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2008 END-OF-YEAR REPORT
Condo / Townhomes

Condo/Townhouse - This segment of the market also experienced a huge drop in the number of sales (down 38%), but not because of the lack of inventory. In-fact inventory levels are up again for the second year in a row (up 73%). In contrast the average sale price rose 43% and the median sale price was up 28% to $725,000. This is due to the lack of sales under $500,000 (down 60%). Note: 85% of all sales activity happened before September 1st, 2008. The balance of the year was very slow, in number of sales, but the average sale price continued to climb another 6% during this period. Again, this does not mean the prices are going up, it simply means most sales were in the upper-end of the market, thus pushing the average and median prices up.

Hot Spot In The Valley: Teton Village experienced another strong year, although 80% of the sales occurred before June. The number of sales increased 115%, the average sale price was up 10% and the median sale price was up 38% to $1.35 million. Other areas worth mentioning were the Town of Jackson, where median sale prices increased 11% to $623k and the Jackson Hole Golf & Tennis area, where median sale prices increased 14% to $685k. Again, this does not mean the prices are going up, it simply means most sales were in the upper-end of the market, thus pushing the average and median prices up.

Condo/Townhouse currently under contract - There were 10 condos under contract (down 79%) at year's end with an average listing price of $1.78 million (up 9%). The median list price of condos currently under contract is also up 9% to $1.9 million. Note: only one condo was under contract for under $1 million.

Current available inventory for sale continues to increase (up 73%), but the average and median list prices don't seem to be very affected by this increase, only down 6% and 1% respectively when compared to 2007. You would think a 90% increase in available condos under $500,000 would pull the average and median prices down further. What countered the move though was a 115% increase in inventory over $1 million, and a 157% increase over $2 million. List prices, despite increased pressure from oversupply, are not going down. This is due in part to the Seller's unwillingness to give away their cherished equity.

Least expensive listing at year's end: $299,000 (up 20% from 2008) - a 2-bedroom, 1 bath condo with 755 sq. ft. in the Hillside Business Complex (South of Jackson).

Most expensive sale at year's end: $4.5 million - a 4-bedroom, 4.5-bath condo with 4,384 sq. ft. at Teton Village (ski-in / ski-out Granite Ridge Lodge).

For a more thorough understanding of this segment of our market please call or email Devon and David at 800-735-8385 x111, locally 307-733-3436 or email - david@jhre.net

Condo Average and Median Sale Price Per Area:

1). Jackson Hole Mountain Resort (Teton Village) - 68 sold (up 15%) with an average sale price of $1.81 million (up 10%) and a median sale price of $1.35 million (up 38%). The most expensive sale was $4.5 million.

2). Jackson Hole Racquet Club (The Aspens) - 14 sold (down 59%) with an average sale price of $734k (up 21%) and a median sale price of $695,000 (up 24%). The most expensive sale was $1.2 million.

3). Teton Pines - 2 sold for $1,435,000 and $1,475,000.

4). Town of Jackson - 61 sold (down 56%) with an average sale price of 623,000 (up 12%), a median sale price of $500,000. The most expensive sale was $1.76 million.

5). Jackson Hole Golf & Tennis - 5 sold (down 55%) with an average sale price of 740k (up 17%) and a median sale price of $685k (up 14%). The most expensive sale was $685,000.

6). Rafter J Ranch - 10 sold with an average sale price of $544k and a median sale price of $580k (up 7%). The most expensive sale was $580,000.

7). Spring Creek Resort - 3 sold with an average sale price of $1.388 million and a median sale price of $1.529 million. The most expensive was $2.4 million.

*All statistics are supplied by sources that have been deemed reliable, but are not guaranteed.

*All statistics quoted in this newsletter are based on sales in 2007 compared to sales in 2008.

*Median sale price is the cost of a townhome/condo that has an equal number of sales above and below it on the price scale.


2008 MID-YEAR REPORT
Condo / Townhomes
>RETURN TO END-OF-YEAR REPORT

CONDO/TOWNHOME: The condo/townhome market is still experiencing a slow down in the number of sales, down 26%, yet the dollar volume is up 26%. Then consider the median and average sale price, as of July 1st, were up 70% and 102% respectively and the under contract numbers (see below) are also way up. One has to wonder if the Buyer’s Market will last long, in this segment.

CONDO/TOWNHOMES UNDER CONTRACT is experiencing an increase, with the number of listings under contract up 38%. The dollar volume for condos under contract is up 231%, the average asking price is up 140%, and the median asking price is up an amazing 212%, when compared to July 1, 2007. Note: With this kind of activity, in the condo/townhome segment, don’t expect this Buyer’s Market to last long.

AVAILABLE CONDO/TOWNHOME INVENTORY is saturated, with a 216% increase when compared to the same time period in 2007. The average and median asking prices have both experienced a drop, down 21% and 27% respectively. The overall dollar volume for available condo/townhomes in turn increased, up 148% to over $169 million. NOTE: You don’t know when real estate will be at bottom until it’s too late. If you see a condo you really love, go for it. With inventory high and mortgage rates low, there couldn’t be a better time to buy!

THE LEAST EXPENSIVE CONDO ON THE MARKET is $350,000 vs. $512,500 last year at this time. Actually there are three condos currently vying for this spot. One is a 1-bedroom with 590 sq. ft. in east Jackson, another is a 2-bedroom with 800 sq. ft. (south of town in a business complex), and the last is a two bedroom with 797 sq. ft. on Kelly Avenue in the Town of Jackson. None have garages or back yards. Note: This segment has also moved into a Buyer’s Market.

THE MOST EXPENSIVE CONDO ON THE MARKET is $4.695 million. This buys you a 3,343 sq. ft. luxury 3-bedroom and 5-bath residence in the Four Season Hotel & Spa at Teton Village.

Copyright 1995 - 2008 by David E. Viehman, dba Jackson Hole Real Estate & Appraisal, LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from David E. Viehman.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

*All statistics quoted in this newsletter are based on sales in the first six months of 2007 compared to the first six months of 2008.

*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.

*Average sale price is the total combined dollar volume divided by the number of sales.

*The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch).

*This report is published and updated twice a year. Because of our fast moving market most of the statistics in this report are obsolete within two weeks. Therefore, you should not rely on this report to determine the value of a property, instead call me for a free market analysis.

 

 












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