Teton Realty Today

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)

Jackson Hole now firmly in ‘Buyer’s Market Stage 1’

April 13, 2011 – 4:43 pm

Alas, it will still be a few weeks before the valley floor in Jackson Hole looks like this, but summer will be here before we know it.

The supporting data is piling up and the trend lines are clear. By all metrics, it can now be considered a buyer’s market for Jackson Hole real estate.

One of the earliest lessons of my real estate career was a version of the “Four Stages” theory of home sales. Some break down the dynamics of the sales cycle into six, nine or as many as 10 stages, but they all say the same thing: when prices have fallen far enough, and the inventory has risen past the point of saturation, buyers will return to the market. When prices rise and inventory thins, sales will eventually plateau before falling off precipitously. Wash. Rinse. Repeat.

One of the clearest and most concise summaries of the many available online was found at the 37th Parallel Properties Web site.

1) Buyers Market Stage 1: At this stage of the Market Cycle you have an over-supply of properties in the market. Housing prices are falling, and yet demand is low. Unemployment is high and real estate loans are hard to find as lenders qualifications are stricter. Most new construction of new homes has come to a halt. Yet, as prices fall investors are purchasing properties at low prices.

2) Buyers Market Stage 2: When this stage occurs in the Market Cycle the government will give incentives to business owners to create jobs for the populace. The government will also create alternative financing to encourage individuals to start purchasing homes again. While demand slowly increases the over-supply of homes starts to decrease, job growth will slowly increase and the economy will start to get stronger. At this time demand starts to increase hence prices start to increase and the economy is on its way to recovery. Investors are continuing to buy properties, but are aware that they need to be patient and stick to their Money Rules when making purchases.

3) Sellers Market Stage 1:  At this stage of the Market Cycle demand for housing is rising and prices are also increasing. Supply is typically low at this stage due to the demand for housing and the built up desire that people think they can make a lot of money with prices going up. This is where you see multiple offers on existing housing as well as people starting to wait in line at new housing developments to purchase new homes. Housing prices are starting to increase more rapidly. Unemployment is low and the general economy is doing very well.

4) Sellers Market Stage 2: At this stage of the Market Cycle job growth is strong and very stable. Due to strong demand, new construction and existing houses can’t keep up with supply. People are literally waiting in lines to purchase new homes, and you see existing houses sell in one or two days with prices increasing every week, sometimes daily. At new housing developments you will see each phase (group of homes released to new buyers) much higher in price than the phase before. At this stage there is a lot of “so called investors” purchasing properties and then immediately flipping them to make a profit.

Clearly, the current state of the Jackson Hole real estate is best described by the first paragraph, “Buyer’s Market Stage 1.” High inventory? Check. Falling prices and relatively low demand? Absolutely. Stagnant construction and restrictive lending policies? I hear these stories nearly every day.

As regular readers of this blog know, the uptick in Jackson Hole real estate sales in recent quarters has been driven by aggressive buyers and/or investors taking advantage of a decline in value as much as 50 percent off the highs of 2006-08. Despite the continued downturn in the local and national economy, the average sales price in 2010 soared to nearly $1.5 million in Teton County.

So far, working families and traditional second-home buyers have yet to return to the market in significant numbers, which means the entry-level and short-term rental property segments still remain weak. However, the average sales price has been falling during the first quarter of 2011 to below $1.2 million and there have been 10 full-ownership sales in Teton County below $260,000. More and more homes are completing the foreclosure process, bringing several well-priced REO homes on the market. To compete, banks involved in short sales have become much more nimble and willing to work with sellers to avoid foreclosure.

Is it the best time to buy property in Jackson Hole? Well, that depends on the property and the buyer, of course, but all indications are that current conditions are considerably more favorable for buyers than sellers in the coming months.

Please contact me for specific market data to support this post, including MLS sheets for sold properties, Comparable Market Analyses and additional resources. Your successful, savvy real estate purchase begins with the accumulation and assimilation of all pertinent Teton Realty information. Let me get you started Today.

