Sidecountry skiing outside Jackson Hole Mountain Resort is a major draw for visitors and residents.

In October, I wrote that fall is Jackson Hole’s finest season. Come July, as the valley swells with indigenous life forms and human visitors from every corner of the globe, I may (again) claim summer is Northwest Wyoming’s most vital time of year

Today, however, I am moved by the pure passion of the winter season. I write from my office at the bottom of the Jackson Hole Mountain Resort on the eve of a snowstorm that is predicted to last all week. The energy and anticipation is palpable, in both the swirling alpine air as well as the hushed excitement of the throngs here for the President’s Day holiday.

Stoke for the impending snowstorm is perhaps even higher for those who live here than the visitors. Many a “powder clause” will be invoked as the week goes on by those of us who love to ski so we can take advantage of premium conditions that may only come a handful of times a year. As I peruse Facebook this afternoon, links to NOAA Radar pages and mountain weather forecasts abound.

Cross country skiing at Teton Pines.

I especially love when someone shares a forecast in ALL CAPS!

SNOW WILL INCREASE ACROSS THE WESTERN MOUNTAINS THROUGH THE NIGHT AS THE WINDS START TO PICK UP. A WINTER STORM WATCH HAS BEEN ISSUED FOR TUESDAY THROUGH WEDNESDAY NIGHT. PERIODS OF MODERATE TO HEAVY SNOW ARE EXPECTED. SNOWFALL OF TWO TO THREE FEET IS EXPECTED IN THE TETONS.

When the flakes start flying, I’ll check out the Webcams at the top of Teton Pass and throughout Teton County.

One irony of Jackson Hole is that the number of summer visitors dwarfs the amount of people that come during winter, but the single most popular reason people visit the region is to ski or snowboard. People come to Jackson Hole in the summer to fish, hike, raft, bike, horseback ride, tour the national parks and more or to simply soak up the best weather on Earth. In the winter, most come despite some of the harshest weather in the country because it creates ideal conditions for the pastimes they care passionately about.

The Cutter Races, held annually during President's Day holiday, are just one of the many late-winter events.

And within the winter season, the period between Valentine’s Day and early April is clearly the nectar. At Snow King, the north-facing Town Hill can be a cold, dark, icy place between snowfalls in December and January, but by mid-February the sun finally finds the slopes and a lunch run is a wonderful way to get some color on your face and a little exercise. At JHMR and Targhee, the warming trend often means big dumps of high-moisture content snow that eventually turns to delicious corn conditions once the lifts stop turning.

The next several weeks also feature some of the winter’s best events with the Town Downhill, Pole Pedal Paddle, World Championship Hill Climb, Cutter Races, WinterFest and other sporting events as well as a slew of live entertainment acts aimed at serving the younger visitors and seasonal workers.

Yes, winter can be overbearing sometimes. Inevitably there will be a two-week stretch, or more, when the temperature fails to rise above zero and your nose hairs freeze, your joints creek and your car hates you for starting it. And shoveling snow is a pain in the back that gets old early in December. There’s no sugarcoating it.

But for those willing to brave the conditions, for those who share a passion for the outdoors when they are the least hospitable, I’ve found there is a reward just a little sweeter than those earned the rest of the year.

Sometimes it helps to just look at things from 10,000 feet, like the top of Jackson Hole Mountain Resort. Surprisingly, not one of the 18 sales in January were in Teton Village.

Building sites accounted for a third of all Jackson Hole real estate units sold in January, continuing a trend of steadily increasing land sales and stirring hopes for resurgence in the local construction industry.

Teton County, Wyoming, total sales volume reached approximately $26.3 million* on 18 unit sales in January, reflecting a slight drop from the 22 sales for $28 million the previous year. Last year ended with significant momentum as December tallied 32 sales for $48 million, a gain of 60 percent in units and 72 percent in volume from December 2011.

The six building site sales totaled approximately $8.9 million. Compared to the 34 reported sales for $33 million in Jackson Hole building sites in all of 2011, this market segment is off to a fast start in 2012.

