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New Market Update – Feb. 8, 2008

Market Update – Jackson, Wyoming
February 8, 2008
 
Another snowy day in Jackson! So far the Jackson Hole Mountain Resort has received 64 inches of snow since February 1st.   Total snowfall to date 397 inches! With those numbers the ski report is obviously exceptional. We are anticipating a large crowd for Presidents Day Weekend.
 
So does all this snow equate to exceptional real estate sales? No, but there has been some pretty active sales activity. The reports nationally continue to show a very slow real estate market but Jackson continues to show strength. Since February 1st there have been quite a few of sales and pending sales that are of interest.
 
  • A 3 bedroom/3bath townhome came on the market in the Wilson area for $875,000 on Wednesday and by Thursday evening there had been a least 2 offers of over asking price! 
  • An older home on 2 lots in the Gill Addition priced at $1,640,000 went under contract in less than 1 week.
  • A townhome in the Town of Jackson on Rancher Street which has been on the market for a lengthy period went under contract.
  • A Four Seasons Resort Penthouse listed for $4,800,000 and a Crystal Springs Condo listed for $1,575,000 both went under contract.
  • 3365 Tucker Ranch – An 8,400 square foot log home went under contract with a list price of $8,995,000.
  • Hotel Terra Units in Teton Village sold “publicly” with an average sales price per square foot of $1,400.00.
  • Teton Pines “Cluster Home” closed for $2,250,000.
  • A 16 acre lot in Wilson closed for $2,900,000.
 
That’s pretty good activity for a slowing market. With those stats noted, Christy and I have noticed activity slowing considerably and inventory rising throughout the valley. Inventory in places like The Aspens and Teton Village have grown and many of the units are starting to look stale on the market. There have been lowering prices in The Aspens. 
 
The Town of Jackson has also seen a slow down. Many choices exist if you are in the $600,000 to $1,200,000 range in the Town of Jackson or areas south of Jackson (Rafter J and Cottonwood Park).
 
Statistics:

Residential Active Listings –

$1 -$1,000,000 = 108

$1,000,000 – $5,000,000 = 134

Greater than $5,000,000 = 30

Vacant Land Active Listings-

$1 – $1,000,000 = 18

$1,000,000 – $5,000,000 = 102

Greater than $5,000,000 = 15

 
26 Total Residential, Townhomes Pending Transactions Valley wide
12 Total Vacant Land Transactions Valley wide
Total Closings since the beginning of the year = 24