Teton Realty Today

For many, fall is Jackson Hole’s finest season

October 16, 2011 – 12:20 pm

Sunrise often reveals one of the first snowfalls of the season to put a dusting on the Tetons.

Of the two shoulder seasons in Jackson Hole, fall is by far the more enjoyable. Days like today, at the exact midpoint of October, when the wind stays soft and the still-strong sun fights few clouds, are as good as it gets.

Fall is a very active time for wildlife in Jackson Hole.

The streets of Jackson are alive on a Sunday afternoon, but far more subdued than the throngs of summer. I’m in the office at our downtown Jackson office today. Autumn brings out the locals and draws dedicated visitors enchanted with its blend of summer’s harvest and winter’s promise. There is work to be done to prepare for out-of-town clients, but also time to reflect on the season.

When the weather cooperates, October can offer some of the year's best fly fishing.

Outdoorsmen convene on the area’s abundant private lands, spreading out on the rivers and fields like at no other time of year. The trails are buff, the fish are hungry, and the hills and skies alive with the urgency of wildlife in transition.

The Jackson Hole golf season ends today for most area courses.

Fall photos often focus on the bugling elk, fast-changing foliage and the first snows of the season. Most home sellers and listing agents request photography at the height of summer or well into winter when the valley’s blanket of snow is sufficiently thick, so I don’t take a lot of pictures this time of year. It’s also true this is the very busiest time of year for sales as owners can see the end of the selling season fast approaching and buyers see an opportunity to make their move.

Over the years, however, I’ve taken a few I thought worth sharing.

By Brian Siegfried | Posted in Jackson Hole scenic | Tagged , , , , , , , | Comments (0)

Neighborhood focus: Melody Ranch humming right along

October 6, 2011 – 9:32 am

Melody Ranch is one of Jackson Hole's most vibrant neighborhoods for several reasons, including Teton views, significant open space and newer construction.

For a model of consistency prior to and after the beginning of the current recession in September 2008, Melody Ranch is hard to beat.

A September 13 closing on a 4-bed, 2,320-square-foot home listed at $729,000 was the 14th in the last 12 months. During the previous 12 months, from October 2009 to October 2010, there also were 14 sales. The three years prior to that saw 10, 10 and 13 sales respectively, with the 13 sales occurring during the last full pre-recession year.

Of course values have dropped significantly since the high sale of $1.855 million in July 2008 in this approximately 500-lot subdivision about four miles south of Jackson originally platted in the late 1990s. The high sale in the last 12 months topped out at $1.35 million on a fantastic, 3,600+-square-foot home on the banks of Flat Creek originally listed at $1.995 million in 2008. The second highest sale was $950,000 for an even larger home on perhaps the best view lot in Melody Ranch.

Additional highlights from a look at Melody Ranch sales and activity in recent years include:

  • The least-expensive sale in Melody Ranch in the last five years was reported in August when a 3-bed, 1,536-square-foot home listed for $506,000 changed hands. The next least-expensive sale of a non deed-restricted home was $650,000.
  • The median sale in the last 12 months was for $740,000. Of the 12 sales, seven were between $700,000 and $800,000, none were between $800,000 and $900,000, and two were between $900,000 and $1 million.
  • Of the 61 sales in the last 5 years, 26 were for more than $1 million. However, only four have been in the last 24 months.
  • There are 10 active listings in Melody Ranch with the highest list price at $1.175 million, the only one above $1 million.
  • The least-expensive home in Melody is a deed-restricted unit listed at $455,000. The least-expensive free market home is a 2,128-square-foot unit reduced in price this week to $639,000 from $699,000 after 66 days on market.

Why has Melody Ranch remained a vibrant sales environment? Contact me for a closer look at this neighborhood and a comparison to similar Jackson Hole areas such as Cottonwood Park, Rafter J, Indian Trails and East Jackson.

By Brian Siegfried | Posted in Neighborhood analysis | Tagged , , , , , | Comments (0)

September sales: Points, Trends and Patterns

September 20, 2011 – 12:38 pm

Condo sales have been driving the Jackson Hole real estate market in 2011. This slopeside unit at Four Seasons in Jackson Hole, however, is still on the market.

It’s been said that one is a point, two is a trend and three is a pattern.

Point: September real estate sales in Jackson Hole are on pace for 30 units and about $25 million in sales, with 19 reported as of September 19.

Trend: Sales in July and August were similar, with 48 sales for approximately $48 million. Third quarter 2011 is on pace for approximately 80 sales and about $75 million in sales, which will essentially be flat in year-over year unit sales and reflect a significant drop in average sales price. The ASP drop, however, will be due mainly to several large sales in September 2010, which boosted the monthly sales volume to $110 million.

