Condo/Townhouse - This segment of the market was hardest hit in 2009. The number of sales was down 63%; total dollar volume was down 79% and the average and median sale prices were down 43% and 41% respectively. In contrast the number of available units for sale, as of January 1st, was down 7% to 139. This again is signaling a shift in our market. Note: 63% of all sales activity was below $500,000 with only 8 units selling for more than $1 million. The downswing in this segment of the market comes from the lack of available lending funds for short-term investment condos in our resort areas.

Hot Spot in the valley: No areas in the valley experienced an increase in the number of sales for 2009. The area with the most sales was the Town of Jackson (35 units) and coming in second was Teton Village with 16 units.

Condo/Townhouse currently under contract is showing positive signs. The number of properties currently under contract is up 200% when compared to the end of 2008. There were 30 condos under contract at year’s end with an average listing price of $1.55 million (down 13%). The median list price of condos currently under contract is down 16% to $1.6 million. Note: only six condos were under contract for under $1 million.

Current available inventory for sale is also showing signs of an improving market, down 7% when compared to the same period in 2008. The same goes for the average and median list prices, down 29% and 30% respectively. NOTE: For the First Time Buyer this is the perfect place to shop, as there are currently 53 condos listed for under $500,000. Combine this excess inventory with the lowest interest rates in 35 years, the unprecedented number of motivated Sellers and the extended first-time homebuyer tax credit and you have the perfect Buyer’s market. To take advantage of this opportunity please contact Devon or David at 307-734-9941. We are first-time homebuyer experts!

Least expensive listing at year’s end: $189,900 (a 464 sq. ft. studio condo with 1 bath in Teton Village).

Most expensive sale at year’s end: $4.1 million (a 3-bedroom, 3.5-bath penthouse condo with 3,157 sq. ft. in the Fours Seasons Resort, Teton Village).

For a more thorough understanding of this segment of our market, please call Devon or David at 888-733-6060 x9941, locally 307-734-9941 or go to the contact page and submit your request.

Condo/Townhouse Sales By Area:

1). Jackson Hole Mountain Resort (Teton Village) – 6 sold (up 15%) with an average sale price of $1.199 million and a median sale price of $1.35 million. The most expensive sale was $4.1 million (Four Seasons condo, 3,157 sq. ft. with 3 bedroom & 3.5 baths).

2). Jackson Hole Racquet Club (The Aspens) - 12 sold (down 59%) with an average sale price of $399k and a median sale price of $334k. The most expensive sale was $725k (a 1,461 sq. ft. condo with 3 bedrooms and 2 baths, built in 1978).

3). Teton Pines - 1 townhouse sold for $1,085,000 (a 2,254 sq. ft. unit with 3 bedrooms and 4 baths built in 1997).

4). Town of Jackson - 26 sold with an average sale price of 468,661 and a median sale price of $398k. The most expensive sale was $885k (a 2,300 sq. ft. 3 bedroom and 3 baths unit built in 2005.

5). Jackson Hole Golf & Tennis - 1 condo sold for $615,000 (a 1,388 sq. ft. unit with 2 bedrooms and 2 baths built in 1979.

6). Rafter J Ranch – 2 sold ($375,000 and $446,000). The most expensive sale was a 1,676 sq. ft. townhouse with 3 bedrooms and 3 baths built in 1992.

7). Spring Creek Resort – 2 sold for a total of $1,515,000. The most expensive was a 1,232 sq. ft. 2 bedroom and 2 bath condo built in 1986.

*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 2008 compared to sales in 2009.

*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.