Condo/Townhome - This segment of the market also experienced a drop in the number of sales (down 26%), but only because of the lack of available and affordable inventory. Much of the currently available inventory is aggressively priced; causing hesitation for new Buyers to the Jackson Hole condo market. Buyers are willing to pay more though, as the average sale price rose 18% and the median sale price was up 28% to $565,000. If you are thinking of purchasing a condo/townhome in 2008, be prepared to pay close to asking price. Also, anticipate a potential bidding war for new listings priced at market value.

Hot Spots In The Valley: The Racquet Club (a.k.a. The Aspens) experienced another strong year. While the number of sales decreased 32%, the average sale price was up 27% and the median sale price was up 28% to $561k. Other areas worth mentioning were the Town of Jackson, where median sale prices increased 23% to $482k and Rafter J Ranch, where median sale prices increased 32% to $580k.

Condo/Townhomes currently under contract - There were 60 condos under contract (up 98%) at year’s end with an average listing price of $1.63 million (up 141%). The median list price of condos currently under contract is up 204% to $1.75 million.

Current available inventory for sale has replenished itself (up 172%), but additional inventory doesn’t always equate to a slow down in the market. This is evident with the average list price up 32% to $1.416 million and the median list price up 49% to $855k, when compared to 2006. Why the mixed signals? In a hot market, like Jackson Hole is currently experiencing, Seller’s don’t want to leave money on the table. When they go through the process of pricing their property, they look at the last sale and try and determine how much more the Buyer is willing to pay. Normally a Buyer is willing to pay between 5% to 10% more than the last sale. Currently though, almost half of the current condo/townhouse inventory is priced closer to 20% higher than the last sale.

Looking ahead at 2008: As long as lenders continue to offer reasonable and attractive interest rates and Sellers insist on their list prices, expect to pay above market value for a condo or townhouse.

Least expensive listing at year’s end: $242,000 – a 1 bedroom, 1 bath condo with 640 sq. ft. in Meadowbrook Village (Town of Jackson).

Most expensive sale at year’s end: $5 million - a 3 bedroom, 4.5 bath condo with 3,440 sq. ft. at Teton Village (Four Seasons Private Residence).

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

Average and Median Sale Price Per Area:

1). Jackson Hole Mountain Resort (Teton Village) – 59 sold (down 32%) with an average sale price of $1.63 million (up 20%), a median sale price of $980k, and the most expensive sale was $5 million.

2). Jackson Hole Racquet Club (The Aspens) - 34 sold (down 32%) with an average sale price of $605k (up 27%), a median sale price of $561k (up 28%), and the most expensive sale was $1.3 million.

3). Teton Pines - 1 sold for $1,750,000.

4). Town of Jackson - 138 sold (down 16%) with an average sale price of 560k (up 23%), a median sale price of $482k (up 25%), and the most expensive sale was $1.5 million.

5). Jackson Hole Golf & Tennis - 11 sold (up 83%) with an average sale price of 6322k, a median sale price of $600k, and the most expensive sale was $765k.

6). Rafter J Ranch – 10 sold with an average sale price of $592k (up 32%), a median sale price of $580k (up 32%), and the most expensive sale was $675k.

7). Spring Creek Resort – 3 sold with an average sale price of $753k, a median sale price of $750k, and the most expensive was $800k.

*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 2006 compared to sales in 2007.
*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.

CONDO/TOWNHOME: The condo/townhome market has experienced a slow down in the number of sales as well as the dollar volume, down 11% and 5% respectively. But, don’t let these numbers fool you; the lack of low-end inventory boosted the median sale price by 31% to $545,000. Then consider the median sale price in July of 2003 was $282,000, versus current available inventory starting at $512,500 (a 93% increase in only four years), and that the median list price is now $990,000. One has to wonder if we will ever be able to provide affordable free-market units again.

CONDO/TOWNHOMES UNDER CONTRACT is also experiencing a slowdown with the number of sales, down only 4%. But, don’t let these numbers fool you either; The lack of inventory is creating bidding wars all over the valley for market-priced inventory. The dollar volume for condos under contract is up 33%, the average asking price is up 31%, and the median asking price is up an amazing 44%, when compared to July 1, 2006. Note: If inventory levels continue to dwindle expect to see the median price surpass $600,000 by the end of the year.

AVAILABLE CONDO/TOWNHOME INVENTORY meanwhile continues to fall, down 19%. The average asking price had a strong showing, up 49% to $1,416,823, but the show- stopper was the median asking price, which was up 69% to $990,000. The overall dollar volume for available condo/townhomes also had a strong showing, up 24% to just over $68 million. Note: The least expensive condo on the market July 1, 2006 was $205,000 versus $512,500 this year. That’s a 149% increase in only twelve months!

THE LEAST EXPENSIVE CONDO ON THE MARKET is $512,500. This buys you a 2-bedroom, one and a half bath, 1,100 sq. ft. unit, in basic condition, with no garage or back yard.

THE MOST EXPENSIVE CONDO ON THE MARKET is $4.2 million. This buys you a 2,680 sq. ft. luxury 3-bedroom and 3.5 bath residence in the Four Season Hotel & Spa at Teton Village.

Copyright 1995 - 2007 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 2006 compared to the first six months of 2007.

*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.