The Bronze Buffalo Sporting Club is a private club with guests at on-site hostelry venues also being able to play. The club is located on the Idaho side of Teton Pass, southwest of Victor, Idaho. Both an 18-hole course (7,373 yds) and a par-3, nine-hole course exist on the property, with the courses being the result of a collaborative design effort between Course Architect Gary Stephenson and US Open Champion Steve Jones and golf legend Byron Nelson. Note: real estate filings still bear the club’s original name of “Teton Springs Golf and Casting Club.”
Recreational opportunities other than golf include:
Outdoor Pool and hot tubs
Four hard surface tennis courts (also used for basketball and Pickle Ball)
Tennis Bubble for winter play at Teton County, Idaho’s most vibrant tennis community.
Fitness Room
Horseback riding and fishing lessons included with premier membership
Membership Types
Only a full membership is offered at the Bronze Buffalo Club with this membership including such extras as horse riding, winter recreation (snowmobiling) and fishing.
Real Estate
Prior to its rebranding as the The Bronze Buffalo Club, Teton Springs Golf and Casting Club was originally designed with three primary types of lodging opportunities: single-family homes on estate lots; cabin homes (Forest and Village); Lodge Condominiums and Mountain Meadows (single-family homes on smaller lots).
Estate Lots are the largest sites available for single-family residences in this development. A majority of estate lots are in the .5-acre size range, with some larger .75-acre lots existing along the eastern perimeter of the development. Developed homes on these lots range in size from 2,000-6,000 SF with sales being between $1M- $2M, but now noted to have approached $3M for the largest of these homes.
Cabin properties include Forest Cabins (log construction approximating 4,000 SF) and Lodge Homes (timber frame construction 2,000-3,000 SF typically). These homes appear to be on lots ranging from .06-.12 acres with recent pricing being noted in the $1M – $2M range.
The Mountain Meadows area of the Teton Springs has more density than the estate and cabin sections of the development, and provides some of the best values in Teton Springs with homes between 2,500 and 3,500 SF on .12-acre lots being noted to have transacted at less than $1M.
Condominium ownership is available at Teton Springs with both “Lodge” and Palisades Units. These units have been noted to range in price from $200,000 to above $500,000 and in size from 800 SF to over 1,000 SF. These units allow for short-term rentals to defray ownership costs, with some units limiting owner occupancy to 30 days during peak seasons.
Summary
The recent rebranding of the Teton Springs Golf and Casting Club to the Bronze Buffalo Sporting Club has combined one of the Teton Valley’s premier locations with the benefits of a fully-amenitized club.
Real Estate Listings in Teton Springs – Home of the Bronze Buffalo Club
Click the link below to view the available publicly listed properties in Teton Springs and be sure to reach out to Andy Cornish if you are interested in getting more information about any of the listed properties or exploring similar properties not shown.
The 3 Creek Ranch is private club located whose genesis is the result of a developer’s eye for grandfathered entitlements that permitted a 710-acre ranch property to be developed into a golf course only 1.5 miles from the incorporated limits of the Town of Jackson, the result of this undertaking is a private 18-hole championship Rees Jones-designed golf course that is only minutes from the amenities of downtown Jackson and has won awards that include Golf Digest’s top course in Wyoming and Forbes ranking of 12 Best Private Golf communities.
Recreational opportunities other than golf include:
Superbly appointed clubhouse with lockers, fitness center and therapy rooms
Three spring creeks traverse the property with members being able to sign up for “beats” to pursue trophy-sized (keep in mind – catch and release) Fine-Spotted Cutthroat Trout.
Groomed Nordic Trail System
Platform Tennis
Satellite Alpine Lodge at the Jackson Hole Mountain Resort
75’ Pool, Heated Spa
Two “Hard True” Tennis Courts
Membership Types
Three Creek Ranch offers a full membership only. As of summer, 2021, there was reported to be approximately a one-year waiting list.