A high number of unreported sales prices also stand out among the monthly sales. Final sales figures for four properties with list prices totaling $12.8 million were not reported, including a 35-acre building site in Crescent H listed for $5.9 million that was on the market for 1,603 days and originally listed for $8.5 million.

Several January snow storms have allowed Jackson Hole snow depths to be among the best in the Intermountain West this winter.

January’s Jackson Hole sales highlights include:

• The least-expensive sale was a West Jackson 2-bed condo for $105,000. Bank-owned, sold for 96 percent of list after just 50 days.
• The second least-expensive sale, also bank owned, was a 3-bed East Jackson townhouse that sold for 98.5 percent of list after just 40 days.
• The highest residential sales price also was for a bank-owned property. The 5-bed, 6,700+-square-foot home near Wilson sold for 97 percent of its original list price of $3.5million after 78 days on market. Property was listed for $6.995 million in 2008.
• A land sale in Rafter J also included a home to be built later this year, closing above $500,000.
• A 3-bed home in Cottonwood Park closed for 100 percent of list price after just 56 days on market.
• The fourth bank-owned sale was a lot in Karns Hillside on the market for 189 days and selling well below the original list price of $254,900.
• The dog that did not bark: Teton Village saw no closings in January.

Contact me for details on the properties discussed or for a more personalized look at the Jackson Hole real estate market.

* Total assumes 90 percent of list price on sales with unreported sold prices. All sales figures provided by Teton County Multiple Listing Service and/or Jackson Hole Sotheby’s.

This "slopeside" unit at Four Seasons in Jackson Hole is one of only three active listings in this premier Teton Village development.This "slopeside" unit at Four Seasons in Jackson Hole is one of only three active listings in this premier Teton Village development.

When it comes to real estate in Jackson Hole, few neighborhoods vibrate with the intensity of Teton Village. And within the tiny hamlet at the base of Jackson Hole Mountain Resort the beating heart is clearly Four Seasons in Jackson Hole.

Since opening its doors in December 2003, Four Seasons has dominated both the Teton Village landscape and real estate market. The nine-story building is one of the largest in the entire state of Wyoming, with 156 rooms, an 11,000-square-foot spa, more than 2,000 pieces of art adorning its walls and all the services and amenities expected of this international brand.

Not surprisingly, this sprawling condo-tel has from day one recorded superior real estate sales that have been among the most recession-proof in Jackson Hole. Full ownership sales began in the fall of 2005. At that time a 2-bed, 1,720-square-foot unit sold for $1.375 million and since then only two units have sold for less, according to Teton County Multiple Listing Service. Currently, the least-expensive full ownership listing is a similar 2-bed unit priced at $1.75 million.

Four Seasons in Jackson Hole is one of Wyoming's largest buildings with 156 rooms, an 11,000-square-foot-spa, and all the services expected of this internationally renown brand.

(Four Seasons in Jackson Hole also offers fractional ownership, but they are outside the scope of this article. Contact me with questions about these units.)

Reported sales since 2005 include 57 units with a total sales volume of approximately $149.5 million, with many millions more in transactions completed outside the MLS. These closings break down to an average sales price of $2.9 million per unit and an average per square foot value of $1,067.

Since 2008, the beginning of the recession that eventually saw a loss of values in Jackson Hole as high as 50 percent, Four Seasons fell less than a third and has easily outperformed its direct competitors in Teton Village, which include Hotel Terra, Teton Mountain Lodge and Snake River Lodge & Spa. For example:

• During the four years between 2008 and 2011, Four Seasons recorded approximately $47 million in sales compared to approximately $32 million for the other three combined.
• The average per square foot price in Four Seasons dipped to $1,016 in 2011 from $1,484 (31 Percent) in 2008. During the same period Hotel Terra dropped from $1,389 to $689 (50 Percent), TML dropped from $1,144 to $630 (44 Percent), and SRL&S dropped from $987 to $435. (55 Percent)

Additional market stats relating to Four Seasons in Jackson Hole include:

Your chariot awaits! The Aerial Tram at Jackson Hole Mountain Resort is only steps away from the four Teton Village core properties featured in this post.

