Where was real estate selling in Jackson Hole in 2010?

Teton County real estate sales totaled $387 million for 2010, which includes Jackson Hole, Wilson, Teton Village, South of Town, North of Town, and West of the Snake River (Wilson).  The Town of Jackson aside, all areas reported susstaintial improvement in sales and unit volume. The area West of the Snake River saw the largest increase over 2009 of 136%, spurred by 4 large land sales and several single family home sales in Teton Pines.  Teton Village, at the base of Jackson Hole Mountain Resort, also saw a 74.5% increase in real estate sales over 2009, perhaps fueled by the new Aerial Tram and several bank owned condominium sales.

Teton County Units sold in 2010 totaled 261 transactions. The most sales (78) occurred in the Town of Jackson, however the Town experienced the smallest increase (13%) over 2009.  The highest increase (66.7%) in properties sold occurred in the South of Town locations, including Rafter J, Melody Ranch, and Hoback Junction – there were 50 sales in that area.

Average Sales Price increased in all areas, except the Town of Jackson, which experienced a decrease of 16.5% in the average sold price when compared to 2009. Properties West of the Snake River, including Teton Pines & Wilson, saw the largest increase of 93.8% over last year’s average sold price. Again, 4 large land sales and several Teton Pines home sales (averaging $2.8 million each) contributed to this increase. Average days on market were also higher than 2009. The overall all average days on market for sold properties was 282 days in 2010. This is 38% higher than in 2009.  Leading the way was North of Town, where properties were on the market for 367 days, and increase of 75% over last year.

The Gillespie Real Estate Team at Jackson Hole Sotheby’s Internation Realty has access to much more detailed information – call us at 307-739-8078 for a copy of the entire report of the 2010 Jackson Hole Real Estate Market Update.

Teton Pines and The Aspen’s Jackson Hole Real Estate Update – December 10, 2010

In today’s update we will explain the Teton Pines and Aspen’s locations for 2010. Both locations allow for short term rentals and are within the resort district. The location being on the Moose-Wilson makes it convenient for skiing in the winter and hiking in the summer. The Teton Pines offers a “resort” golf course, year round tennis, a summer pool and year round dining and bar. In the winter there is a wonderful Nordic center.

Teton Pines had a good year for real estate transactions. There were a total of 9 single family homes sales ranging from $950,000 for the desired Teton Pines Garden Homes to a high sale of $7,800,000 for a 7,300 sq. ft. estate home. The once popular Teton Pines Town Home on the other hand did not see a lot of activity. There are only 2 on the market but to see a year where no townhomes sold is a rarity. With the sale of a Garden Home below $1 million there is considerable price pressure on the townhomes. There are currently 22 active listings in Teton Pines. This is a great amount of inventory for buyers to choose from. We are predicting a strong sales season in Teton Pines.

The Aspens is located just north of Teton Pines and offers a mix of condos, townhomes and single family homes. Lake Creek carves its way through the neighborhood creating a very peaceful environment. The Aspens is frequented by moose throughout the seasons. Since January 1, 2010 there have been a total of 14 sales ranging from a low of $186,000 for a 760 sq. ft condo (Bank Sale) to a high of $1,293,700 for a wonderful single family log home (Gillespie Real Estate Team Listing). There are 2 current pending transactions – both below $500,000. As for Active inventory in the Aspen’s….there’s a lot of it. 23 listings – 13 condos (1, 2, 3 bedrooms), 6 townhomes (all located in the Pond’s and Cove) and 4 single family homes. The 6 townhomes in the Cove and Pond’s is an eye opener. The least expensive is $799,000 and the most expensive is $1,197,500. Hopefully there are a few buyers this winter and in 2011. Unfortunately I believe that the sellers are not quite realistic as to the current market.

With all the new snow and the best early ski season we have seen in years we are anticipating a very strong Holiday Season. Some of this visitor traffic should translate to an increase of real estate sales. If you would like additional information about the real estate market in Jackson Hole — please pick up the phone and give us a call – 877-739-8056. We are excited to answer any questions you may have. You are also welcome to visit us at www.jacksonholeexperts.com.