Supply May Be Tightening for Upper-End Home Shoppers

Focusing on the real estate market that is currently in existence of market participants looking for a single-family home in the $2,000,000 range in Teton County, it is first noted that in the past 12 months 28 homes have sold when considering a range in price from $1,500,000 to $2,500,000, with these homes having an average size of 3,317 square feet on lots ranging from .15 to 9.68 acres (average of 3.0 acres). These homes ranged in bedroom count from 1 to 5 (with an average of 3.4 bedrooms). Notably, this summary pertains the entire area of Teton County east of the Teton Range, which, for this price level, includes properties ranging from luxury homes on smaller sites in a resort setting, to equestrian-oriented properties that are frequently located less proximately to amenities settings such as the Jackson Hole Mountain Resort.

Modifying these result to create a time series for homes ranging from 2,800 square feet to 4,000 square feet in the $1M to $ 3M Range it is noted that 12 sales in this price range have occurred year-to-date, which can be annualized to yearly pace of 29 sales. This annualized sales figure for this price segment represents and over 27% decrease from the 40 sales noted to satisfy these criteria in 2013. Considering the price growth currently being observed in the Jackson Hole Market Area, this decrease drop in sales volume is opined to speak more to a decrease in available inventory than a cooling of the market. This assertion is supported when observing that the upper-end markets of Teton Village, West Bank and North of Town Buttes are reporting an over 12% year-over-year decrease in inventory. Admittedly, the fact the strongest summer sales months are ahead is an important consideration when trying to gauges sales velocity. Nevertheless, it does pique curiosity as to what is available for the $2,000,000 home shopper in today’s market.

annualized-sales-smr-2million

The below saved search parameters provide access to the currently-available homes with listing prices between $1,500,000 and $2,500,000 in this broad market area, with upcoming posts focusing on the smaller component areas that comprise the greater Teton County Real Estate Market.

SFR-1.5to2.5_2
jhresearch_logoAndrew Cornish | Broker PO Box 9467 | 155 E. Pearl Avenue, Suite 10 Jackson, WY 83002 (307) 733.8899 | (307) 413.7799 cell
Linkedin

Access to the most comprehensive sales database anywhere from the leading brokerage and appraisal business in Teton County.

rma-logoAndrew Cornish MAI, SRA www.rmappraisals.com