• The highest recorded sale in Four Seasons Jackson Hole was in October 2007 for a “slopeside” 3-bed, 5-bath unit that closed for less than 5 percent off the list price of $4.995 million. A similar unit listed for $5.1 million also sold in 2007 for an unreported price after 140 days on market.
• There are currently just three active listings in Four Seasons in Jackson Hole: a 2-bed listed at $1.75 million, a 3-bed listed at $2.295 million and a slopeside listed at $3.95 million.
• MLS shows 11 properties for sale in Teton Mountain Lodge, eight in Hotel Terra and seven in Snake River Lodge & Spa.
• Four Seasons sales have closed at an average of 96 percent of list price.
• The least-expensive sale per square foot in Four Seasons is $726 for a distressed 2-bed unit in 2010; its high sale hit $1,569 per foot.

Of course Jackson Hole is well represented beyond Teton Village by some of the West’s finest homes and several extremely successful real estate projects. And in no way should the success of Four Seasons be seen to diminish the value of Teton Village core properties in Teton Mountain Lodge, Hotel Terra and Snake River Lodge & Spa. For many buyers these excellent projects represent a great option for ownership with a lower barrier to entry.

It’s just that only one can be the best in this little corner of the West, and that would be Four Seasons in Jackson Hole.

Contact me for a more detailed look at Teton Village sales and information on all properties in this short-term rental overlay, including rental figures, comparable sales and management considerations.

Land sales in 2011 were just one of the many indicators Jackson Hole real estate is enjoying a steady, stable recovery in almost all segments. This lot south of Wilson is new to market in January 2012.

It wasn’t real estate heaven, the market didn’t party like it was 2007, but overall Jackson Hole real estate was pretty darn good in 2011.

The calendar year ended last week with a total of 326 closings in Teton County, including 289 residential and 37 building site sales. The sum exceeds the 261 sales in 2010 by 26 percent. However, sales volume dropped in 2011 by 16 percent to approximately $323.5 million.

The jump in unit sales in 2011 followed a similar increase in 2010 of 29 percent compared to 2009, though 2010 also saw a 69 percent increase in sales volume from that terrible, horrible, very bad year that recorded just 203 unit sales for $229 million.

The 37 building site sales, up 15 percent from 2010 and 68 percent from 2009, echo the steadily improving residential numbers. Sales volume for vacant land in 2011 totaled $34.4 million, not including two unreported sales on Bar BC Ranch properties with a total list price of $19.5 million.

Nearly all market statistics indicate 2011 represented a strengthening market in which prices found bottom in most segments and more buyers got off the sidelines. And perhaps most encouragingly, this strength comes despite lingering limiting factors such as an unreasonably tight lending climate, local and global economic concerns and the simple fact that so many homeowners cannot sell for what they have into their property.

Sunrise at Jackson Hole Mountain Resort on a recent morning.

Highlights from 2011 real estate sales in Teton County, WY, include:

• There were five sales at or below $100,000 in 2011, the first such sales since January 2000.
• There were 45 residential sales in 2011 below $300,000. In 2008, for context, there was not a single sale reported by Teton County Multiple Listing Service below $300,000.
• Eleven of the 12 sales below $130,000 were in two subdivisions: Ponderosa Village in West Jackson and Hillside Business Complex Condos, located about 2 miles south of Jackson.
• Thirteen of the residential sales, or 4.5 percent, were not reported, as is the prerogative of the seller in Wyoming. The highest list price for a non-reported sale was $10.7 million for a 7,900+ square-foot home in Crescent H on 28 acres. These sales are not included in the annual sales volume figure above.
• The highest reported sale in Jackson Hole in 2011 was $7.3 million for the much-publicized auction of the Bighorn Lodge near Jackson Hole Airport.
• There were eight sales above $5 million; 21 above $3 million; 32 above $2 million; 85 above $1 million.
• The median sale was $685,000, represented by a bank-owned Love Ridge condo in Jackson and a 2-bed Teton Mountain Lodge condo in Teton Village.
  