Pattern: Through the first two quarters of 2011, unit sales rose 28 percent to 150 while sales volume rose only slightly to approximately $165 million. In general, first quarter 2011 was very strong, with a 57 percent increase year over year in units and second quarter was lackluster, with only a 7 percent bump.

On my Facebook page for Teton Realty Today and my Twitter feed, the focus is on the latest price reductions, under contracts and closed listings. However, it has also been said that to know where you are going it is important to know where you’ve been. And in Jackson Hole, even the busiest years average less than two sales, or “points,” per day.

I am fortunate to be able to augment my personal research and daily market information with some powerful, deep research provided by my brokerage, Jackson Hole Sotheby’s. Though we are fast approaching the end of the third quarter of 2011, a recently released report on real estate sales in Jackson Hole through July offers additional observations on the underlying market currents.

This graph compares the first six months of 2011 with previous years' sales in Jackson Hole.

Highlights of the 29-page, fact-filled and graph-a-riffic, PowerPoint presentation, which I can provide directly to you upon request at tetonrealtytoday@gmail.com, include:

  • Average sales price declined 9 percent during the first six months of 2011 year over year, and in five of the six months, reflecting a trend toward lower end condos and single-family homes.
  • The area north of Jackson (near the Jackson Hole Airport) reported a 48 percent increase in unit sales and a 53 percent increase in volume year over year during the first six months of 2011, the strongest corner of Teton County.
  • Teton Village showed a 81 percent increase in unit sales but just 6 percent in sales volume. Again, condo sales, particularly low-end condos, have been driving the market with 50 percent of all residential sales during the first two quarters of 2011.
  • Days on market during the first six months of 2011 is up 38 percent on residential properties to 280 (240 for condos, 321 for single-family homes).

Please contact me for a personalized look at the Jackson Hole real estate market.

By Brian Siegfried | Posted in Hotsheet Highlights, Market statistics | Tagged , , , , , | Comments (0)

August sales as extreme as Jackson weather

September 7, 2011 – 4:50 pm

While the weather in Jackson Hole can vary widely, the last two months have featured the best weather on Earth, with daytime highs in the 80s, low humidity and big sky.

I love the Jackson Hole real estate market for the same reason I love the weather around here: it can be so extreme that everywhere else is boring by comparison.

For example, among the 26 sales reported in August the least-expensive property was a bank-owned 2-bed condo for $95,000 and the most expensive a fabulous 41-acre building site for $9.5 million. That’s quite a spread, almost as interesting as the 50-degree temperature swings we’ve seen in the last few weeks with the thermometer dropping below freezing overnight and above 80 during the day.

Overall, the 26 sales for approximately* $26.2 million in volume put yet another strong month on the board for 2011. Sales volume dropped from $35.8 million in August 2010, but unit sales were up from 25. August marked the ninth month during the last 12 with sales above $25 million.

Notable sales and trends in August included:

  • Sold prices were 94 percent of list price in August, with an average sales price of about $1.1 million.
  • The average price per square foot was $300, with the least-expensive sale going for $114 per square foot and the most expensive going for $525 per square foot.
  • Average days on market for listings sold were 228.

    Unit and volume sales for Teton County, WY, since June 2010.

  • There were four building site sales, with lots moving in Bar BC Ranch, 3 Creek, Bar Y and Teton Village. *The sales price was not reported for the 0.74-acre site in Teton Village listed for $995,000.
  • The median sales price was $526,250, which bought a 3,420-square-foot home in Hoback Junction.
  • The least-expensive single-family home sale was $183,379 for a 3-bed home in Hoback Junction.
  • Condo sales for 2-bed units at $95,000 and $98,000 were the first two sales below $100,000 since January 2000. It is likely they will be the last two for the foreseeable future as the market floor is now $149,000 for a 1-bed condo in Meadowbrook.

Please contact me for a closer look at recent sales, active listings and other market factors in Jackson Hole. tetonrealtytoday@gmail.com

By Brian Siegfried | Posted in Market statistics | Tagged , , , , , , | Comments (0)

July sneak peek: Discount it and they will buy

July 31, 2011 – 4:50 pm

Jackson Lake was one of the few cool places in Teton County in July. Similarly, the Jackson Hole real estate market has been hot with significant activity at the lower end in particular.

It was only a matter of days before multiple offers were made on the 3-bed, 1,924-square-foot Elk Run townhouse listed at $485,000, which closed in July after just 57 days on market. Similarly, investors and entry-level buyers swarmed the four distressed 2-bed condos recently priced at or below $100,000 that are now under contract and expected to close in August.

