- 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.
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.
- 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.
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.
$299,000 (up 20% from 2008) - a 2-bedroom, 1 bath condo with 755 sq. ft. in the Hillside Business Complex (South of Jackson).
$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
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.
| 
CURRENT REPORT 
HOMES 
ARCHIVE 
