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Single Family Homes 2011 End of Year Report |
Single Family Home Salesaccounted for 46% of all sales in 2011, and were up 25% when compared to 2010. The dollar volume totaled $317 million (up 5%), but the average and median sale prices were both down 14% and 27% respectively. The drop in average and median sale prices can be directly attributed to the value-driven Buyer. Today’s Buyers know that they are in the driver’s seat in this market. These Buyers are looking for great deals or at least very good deals. Most notably, the under $1 million market has been particularly robust and accounted for 55% of all home sales in 2011. The year ended with more home sales under $1 million than we currently have in available inventory. What does this mean? Based on the law of supply and demand (103 sales in 2011 versus 73 current listings) this segment could start seeing appreciation in 2012, provided the current demand continues (short fall of 29% for 2012) and the pace of new inventory in this segment does not change.
Also noteworthy were homes that sold for under $500,000. Just three years ago in 2008, the least expensive home sold for $553,500, yet this year, 31 sold for under $500,000 with the least expensive coming in at $183,379. NOTE: There were 3 homes that sold for under $300,000. The last time we had home sales close for under $300,000 was back in 2002.
The single-family home hot spot: The Town of Jackson and south of Town shared the spotlight with 44 and 45 sales respectively. The area with the largest increase over 2010 was south of the Swinging Bridge (area 10) where 14 sales occurred, or an increase of 180% over 2010 sales.
The million dollar-plus segment of single family homes was almost unchanged in the number of sales (91 transactions). While the average sales price was also flat, the median sale price was down 28% to $1.8 million. This decrease in the median sale price reflects a shift of focus to the $1 to $2 million segment, where 55% of all sales over $1million occurred in 2011.
Homes currently under contract: As of the year’s end, there were 17 homes under contract (down 32%) with an average listing price of $1.681 million (down 31%) and a median list price of $899,000, down 28%. This swing in the median price is coming from the increased activity in the low end, where half the homes under contract are listed for under $1 million.
Homes currently on the Market: There are currently 223 homes on the open market (down 3%) with an average list price of $3.1 million (up 12%) and a median list price of $1.525 million (down 10%). Out of the 223 single-family homes currently on the market, 73 are listed for under $1 million, while 47 are listed for over $4 million. This means 46% of the existing inventory is listed between $1 and $4 million. NOTE: If the demand for homes under $1 million continues in 2012, expect to see the law of supply and demand kick in. Supply and demand is an economic model of price determination in our market. In a competitive market, the price for a particular home will vary until it settles at a point where the demand by buyers will equal the quantity supplied by sellers, resulting in an economic equilibrium of price and quantity.
Least expensive single family home listing at year’s end: A 2 bedroom, 2 bath 1,596 sq. ft. home on .5 acres, in the Hoback Jct. area listed for $328,500. NOTE: This is not a distressed listing.
Most expensive single family home 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 email davidviehman@jhrea.com
Single Family Home Sales by Area:
1. Jackson Hole Mountain Resort (Teton Village) – 4 sold with a total dollar volume of $14 million. The average sale price was $3.5 million.
2. Jackson Hole Racquet Club (The Aspens) – 1 home sold for $1.15 million. A 2,313 sq. ft. 3 bedroom and 2 bath home built in 1981.
2a. Teton Pines – 9 homes sold with a total dollar volume of $18.863 million. The average sale price was $2.095 million and the median sale price was $1.65 million.
3. Westbank, North of Wilson (excluding resort areas zoned for nightly vacation rentals) – 20 homes sold with a total dollar volume of $53.923 million. The average sale price was $2.696 million and the median sale price was $1.395 million.
4. Westbank, South of Wilson – 14 homes sold (up 56%) with a total dollar volume of $33.7 million. The average sale price was $2.408 million (up 56%) and the median sale price was $1.405 million.
5. Skyline Ranch, N. of Hwy. 22 to Sagebrush Dr./W. of Spring Gulch – 12 homes sold with a total dollar volume of $20.05 million. The average sale price was $1.67 million and the median sale price was $1.1 million.
6. North of Jackson, S. of Gros Ventre Junction and E. of Spring Gulch – 8 homes sold with a total dollar volume of $30.45 million. The most expensive sale was a home in Riva Ridge, at the north end of the East Gros Ventre butte.
7. North of Gros Ventre Junction/Kelly/Moran – 21 homes sold with a total dollar volume of $43.4 million. The average sale price was $2.066 million and the median sale price was $1.43 million.
8. Town of Jackson – 44 homes sold with a total dollar volume of $29.2 million. The average sale price was $663,693 and the median sale price was $580,000.
9. South of Jackson to the Snake River Bridge – 45 homes sold (up 29%) with a total dollar volume of $63,372,900. The average sale price was $1.408 million and the median sale price was $700,000.
10. South of the Snake River Bridge to County Line – 11 homes sold with a total dollar volume of $8,871,204.
*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 2010 compared to sales in 2011.
*Median sale price is the cost of a home that has an equal number of sales above and below it on the price scale.