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

Jackson Hole market recovery Marching right along

March 22, 2011 – 12:08 pm

While the Jackson Hole real estate market still has a way to go to reach the heights of 2007, the recovery has been steady in recent quarters.

With more than a week remaining in March, the 13 residential and three building site sales reported in Teton County, WY, have already exceeded the total of 11 recorded in March 2010, assuring yet another strong month in the Jackson Hole real estate market compared to the depths of 2009.

Ironically, it is also encouraging that the average sales price has been trending slightly downward in recent months. Deeply discounted high end sales above $2 million have been leading the market recovery since fourth quarter 2009, but sales below $500,000 have been more prevalent in recent months due to an increasing inventory of bank-owned properties and more successful short sales.

Thus far in March the sales volume is approximately $18.42 million for an average sales price of $1.15 million, which follows an average sales price in February of  $1.33 million and $1.38 million in January. The average sales price in 2010 was $1.485 million (261 sales for a total volume of $387.8 million).

For a closer look at February 2011 sales statistics and a roundup of 2010, check out my post at jhpropertyguide.com. Much of this article is based on a 52-page PowerPoint presentation compiled by Jackson Hole Sotheby’s. If you would like a copy of this report please e-mail me directly at TetonRealtyToday@gmail.com.

Key March 2011 sales include:

  • A 2-bed, 760-square-foot, bank-owned Teton Village condo sold for just north of $208,000 after 227 days on market and an approximately 16 percent price reduction.
  • A 1-bed, 866-square-foot Aspens/Racquet Club condo sold for $244,000 after 99 days on market.
  • Town of Jackson townhouse short sale with 2,345 square feet and four bedrooms closed for $495,000.
  • Three sales of building sites including lots in River Meadows, Bar B Bar and Stilson Ranch.
  • The top sale reported to Teton County Multiple Listing Service thus far in March is for a 9,250-square-foot home in Gros Ventre North for $5 million. Sold after 665 days on market, down from $8.9 million.

Contact me for a more comprehensive, personalized look at the Jackson Hole real estate market.

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

What you get for $300,000 in Jackson Hole: A 2-car garage!

March 4, 2011 – 10:45 am

How much more would you pay to have a garage attached to your Jackson Hole home? In recent years buyers have many more options when it comes to acquiring a place for more stuff, their band or maybe even a place to park their car.

There are now 20 active residential listings in the Town of Jackson listed below $300,000, which is 20 more than were available in 2008. However, until today, when a bank-owned 3-bed, 1,400 square foot townhouse in West Jackson was reduced to $299,000, not one of them included an enclosed garage.

So what is a garage in Jackson worth? Well, most off-the-cuff answers might depend on how far below zero the temperature is at the moment, how much extra “stuff” their family has or if their band needs somewhere to practice.

The short answer is, like everything else in the Jackson Hole real estate market, a garage is worth much less than just a few years ago when the spread between comparable properties put the value at north of $50,000. And getting a straight answer from available data is tricky, considering today’s market is much more stratified – similar properties are now priced much further apart than when the market was humming – and subdivisions almost without exception do not offer inventory with and without garages.

However, a quick look at the active listings in Town of Jackson suggests sellers can no longer expect to garner much more than a few thousand dollars for their garage and perhaps just more showings and interest than those without. For example, a 2-bed, 1,100+ square foot townhouse without garage near the Rodeo Grounds is priced at 289,000, just $10,000 less than the aforementioned bank sale of a larger unit of similar quality.

Additional examples abound (all information taken from Teton County Multiple Listing Service):

  • A 3-bed, 1,000+ square foot single-family home in West Jackson without a garage is listed for $420,000; this week a townhouse in East Jackson with 3 beds, 1-car garage and nearly 2,000 square feet was listed for $415,000.
  • Several 1-bed, less than 600 square foot condos that are not even complete near Town Square are listed right around $350,000, no garage.
  • A 3-bed, single-family home in East Jackson is listed at $424,500 with no garage; a 3-bed townhouse near Snow King with a 2-car garage is listed for $382,000.