  Bar BC Ranch reported three sales during 2011 and four since December 2010, helping sustain modest growth in the vacant land segment.

• Bar BC Ranch dominated the vacant land market, with three sales in 2011 and four since December 2010. Ranch 1, perhaps the finest building site in Jackson Hole at the confluence of the Gros Ventre and Snake rivers, was listed for $10.5 million and sold on Dec. 30 for an unreported price.
• The least-expensive land sale in 2011 was for six acres in Alta, WY, that changed hands for $165,000. The least-expensive sale on the Wyoming side of the Tetons was a bank-owned, 0.33-acre lot in Melody Ranch for $199,900.

Without a doubt the current market remains challenging, placing a higher premium on research, market knowledge and due diligence. However, great opportunity exists for those determined to reach their goals. Contact me today to begin your Jackson Hole property search with a personalized market update.

Berry Patch condos in the Aspens are now listed below $300,000 after selling for more than $500,000 in 2007. These 1-bed units built in the 1970s offer a lower-priced opportunity to own ski property.

Currently there are 37 condos listed below $1 million in the Aspens/Racquet Club and Teton Village, with 20 listed below $500,000. While there are another 26 Jackson Hole condos listed above $1 million to nearly $4 million, the lower half of the market has driven the resurgence of ski properties in the last several quarters.

Through the first three quarters of 2011, Teton Village unit sales increased 78 percent to 50 while decreasing in sales volume 4.3 percent to $43.4 million. Since October there have been 12 sales in the Aspens and Teton Village, with all but one below $1 million.

Of course the closer to the lifts the better if skiing or snowboarding is a person’s main reason for owning property near Jackson Hole Mountain Resort. However, a condo doesn’t have to be ski-in/ski-out to earn solid rental income or be more than just a few minutes from lift service. Contact me for actual and/or estimated rental figures for these properties.

After a price reduction this week on a 1-bed, 1-bath, 736-square-foot condo in the Aspens to $289,000, there are now six such units listed for sale below $300,000. Located approximately three miles south of Jackson Hole Mountain Resort, these properties have for decades represented a popular entry-level ski property ownership opportunity. In 2007 these same units sold for more than $500,000.

Rather schuss right to your door in Teton Village? The only option below $300,000 is a 441-square-foot Teton Mountain Lodge studio. The next full ownership opportunity in the Teton Village core is a 1-bed, 580-square-foot condo in Snake River Lodge and Spa at $372,750. There are seven ski-in/ski-out condos listed for less than $500,000.

The only condo sale in Teton Village since October above $1 million was in Four Seasons in Jackson Hole.

A closer look at the 63 active listings for condos on the West Bank of the Snake River includes these additional highlights:

• The least-expensive Teton Village condo remains a 1-bed, 1-bath, 757-square-foot unit in the Gros Ventre building after 173 days on market. This is about a 5-minute walk (or quick shuttle ride) to the lifts.
• The least-expensive Hotel Terra unit is a 1-bed, 782-square-foot unit listed at $399,000.
• The least-expensive 2-bed condo is a 1,174-square-foot Aspens unit listed at $399,000. The least-expensive 2-bed condo in Teton Village is a 1,000+-square-foot unit in the Sleeping Indian building in South Teton Village on Michael Drive.
• The highest sold price for a 1-bed, 1-bath Aspens condo was $620,000 in October 2008. Nine sold for more than $500,000 between 2006 and 2008.

Planning a visit to Jackson Hole this winter? Let me know when and I’ll make sure you are up to speed on area properties before you hit town. We can even have a showing itinerary arranged ahead of your visit. Initial meetings held on ski lifts will be given scheduling preference!

The 2011-12 ski season is underway in Teton Village.

Shoes off. Shoes on. Get in the car, get out of the car. Repeat about a dozen times in two hours, and there you have the annual Teton Village open house real estate tour.