An early look at Jackson Hole real estate sales activity in July shows significant market activity in the lower and mid ranges with 15 residential sales for approximately* $11.8 million and an average sales price of about $707,500. Twelve of the 15 sales were below $755,000.

While these figures lag July 2010, when there were 18 sales for $27.93 million, there will almost certainly be a few more July closings reported in the next few days and August looks very strong with 34 residential properties currently pending.

After six building site sales in June, there were none in July. However, in addition to the 34 homes under contract, there are seven building sites pending with list prices totaling more than $29 million.

Highlights from July real estate activity in Jackson Hole, according to Teton County Multiple Listing Service, include:

  • The least-expensive sale was a 2-bed West Wind townhouse in town of Jackson listed for $295,000 after 99 days on market.
  • The highest property sale of the month was a 4-bed, 5,243-square-foot home near Wilson that was listed for $3.75 million after less than 30 days on market.
  • Three sales were not reported or reported as $1 last month, including the highest priced property to sell. The other two were a West Bank home listed for $1.395 million and a horse property near Jackson Hole Airport listed for $1.149 million. *To determine sales volume, 90 percent of list price was used.
  • Including the Elk Run townhouse mentioned above, there were five sales in town of Jackson including a 810 West listed at $860,000.
  • If one of the four pending condos listed at or below $100,000 does not sell for more than asking price (a distinct possibility, actually), it will be the first sale below $100,000 since January 2000.
  • Two Teton Village condos listed for $249,000 are under contract. Both are subject to short sale and will close near prices last seen in 2002.
  • Five of the pending residential properties and two pending building sites are in Teton Village, though there were no closings for Teton Village in July.

Want to know more about where the market is today and where I think it will be next month? Please contact me for links to the information above or a more personalized look at the Jackson Hole real estate market.

By Brian Siegfried | Posted in Hotsheet Highlights, Jackson Hole scenic, Market statistics | Tagged , , , , , , , | Comments (0)

June sales signal strong summer

July 5, 2011 – 11:44 am

Summer is off and running in Jackson Hole with a strong start to the busiest season for real estate and fabulous weather.

June was yet another solid month for real estate sales in Jackson Hole, with 20 residential closings reported for a total sales volume of approximately $23 million.

Additionally, there were six building site sales reported to Teton County Multiple Listing Service for approximately $11 million in volume. Leading the way was the sale of Ranch 6 at Bar BC Ranch, which was listed for $10.9 million, though the final sales price was not reported.

I will post a look at how the second quarter and first half of 2011 stack up later this month when the internal Sotheby’s research is released. But for now, highlights from last month’s sales include:

  • Melody Ranch recorded three closings in June between $674,900 and $922,500.
  • There were six sales in Town of Jackson, including an Eagle Village condo for just north of $250,000 that was the least-expensive sale of the month in Teton County.
  • After 698 days on market, a 3-bed, 2-bath, 1,700+ square foot home in Rafter J sold for about 27 percent off original list price.
  • Teton Village saw four strong sales, including a 2-bed unit in Four Seasons, a 2-bed Granite Ridge cabin, a 2,100+ square foot Crystal Springs condo and a Moose Creek Townhome, all between $1.25 million and $1.6 million.
  • The six lot sales make 34 in the last 12 months, which is a far cry from the 77 building site sales between July 1, 2007 and July 1, 2008 but continues a modest upswing in this segment. This figure dipped to 22 sales between July 2008 and July 2009, climbing slightly to 28 the subsequent year.
  • The Bar BC Ranch sale was the second in the last six months for this premier neighborhood with lots no smaller than 35 acres.

Contact me with questions about this post, to discuss the latest market trends or for a personalized look at Jackson Hole real estate.

By Brian Siegfried | Posted in Jackson Hole scenic, Market statistics, Neighborhood analysis | Tagged , , , , , | Comments (0)

What I said on Facebook

June 26, 2011 – 2:06 pm

Those who "like" Teton Realty Today on Facebook are treated regularly to pictures on new and/or interesting listings, links to daily market activity and an ongoing discussion of Jackson Hole real estate. This home on 20 acres is located in Hoback Ranches in Bondurant, WY.

The irony of this web site is that the busier the day-to-day activity in the Jackson Hole real estate market, the fewer in-depth posts I have time to write. June has been extremely active for me, hence only one post before this one, but coming soon are close looks at June sales, the first half of 2011 and 35-acre building sites in Teton County.

However, I almost always find time daily to pass along a quick look at Teton realty on Facebook and Twitter.  In the past few weeks I provided several Jackson Hole photos, numerous links to properties Teton County Multiple Listing Service and a forum for discussion of these items of interest.

