The winter season is upon us and we wanted to give you an update on the Teton Village real estate market. We are hearing the questions…Is the market getting stronger? What are you seeing with the market? Is it going to be a strong winter season for sales? Christy and I have been in the real estate business for 15 years so we know how hard it is to predict the future but we will tell you that we have a sense that the market is strengthening. When we say strengthening we mean that there is an indication that interest has increased and some sales have taken place but we don not necessarily mean that prices have bottomed out let alone start to increase.
There are currently 100 active listings in the Teton Board of Realtors Multiple Listing Service. This does not include fractional ownership opportunities like the Teton Club or The Four Seasons. The active listings range from a 1 bedroom, 1 bathroom condo priced at $259,000 all the way up to a fabulous ski home retreat priced at $29,500,000. A third of the inventory is priced under $1 million, a third between $1 and $2 million and a third $2 million and over.
In the past year – data since January 1, 2010 – there have been 31 disclosed sales with an average sales price of $1.675 million. The closed data almost mirrors the active market in the sense of percentages. Some interesting sales – A Tram Tower Townhome located below the Tram was listed at $1.9 in 2007 and just closed for $915,000! A Granite Ridge Timbers unit listed for $2.7 in 2009 just sold for $1.9 and another Timbers unit listed for $3,750,000 in 2008 just closed for $1.9 million. On the lower end a condo in the Gros Ventre complex just sold (as a bank sale) for $239,000. This condo was 2 bedrooms, 1 bathroom and 800 square feet in size. A like unit sold in 2006 for $435,000. Not all the transactions are this extreme but this illustrates how value was created for a buyer in a difficult market.
As we reported in the last entry – Jackson Hole Mountain Resort is in the best shape it has almost ever been in this early in the season. The lower part of the mountain – including the Hobacks – are skiing as well as they do in February. Bookings at the Four Seasons resort are looking strong for the season so 2001 is looking to start off on the right foot.
If you would like additional information about the real estate market in Jackson Hole — 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.