Homes, townhouses and condos available for preview on Wednesday at the base of the Jackson Hole Mountain Resort numbered more than 30. The tour is set for this time of year so Realtors can familiarize themselves with the current inventory ahead of the ski season, but well ahead of Christmas and the height of the winter when these properties are rented short-term almost nonstop and nearly impossible to show.

Fortunately I was already familiar with more than half, but that left more than a dozen listings to preview for current and future customers.

My focus was on seeing or becoming reacquainted with the inventory of single-family homes. Several were in the “old” village, or the area to the southwest of the village core on steep streets including McCollister, Morley, Holly and Curtis. Two of Shooting Star’s cabins, which were built since 2005, were also open.

The living room of this home listed for $12.75 million looks out over the slopes of Jackson Hole Mountain Resort.

Five homes on Granite Ridge, located to the north of the village core, with list prices between $8.65 million and $16.5 million, were the highlight of the tour. With ski-in/ski-out locations and the finest architecture, materials and amenities, these homes combine all the best of Teton Village.

Currently, there are 73 active, full-ownership listings in Teton Village. Highlights include:

• There are 51 condos, 8 townhouses and 14 single-family homes.
• Teton Mountain Lodge has the largest inventory of available condos with 13, followed by Hotel Terra with 9.
• Four Seasons in Jackson Hole opened two of the three active listings available in this premier condo-tel.
• Two condos are listed below $300,000, including a 1-bed condo in the Gros Ventre building built in 1973 and a studio condo in Teton Mountain Lodge listed at $297,000.
• The highest list price in Teton Village is $29.5 million for a 23,250 square foot home on 10.63 acres. Suffice to say it is a fabulous home and is often mentioned as one of the finest ski homes in the nation. The home was not available for preview on Wednesday.

Amazing home on Granite Ridge listed for $16.5 million, terrible photo that does not do it justice.

But wait, there’s much, much more! You may be asking …

What are the best deals in Teton Village? Which properties garner the highest short-term rental income? How many listings are truly ski-in/ski-out? Are there any building sites remaining in Teton Village? Will you show me your secret powder stashes when I visit this winter (yes!)?

Contact me for a closer look at Teton Village or a more personalized Jackson Hole real estate discussion.

The east end of Cottonwood Park was originally platted in 1984, with subsequent filings until 1992. Today, this neighborhood houses a considerable percentage of Teton County's middle class.

It may be hard to imagine today, but in 1984 when the first Cottonwood Park homes were under construction, the southwestern corner of Jackson looked almost as rural as the ranch lands that define the landscape south of High School Road today.

There were no sprawling school campuses with synthetic sports fields. No apartment complexes. No big box supermarket or department store. The “X” at the junction of Highway 22 and Highway 89 was still considered a “Y.”

More than a generation later, Cottonwood Park is Jackson Hole’s working class hero, with scores of single-family homes and townhouses priced above entry-level condos but below the newer homes outside town limits and the more highly valued areas of East Jackson.

Two new Cottonwood properties in the last week bring the total number of active listings to 11. The least-expensive is a 2-bed, 1,126-square-foot townhouse priced at $349,500 built in 1986; the highest-priced property, which hit the market this week, is a 3-bed, 2,783-square-foot home on a 0.21-acre lot built in 1996 listed at $599,000.

Continuing to use these two ends of the Cottonwood market as a barometer for this bellwether Jackson Hole neighborhood, a similar 2-bed townhouse sold for approximately $105,000 in 1998, the most recent year for digital records. Similar units were priced as high as $520,000 during the height of the housing bubble. The new 3-bed listing last sold in 2006 for 23 percent more than the current list price.

Looking at sold units in this neighborhood, there were 10 closings during the last 12 months. Highlights include:

• The lowest-priced sale was a similar unit to the least-expensive active listing (but with 3 beds) for about 7 percent less than list price.
• The highest-priced sale was also on a similar-sized unit to the highest-priced active listing (but five years older) for about 3 percent less than asking price.
• Average sales price on the 10 sales was $453,650 for about 92 percent of list price at the time of the sale.
• Average days on market was 280.
  