Facebook status updates since June 20 included:

  • “This is the home in Hoback Ranches I previewed on Wednesday. Summer is finally here and this is one bee-yu-tiful part of Wyoming.”
  • “Took the photos for this new listing in Creekside in West Jackson that will be coming to market. Snow King views!”

    The back deck and Snow King views from a Creekside unit coming to market.

  • “It’s another Dutch Auction! Price will be lowered $5,000 a week until it sells. $1.025 million today. Where should we meet them with your offer for this sweet downtown Wilson pad?”
  • “Wanna live in a Berry Patch? New listing in this highly desirable corner of The Aspens. Is it priced well? What are the recent sales on these units? Glad to offer my informed opinion, with comps, on such questions.”
  • ”Buyers are buying … four pendings today in MLS, several solid sales also reported. What market segment are you following closely?
  • “In case you missed this post earlier this month on the still falling low end of the Jackson Hole real estate market.”
  • “Just the latest in our ongoing series, ‘What do you get for $300,000 in this town?’”
  • “Currently at Bar BC Ranch, kicking off the season for the sales office here. Will be an agent on duty all summer from 2-6 pm, though a tour can be arranged for whatever time works best for you.”
  • “Building site right on Fish Creek in Shooting Star now $3.895 million. Several new starts this spring in this relatively new Teton Village subdivision, which will eventually be one of Jackson Hole’s premier neighborhoods.”
  • “Some serious Jackson Hole eye candy! The Jackson Hole summer catalog of properties digital version is now available. Enjoy!”

So thank you for visiting Teton Realty Today the Web site regularly, but please also “Like” the TRT FB page to get a daily dose of hyperlocal real estate news and to join the discussion. When you are ready to buy or sell, contact me for a much more  in-depth, personalized look at Jackson Hole real estate.

By Brian Siegfried | Posted in Local news, Uncategorized | Tagged , , | Comments (0)

Jackson Hole’s low end reverts to 2000

June 9, 2011 – 12:24 pm

Who knew there were actual $100,000 bills? Recent price reductions in the Jackson Hole market mean it is once again possible to trade one of these for a home in Teton County, WY.

Turns out there really are $100,000 bills, and they have a picture of Woodrow Wilson on them. Thank you, Wikipedia.

When I wrote on jhpropertyguide.com earlier this week about the recent price reductions on a pair of 2-bed condos to at or below $100,000, the mention of such a denomination was only meant to be a metaphorical image worthy of this “note”-able threshold being passed. The occasion almost certainly assures a sale in Jackson Hole below this figure for the first time in more than 11 years, according to Teton County Multiple Listing Service.

Almost from the beginning of this blog in 2009, I have been writing about the significance of the $300,000 mark in Jackson Hole. As the housing bubble reached full expansion, dwellings priced below $300,000 became nonexistent. Like a receding tide, however, the inventory in this range has returned to values more in line with anticipated rental returns.

Additional highlights of the available inventory and recently closed sales below $300,000 includes:

  • Two sales of 2-bed, 716-square-foot condos in Ponderosa Village earlier this year for $100,000 and $102,500.
  • The largest home to sell for less than $300,000 was a 3-bed, 1,400-square-foot Creekside townhome.
  • In the last 12 months, there have been seven sales below $200,000 and 30 at or below $300,000.
  • Thirteen of the 30 sales in this price range in the last year were in Teton Village or in the Aspens/Racquet Club.
  • Currently, there are 28 listings in Teton County at or below $300,000.
  • The least-expensive condo on the west bank of the Snake River is a 1-bed, 528-square-foot unit in the Aspens/Racquet Club listed for $269,000. There are four west bank condos listed for less than $300,000 with three of them in Teton Village.

As I wrote on jhpropertyguide.com, there are indications the Jackson Hole market is unlikely to go much lower. In general, stories about the national real estate climate are only roughly applicable to Teton County, but this piece on the “Nine reasons to buy a house now” offers a locally applicable overview of the current buyer’s market.

Where will we be in six months? A year? Is it a good time to buy? Contact me for a more in-depth analysis of this market segment and its dynamics, or a personalized look at the Jackson Hole market. TetonRealtyToday@gmail.com

By Brian Siegfried | Posted in Local news, Market statistics, Neighborhood analysis | Tagged , , , , , , , , , , , , | Comments (0)

By the numbers: The Jackson Hole single-family home market

May 23, 2011 – 3:22 pm

This Melody Ranch home is one of the 27 single-family units currently listed between $700,000 and $800,000 in Teton County, WY.

