Yesterday Jackson Hole Mountain Resort closed for the 2014 winter ski season. As most of you know, we had incredible snow conditions and we ended with 494 inches of total snowfall (41 feet) and our last recorded base was 140 inches. Jackson Hole Mountain Resort was rated #1 ski resort in the county this year and you could tell that we had many visitors come to see for themselves why we were ranked #1. All winter we had strong tourist interest and as a local we saw some of our largest lift lines ever. Of course it helped that we had the best ski conditions in the county too.
Did the extra tourist visitation result in stronger real estate activity? Not really….but we did see a continuation of a very healthy market. March 2014 was on average with our 2013 results. We had slightly lower total sales volume but had just about the same number of transactions (36 in 2014 vs. 38 in 2013). One of the biggest differences between the two years is that we had 8 vacant land transactions vs. only 2 in 2013. Another huge difference was “Days on Market”. In 2014 days on market averaged 187 days vs. 356 days in 203. That is a great improvement!
The Town of Jackson saw the most activity with 9 sales, next was Teton Village with 5 and the rest of the locations in the valley (Wilson, North, South) all averaged 3 sales during the month. The highest sale recorded was a beautiful estate located in Teton Village which was listed at $12.5 million. There were 10 sales that were listed for over $1 million.
The friendly competition between Jackson Hole Sotheby’s and Jackson Hole Real Estate Associates resulted in very similar results. There were a total of 40 sales in March 2014 including timeshare product. This means there are 80 transaction “sides”. Sotheby’s recorded 33 sides and JHREA recorded 31 sides. This means 80% of the market involved Jackson Hole Real Estate Associates or Jackson Hole Sotheby’s!
The Jackson Hole Experts – Christy and Garth Gillespie had a great month of March with 7 transaction sides representing almost 9% of the market. Our sales volume was $5,775,000 in March. Thank you Jackson Hole!
If you would like additional information on the current real estate market in Jackson Hole please do not hesitate to call us at Christy and Garth Gillespie 307-413-5243
***All statistics above were gathered from the Teton Board of Realtors Multiple Listing Service