Please contact me for a detailed analysis of the entry-level market in Jackson Hole. This is a dynamic segment with a wide variety of pricing and inventory.

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

Valentine’s Day closings boost Teton Village sales

February 16, 2011 – 3:08 pm

Sales at the base of Jackson Hole Mountain Resort in Teton Village have soared this winter compared to recent years. Since Dec. 1, 2010 there have been eight unit sales for approximately $18.4 million.

Valentine’s Day closings on two Teton Village condominiums helped sustain a recent surge of activity in this coveted corner of Jackson Hole.

The sales in Teton Mountain Lodge and Crystal Springs represented about $2.5 million of the approximately $18.4 million in sales volume in Teton Village since Dec. 1, 2010. Additionally, there are currently nine pending sales in Teton Village with a total list price of approximately $12.25 million.

A look at the active, pending and closed listings in Teton Village includes the following highlights:

  • The least-expensive sale occurred last week in Snake River Lodge & Spa, when a 554-square-foot, 1-bed condo sold after 360 days on market for 37 percent below original asking price.
  • Two sales of single-family homes accounted for more than $12 million. Average days on market were 540 days with both properties selling for more than 25 percent off original list price.
  • There are 87 active listings in Teton Village, not including fractional ownership properties. Thirty-four of these are listed below $1 million 29 are listed between $1 million and $2 million; 10 are listed between $1 million and $2 million.
  • The most expensive property available is a 23,250-square-foot home designed by Jonathan Foote located just north of the entrance to Jackson Hole Mountain Resort. List price: $29.5 million.
  • The least expensive is a one-bed, 760-square-foot condo built in 1972 for $220,000.
  • Four Seasons in Jackson Hole lists 9 active full-ownership properties and two pending properties.

Contact me for a private, personalized look at properties in Teton Village including a look at trends, recent price reductions, specific market segments and a list of Hot Picks. Even better, let’s discuss it while riding some ski lifts!

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

Sales up in January for Jackson Hole real estate

January 31, 2011 – 2:46 pm

This winter has seen plenty of snow, and now that January sales figures are sliding into view, it appears real estate sales are also up.

Of the 19 sales thus far in January in Jackson Hole, 13 have been for Jackson Hole properties closed below $1 million. However, average sales price remained well above this benchmark at $1.29 million thanks to four properties closing at or above $3 million.

Though premature, with a day remaining in January and sales for the month often reported several days later, a look at January 2011 sales already reveals an uptick in monthly unit sales from 10 in 2010 to 19 and an increase of 14 percent in sales volume to approximately $24.674 million, according to Teton County Multiple Listing Service.

Other highlights from a look at closed and pending listings in Jackson Hole in January include:

  • The month’s biggest ticket, a 5,026-square-foot home on more than 15 acres of horse property in South Park was not reported. Final list price was $3.95 million, down from $6.5 million in 2008, and was used in full to reach figures above.
  • The least-expensive property to sell was a Brookside condo that was listed for $255,000 after 71 days on market.
  • A bank-owned Love Ridge unit on the market for just 21 days closed for a number more than 50 percent off the height of this market.
  • The only building site to close was a 3-acre lot in Fairway Estates near Jackson Hole Golf&Tennis. Listed for $899,000 after 462 days on market.
  • Encouragingly, of the 24 pending properties in Teton County, 10 of them are under $500,000. The high end will also see some strong closings in the coming weeks, with six sales pending between list prices of $1.995 million and $6.9 million.

Want the actual sales price for these units? Interested in the context of these sales in their respective neighborhoods and the overall Jackson Hole market? Email me at TetonRealtyToday@gmail.com for a personalized market summary.

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