A home can be any dwelling from a studio condominium to a sprawling mansion, but most people’s idea of a home, and the meat of the Jackson Hole residential market is a freestanding single-family house.

There are currently 285 single-family homes listed in Teton County Multiple Listing Service, or about 62 percent of the 455 residential properties. Active condo listings, for comparison, number 125, followed by 42 townhouses and just three multi-family homes.

On the sales side, single-family home sales accounted for 127 of the 234 sales during the last 12 months, or 54 percent.

A closer look inside the numbers on the listing side reveals:

  • The median list price is $1.5 million dollars, with six homes listed at $1.495 million or $1.5 million. Typical of the home in this range is a 3,600+ square foot, 4-bed home in the Gill Addition of Jackson built in 2005.
  • The two least-expensive single-family homes in Teton County are in Hoback Junction (about 10 miles south of Jackson) and are the only two listed for below $400,000.
  • There are 27 homes listed between $700,000 and $800,000, the densest concentration of homes within a $100,000 range. Typical of this segment are homes in Melody Ranch (5), Town of Jackson (6), and equestrian properties south of Jackson (6).
  • There are 20 homes listed below $500,000. The largest of these includes more than 3,000 square feet, but half of that is a finished basement. The next largest is a 2,100 square foot home in East Jackson listed at $495,000.
  • The two highest sales prices during the last 12 months were not reported. Teton Valley Ranch was listed for $25 million prior to closing and a home in Crescent H was listed at $10.7 million.

Highlights among the 127 sales of single-family homes during the last 12 months include:

  • The least-expensive sale was for a 536-square-foot, 1-bed house built in 1947 on an AR-zoned lot in the town of Jackson that went for $350,000.
  • There were 14 sales of less than $500,000. Cottonwood Park led this category with five sales.
  • Cottonwood Park also recorded four of the 11 sales between $500,000 and $600,000, with Rafter J close behind in this price range with three sales.
  • The median sales price was $1.3 million. The median sale was for a 4-bed, 2,564-square-foot home on .88 acres in Wilson Meadows originally listed at $1.495 million and sold after 247 days on market.

Which price range is seeing the most activity? Has the lower end bottomed out? Are there still some great deals in the upper end? Will the mid-market between $500,000 and $1 million see more activity in the next six months?

To discuss these and other burning questions about the single-family home market, contact me. (Or we can talk condos, townhouses and building sites if you prefer! : – > )

By Brian Siegfried | Posted in Hotsheet Highlights, Market statistics, Neighborhood analysis | Tagged , , , , , | Comments (0)

April sales bring May-mentum

May 7, 2011 – 2:23 pm

The top sale for April, a home listed at $10.7 million, may have already been eclipsed by the pending sale of a Bar BC Ranch 35-acre building site listed at $10.9 million reported on May 3.

For the first time since 2007, Jackson Hole real estate unit sales reached 100 during the first four months of the year.

After 23 sales in April for a total sales volume of approximately* $32 million, Teton County sales in 2011 now exceed $122 million, not far behind the $130 million recorded during this time period in the final “bubble” year of 2008. April 2011 also easily outperformed April 2010, when 18 sales totaled $18.5 million in sales.

So once again a look at monthly sales, according to Teton County Multiple Listing Service, and quarterly trends reveals a strengthening real estate market for Jackson Hole.

April sales were led by the closing of a 7,996-square-foot home on 28.5 acres in Crescent H that was listed for $10.7 million. The final sales price was not reported, as was the case with a 3.1-acre building site in Schofield Patent listed for $1.495 million. (* Sales volume for April includes 90 percent of list price for these two properties.)

The Crescent H home was originally listed for $15.9 million and sold after 912 days on market. The building site was on market for 627 days, originally listed for $1.75 million.

Additional highlights from April sales include:

  • Six sales between $375,000 and $475,000, a price range that signals increased activity in the lower end of the single-family market.
  • Two sales in Skyline subdivision for $825,000 and $1 million.
  • Five building site sales, with the least expensive a 2.6-acre lot in Riverfront subdivision listed for $860,000.
  • A Hotel Terra 3-bed unit after 805 days on market for approximately 50 percent less than the original list price of $2.5 million.
  • A Four Seasons penthouse sold after 242 days on market for approximately 30 percent less than the original list price of $4.495 million.

May sales already are off to a fast start, with the pending sale of a Bar BC Ranch 35-acre building site listed for $10.9 million and four closed sales below $785,000. Contact me for a closer look at April sales, an in-depth look at Q1 2011 figures or a personalized look at the Jackson Hole real estate market.

By Brian Siegfried | Posted in Local news, Market statistics | Tagged , , , , , , , , | Comments (0)