Real Estate
Ranch Estates – The ranch lots are located towards the western extremity of the property and adding to there seclusion and large size is the fact that many of these lots are traversed by one of the spring creeks. Beginning in as early as 2004, vacant land sales in this area topped $8M with improved sales and Teton County assessed value on some improved properties exceeding $17M. There is currently no listed inventory for the Ranch Estates, but I am happy to research additional inventory and off-market private party listings. Reach out to Andy Cornish for more information about the Ranch Estates
Estate Lots – These lots are typified by 2-3 acre sites that can support homes up to the county maximum 8,000 SF. Some of these lots exist at the northern extremity of the development and showcase extraordinary views of the Teton range. Homes, particularly those at the north end, have been noted to sell in the $9M-$10M range and have topped $13M as long as five years ago.
Cabin – “Cabin” is perhaps a quaint way to describe the homes at 3 Creek that are located on the .5 to 1-acre lots throughout the development. These homes are required to have architectural lines dictated by several differing unit plans designed by Carney, Logan, Burke architecture – with some owner modification being accepted, Typical cabins range in size from 4,500 – 4,900 SF. While more typically in the $4.5M to high $5M range, the spring of 2021 saw sales of these homes as high as $8M.
Summary
3 Creek Ranch is a private golf club with both seclusion and excellent proximity to the town of Jackson. In addition to golf, this club offers tennis, fitness facilities and coveted private spring creek fishing. Home prices in this development can be at the higher-end of the range of golf-oriented pricing, which is reflective the developments, amenities, views, and convenient location.
3 Creek Ranch Real Estate Listings
For more information about real estate at 3 Creek Ranch feel free to reach out to partner Andy Cornish to learn more. Even if there are no active listings in your desired area, Andy will work with you to research additional inventory and off-market private party listings or be able to keep you up to date as properties become available.
Teton Pines is a semi-private club with a private membership base, but is open to the public for play. The course is situated centrally on the Moose-Wilson Road (the access road to the Jackson Hole Mountain Resort), a location that offers both a proximity to recreational opportunities such as Snake River and National Forest access, while only being 6 miles from the town of Jackson. Teton Pines is an 18-hole, 7,412 yard, Arnold Palmer-designed course. The views of the Teton Range from Teton Pines has had it ranked in Golf Digest’s “top places you can play”. Aside from golf it’s numerous tennis courts of both hard surface and clay, make it the most vibrant tennis community in Teton County.
Recreational opportunities other than golf include:
Well appointed clubhouse with room for private events and a local’s favorite vibe for both Après Ski and the “19th hole”
Multiple hard surface tennis courts and clay courts
Tennis Bubble for winter play at Teton County’s most vibrant tennis community.
Indoor Golfing Facility for winter practice
Full-sized pool for lap swimming or family recreation (25-yard lap pool, hot tubs and heated paver decks coming in 2021)
Groomed Nordic skiing trails
Fitness Room for member use or participation in organized classes
Membership Types
Teton Pines has a single membership category in regard to initiation charge (full member) that is only partitioned by age, with joining members above 45 years paying more than those below this age threshold. Monthly fees are then based on chosen activity level that range from an above 45-year-old full golf to a below 45-year-old swim/social membership. There is currently a waitlist for membership, with it being estimated that availability will occur in the spring of 2022.
Real Estate
Teton Pines is comprised of Estate Lots, Cluster Lots and Garden Homes / Lodges. Estate Lots typically range from .5 to 2-acres, with these lots supporting homes up to the county maximum of 8,000 SF. Sales of estate lot homes in Teton Pines in recent years have ranged from $4M to approaching $10M with homes being in the 5,000 – 7,000 SF. Cluster lots support homes that are relatively uniform in design and located on 6,400 SF pads that are surrounded by common area (providing a much larger feel than the deeded size of the lot). Cluster homes can range in size from 2,300 SF to over 4,500 SF, with the most recent sales being of unit at the larger end of this range in early 2021 in the $3.5M – $3.9M range.
Summary
Teton Pines central location between town and the Jackson Hole Mountain resort, coupled with an Arnold Palmer-designed course and a well-established tennis community make this golf course a favorite for both locals and visiting golf aficionados. A tennis bubble, groomed Nordic Skiing track and crackling hearth round out the wintertime opportunities.
Teton Pines Real Estate Listings
If you are interested in any of the below properties or Teton Pines properties in general, feel free to reach out to me and I can provide you with more information!