  Cottonwood Flats is a new 32-unit development adjacent to Cottonwood Park and is not included in this analysis.

   

As noted in a 2009 Teton Realty Today post that also took a look at Cottonwood Park, the highest recorded sale in this neighborhood was $779,500 in April 2008 for a 5-bed, 2,478-square-foot home.

Please contact me to discuss this neighborhood or for a more personalized look at the Jackson Hole/Teton County real estate market.

(Note: This analysis does not include Cottonwood Flats, a two-year-old subdivision with 32 townhouse units located adjacent to Cottonwood Park to the northeast. Information on this development also available upon request.)

This graph produced by Jackson Hole Sotheby's illustrates the trend in 2011 for increased unit sales and relatively flat sales volume.

Buyers continue to return to the Jackson Hole real estate market with a focus in 2011 on the low end. In October, for example, this was evident as unit sales (38) increased 31 percent year over year, while sales volume ($36 million) slipped 6 percent.

A report produced by Jackson Hole Sotheby’s summarizing 2011 sales through October quantifies the recent trend toward more transactions for lower sales prices resulting in relatively flat sales volume. Key points in the 37-page presentation include:

• Year-to-date unit sales in 2011 through Q3 rose 30 percent while dollar volume declined 3 percent.
• October was the ninth month in the last 10 in which average sales price has been lower than the previous year.
• In September, unit sales increased 70 percent year over year while sales volume increased less than one percent.
• Q3 2010 unit sales increased 33 percent compared to Q3 2011
• Unit sales have increased during seven of the last eight quarters.
• Average sales prices have been lower than the previous year’s month in eight of the last 10 months.
• Condos are the leading property type with a 22 percent increase in sales volume through Q3 in 2011 compared to 2010, and a 46 percent increase in unit sales.
• Sales below $1.5 million represent 80 percent of the units sold in 2011 compared to 72 percent in 2010 through Q3. Sales below $850,000 increased 49 percent.
  

  Three of the sales so far in November are in Town of Jackson, seen here from atop High School Butte. Picture was taken last week, prior to weekend snowstorms that have provided a welcome blanket of white.

Looking ahead, November sales are thus far considerably slower with just 7 reported as of today. Highlights include:

• A 2-bed condo in Teton Village a short walk from Jackson Hole Mountain Resort for more than 20 percent off its list price of $279,000.
• Town of Jackson single-family home in Indian Trails listed for $625,000 that closed after 579 days on market.
• East Jackson home in Eastridge for $337 per square foot, sold after 183 days on market.
• A 50-year-old home near the National Elk Refuge on a double-lot listed at $750,000 after just 43 days.

After a few slow years, is real estate at the base of Jackson Hole Mountain Resort about to blow up? Sales in Teton Village in the past week and during the last 12 months have contributed significantly to the slow but steady rebound of the Jackson Hole real estate market.

Teton Village is already where it’s at, even though it is still three weeks until they power up the lifts at Jackson Hole Mountain Resort and the season’s first big snowfall remains beyond the western horizon.

This week’s Teton County Multiple Listing Service Hotsheet reports four Teton Village properties under contract and one closing. Two of the pending contracts are in Four Seasons in Jackson Hole, leaving just three active listings in this premier condo-tel.

Hotel Terra also saw some welcome activity, closing a 1-bed, 728-square-foot unit and pending a similar sized unit that has been on the market for more than 1,000 days. A price reduction on a 3-bed, 1,005-square-foot, lock-off unit to $649,000 may represent the next best deal going in this core Teton Village development.

Bolstering the recent sales activity is an internal Jackson Hole Sotheby’s report that notes a 78 percent year over year increase in unit sales in Teton Village to 50 during the first three quarters of 2011. Sales volume, however, dropped 4.3 percent to $43.4 million, reflecting that most sales were for lower-end condos and distressed properties. To wit, the fourth pending Teton Village property reported in the last week was for a 2-bed, 700-square-foot condo built in 1972 and listed for $279,000.

