Single Family Home sales in 2009 faired better than vacant land and condo/townhouses sales, only decreasing 30% when compared to 2008. The dollar volume was $200 million (down 37%) and the average and median sale prices dropped 10% and 20% respectively. The drop in the median sale price (down to $1 million as of January 1st) indicates a shift in who purchased homes in 2009. Note: In 2008 there was only one home sale for under $600,000. In 2009 there were 21 single family homes sold for under $600,000, with the least expensive selling for $350,000 (a 800 sq. ft. home in Wilson). Also note, this home was listed for $680,000 in October 2008. While these kinds of price reductions appear to have ended, they have given first time home Buyers a window of opportunity to once again afford a free market home.

The single family home hot spot. There were three areas in Jackson Hole that showed an increase in number of sales for 2009 (Teton Village, Spring Creek Resort and North of Jackson). While the Town of Jackson had the most number of home sales in the valley for 2009, the number of sales was down 41% when compared to 2008.

The million dollar-plus segment of single family homes also experienced a big drop in the number of sales, down 41% to 60 transactions. In contrast the average sale price was actually up 3% and the median sale price only dropped 6%. We found 73% of these sales were between $1 and $3 million, 15% sold for between $3 and $5 million, and 12% sold for over $5 million. For a free comparative market analysis on your million-dollar+ property please go to the contact page and send your request. Our in-depth local knowledge combined with the Christie’s Great Estates global network has made us Your Local Luxury Experts.

Homes currently under contract: As of the year’s end, there were 19 homes under contract with an average listing price of $3.015 million (down 29%) and a median list price of $3.6 million, down 17%. Note: Only 5 homes were listed for under $1 million, with the most expensive home under contract listed for $5.05 million.

Homes currently on the Market: There are currently 251 homes on the open market (up 17%) with an average list price of $3.2 million and a median list price of $1.795 million. Out of the 251 single family homes currently on the market, 64 are listed for under $1 million, 187 (or 75%) are listed for over $1 million, and 43 of those are listed for over $5 million.

Least expensive single family home listing at year’s end: A two bedroom, one bath 1,600 sq. ft. home on 3.5 acres, in the Horse Creek area, for $375,000. The property also has a mobile home, which is grandfathered as a rental. NOTE: This is a bank owned distressed sale.

Most expensive listing at year’s end: $29.65 million - a private estate north of Jackson with a 7,583 sq. ft. main residence and a 4,538 sq. ft. guest house. Both are situated on a total of 72 acres with direct Teton views, on the Snake River.

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 send your request.

Single Family Home Sales by Area:

1. Jackson Hole Mountain Resort (Teton Village) – 2 sold for a total dollar volume of $5.65 million.

2. Jackson Hole Racquet Club (The Aspens) - 1 home sold for $995,000 (a 1,476 sq. ft. home with 3 bedrooms and 1.5 baths built in 1977.

2a. Teton Pines - 3 homes sold with an average sale price of $1.76 million. The most expensive sale was $2 million.

3. Westbank, North of Wilson (excluding resort areas) - 13 homes sold with an average sale price of $3.094 million and a median sale price of $1.025 million. Three were over $5 million each.

4. Westbank, South of Wilson - 5 homes sold with an average sale price of $2.57 million and a median sale price of $1.6 million.

5. Skyline Ranch, N. of Hwy. 22 to Sagebrush Dr./W. of Spring Gulch - 9 homes sold with an average sale price of $2.28 million and a median sale price of $1.86 million. The most expensive sale was $4.8 million.

6. North of Jackson, S. of Gros Ventre Junction and E. of Spring Gulch - 5 homes sold with an average sale price of $3.44 million and a median sale price of $3.6 million. The most expensive sale was $5.25 million.

7. North of Gros Ventre Junction/Kelly/Moran - 13 homes sold for an average sale price of $1.53 million and a median sale price of $1.05 million.

8. Town of Jackson - 35 homes sold with an average sale price of $845,954 and a median sale price of $699,000. The most expensive sale was $1.535 million.

9. South of Jackson to the Snake River Bridge - 27 homes sold, average sale price of $1.75 million and a median sale price of $850,000. NOTE: Almost half the homes sold in area 9 were in Melody Ranch.

10. South of the Snake River Bridge to County Line – 2 homes sold; one for $525,000 and the other for $704,800.

*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.

SINGLE FAMILY HOMES: The total number of single-family home sales is down 45% when compared to the first six months of 2008.  The dollar volume spent on homes followed suit, down 55%, reaffirming our “Perfect Buyers’ Market”.  The median and average sale price also dropped in the first six months of 2009, down 17% and 29% respectively.  The upper end of the housing market, homes priced at $2+ million, is down 65% in total sales with only seven recorded in the first six months of 2009.  Note: Of the 42 homes sold, 48% of them sold for over $1 million.  This is the first time in three years there were more home sales under $1 million than over.

The Number of Homes under contract reaffirms our Perfect Buyers’ Market.  The number of single-family homes under contract is down 66%, the average price down 33% and the median price is down 16%.  Note: Half the homes under contract are under $1 million, a 50% increase over 2008.  This may be signaling the return of our local Buyers, who’ve been on the proverbial fence this year.

Available single-family home inventory is up 40%, dropping the median asking price 15% to $1,695,000.  The average asking price is also down 16% to $2,901,065 despite the overall dollar volume of available inventory being up 19%, to over $977 million.  This increase in dollar volume is due mostly to the number of expensive homes available.  There are currently 138 homes for sale over $2 million, up 19%.  NOTE: There are currently five single-family homes listed for under $500k.  This is the first time since 2005 we’ve had inventory in this price range.  At this time in 2008 the least expensive home was $635k. 

The least expensive home on the market, at this time, is $475,000 on Horse Creek Road close to Hoback Junction.  This buys you a small framed house and an additional mobile home for rental income on 3.56 acres (horses allowed).

The most expensive home on the market, at this time, is $28.5 million.  This buys you an 8,068 sq. ft. log home plus guesthouse, situated on 37 private acres south of Wilson, on the Snake River.

The housing segment with the most available inventory is $1 to $2 million, where the number of available single-family homes (112 homes) makes up 33% of the available home inventory.

Copyright 1995 - 2009 by David & Devon Viehman, dba Jackson Hole Real Estate Associates, 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 or Devon Viehman.

* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions, changes in number of transactions and average sales prices.
The values of individual properties will most likely vary from these graphs.

*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 2008 compared to the first six months of 2009.

*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
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*Average sale price is the total combined dollar volume divided by the number of sales.

*The term “Market Value” means; the value of a property in terms of what it can be sold for on the open market; current value.