to see the benefits as occupancy has been at very high levels all summer. Melody Ranch had a good August with 4 sales including the first reported million dollar sale of the year at $1.1 million (Listed by Garth and Christy Gillespie).
The highest sale recorded in August was $19,250,000 million for a home/estate located at Teton Village. Notably both sides of the transaction were represented by Jackson Hole Sotheby’s International Realty. The Auction was put on by Concierge Auctions.
Total Sales Volume for August was just about $70 million. Average Sales Price verse List Price was 95%. Median sales price was $770,000 and the average sales price was $1,334,000.
If you have any questions or comments about this report please feel free to email Garth at garth.gillespie@jhsir.com or to call at 307-413-5243.