Teton Village sales during the first three quarters of 2011 show a significant increase in unit sales year over year while sales volume was flat.

Taking a look at the current Teton Village inventory (excluding fractional properties), there are 69 active listings. Highlights include:

• The least-expensive condo is a 757-square-foot, 2-bed unit listed at $274,500 after 129 days on market.
• Also listed for less than $300,000 is a 441-square-foot studio in Teton Mountain Lodge, one of eight active listings in this 10-year-old development.
• The high end of the market in Teton Village is a 23,250-square-foot, 7-bed home listed at $29.5 million. Also notable is a more than 13,000 square foot, ski-in/ski-out home listed for $16.5 million in Granite Ridge.
• Two Shooting Star cabin resales are listed in the $5 million range. Developer units also are available, but are not in MLS. Contact me for details on this premier neighborhood and additional inventory information.
  

  What recession? Sales in Four Seasons in Jackson Hole remained strong in recent years. There are currently just three active listings in this development after two units went under contract in the last week.

• A 5-bed Granite Ridge Lodge listed for $3.7 million that is as close to the slopes as any ski-in/ski-out property in Teton Village.
• Two Granite Ridge Cabins not on the slopes but about a two-minute walk away listed at $1.695 million and $1.624 million. There is nothing like these 2-bed, freestanding units and once they hit the market often sell relatively quickly.

Which properties do I think represent the best value? Contact me to discuss the Teton Village market or for a more personalized look at Jackson Hole real estate.

Three of the 38 building site sales in Teton County during the last 12 months were in Bar BC Ranch, located at the confluence of the Snake River and Gros Ventre River.

In my most recent post on jhpropertyguide.com, I discuss the slowly improving market for building sites in Teton County. And by slowly I do mean S-L-O-W, with just 38 sales* in the last 12 months compared to an average of 125 in the five years between October 2003 and October 2008.

The uptick is measurable, however, as the sales since October 2010 are an increase of 61 percent over the previous 12 months (23) and a jump of 85 percent compared to the 12 months between October 2008 and October 2009 (20).

Driving the building site market in Jackson Hole are premium lots in higher-end subdivisions such as 3 Creek Ranch (6) and Bar BC Ranch (3). This is evidenced by a median sales price of $875,000, which is more than $200,000 higher than the median sales price for residential sales in Teton County during the last 12 months.

Top Jackson Hole neighborhoods such as Crescent H, Gros Ventre North, Bar B Bar Meadows, River Meadows, Elk Ridge, Fairway Estates and Jackson Hole Golf & Tennis also recorded sales.

Interesting, but not surprising, is that five (13 percent) of last year’s sales prices were not reported. The list prices of these five properties totaled more than $33 million.

One of the three Town of Jackson building site sales during the last year included a half-acre site on the banks of Flat Creek.

The highest reported sales price for a building site was the resale of a 41-acre site at Bar BC Ranch listed at $9.5 million. Additional highlights among the 38 sales in the previous year include:

• Total sales volume is approximately $66 million, with 90 percent of list price used to estimate the five unreported sales.
• The largest lot sale included 130 acres south of Wilson listed for $13.9 million. Sales price not reported.
• Just three of the sales were in Town of Jackson.
• Just three of the sales included less than a half-acre of land.
• The smallest lot sale included 0.43 acres on Flat Creek in North Jackson listed at $895,000. The second-smallest lot sale included 0.47 steep acres on the east side of Nelson Drive listed at $225,000 that closed after 51 days on market.
• Ten of the 38 sales were for less than $600,000, totaling $4.265 million.
• Twenty-four of the sales were for below $1 million.

Contact me for more information on building sites in Jackson Hole or for a more personalized look at the real estate market.

* Since that post was written a fourth building site sale in October was reported to Teton County Multiple Listing Service. The 0.56-acre parcel (2 lots) in East Jackson were listed at $225,000.