The Snake River Sporting Club is private club located approximately 11 miles south of the incorporated limits of Jackson situated between boundaries of the Bridger Teton National Forest and the banks of the Snake River. This resort offers an 18-hole, 7,500-yard, Tom Weiskopf-designed course that was ranked the number one private golf course in Wyoming for 2015-18. This property’s location south of Jackson dictates that driving time to recreational opportunities such as the national parks and the Jackson Hole Mountain Resort are longer. However, the on-site amenities at this club are the most extensive in the valley creating the argument that, once there, you may just not want to leave.
Recreational opportunities other than golf include:
26,000 SF Clubhouse with lockers, fitness center and therapy rooms
Equestrian Center and trails
Six Miles of private Snake River Access
Archery
Skeet
Frisbee Golf
Lakes / Ponds for boating, paddle boarding, fishing
Direct Access to Bridger Teton National Forest
Hiking / Mountain Biking trails
Paddle Tennis
Tennis (Clay Court)
Hot tub, swimming pool
Glamping Site
Year-round shuttle to airport
Groomed Nordic trails system (classic and skate)
Membership Types
Regular – Initiation + Dues – Full club privileges
Junior – Similar to above with reduced initiation and dues for member less than 35 years old.
Sporting Membership (non-golf) –full access to all club amenities except golf.
Real Estate
Ranch Estates – The ranch estate lots are 35-acre lots on an elevated bench to the east of the golf course, majority of these lots offer superb views of the golf course and the Snake River canyon. Lots can be developed with up to the county maximum of 8,000 SF of habitable area and additional non-habitable area (garage/storage) of 4,600 SF. At the time of writing this, one vacant Ranch Lot was available at a price of $4.5M. While developed homes on ranch lots are presently listed, I am happy to research additional inventory and off-market private party listings. For those interested, click here to get in touch about ranch lots or other SRSC inventory.
The Residences – The residences lots range in size from .5 to 2-acre and are located proximally to, if not directly bordering the golf course itself. These lots support “mountain modern” themed architecture allowing floor area up to 6,500 SF with 13 models from which to choose. Rentals are limited to a minimum of 31-day intervals, with nightly rentals not being permitted. Pricing on these homes is more dependent on home size and finish with listings being noted from the mid $3M range to the upper-$5M range.
The Lodges – the lodges are “mountain modern” contemporary homes that are 2,600 – 3,800 SF on .13 – .26-acre parcels. These homes allow short-term rental and have lock-off configurations for multiple tenant or owner/tenant combinations. Lodge properties are currently offered in the mid $2M to the upper $3M range.
Phase III Lodges – The third phase of the Lodges are a mix of the mountain modern cabins noted in Phases I & II with floor plans being from 4-6 bedroom homes. Centrally located in this phase will be 14 three-bedroom condominiums and one larger five-bedroom penthouse unit
Summary
The Snake River Sporting Club is top-rated golf course. Lengthier driving times to lift-operated skiing exist due to its south-valley location. However, the need to drive once on site is lessened due to this club’s on-property amenities.
Snake River Sporting Club Real Estate Listings
If you are interested in any of the below properties or Snake River Sporting Club properties in general, feel free to reach out to me and I can provide you with more information!
Teton County’s rate of appreciation typically outperforms national averages and even more so when you compare it to the national real estate markets. In 2016, an article I researched followed the sale of two townhome projects that were chosen for their uniformity in design, to remove property differences from the data set. Over the 25-year period from 1990 through 2015 I examined these properties, this timeframe covered the two years of recovery from the bottom of the market during 2012 – 2013. The result of the study showed that Jackson had experienced a compound growth rate of between 7%-9% for our sample while U.S averages, and that of selected metropolitan areas, showed markedly less growth.
Comparative Growth Rates
(Teton County vs. Selected Markets 1990 – 2015)
Not Your Average Market
Considering the fact that 97% of Teton County is National Park, National Forest, BLM, Wilderness, or lands otherwise protected from development, it was determined that the observed growth rate for Teton County was not “irrationally exuberant” or unsustainable for the foreseeable future. This opinion turned out to be accurate with current sales and resales exhibiting an average yearly compound growth rate of over 20%, (See, my most recent blog HERE)
When taking this recent price growth into consideration, the data shows that the compound growth rate from 1990 currently gives Teton County an annual growth rate of 6.8% (Creekside) to 8.46% (Aspens Condominiums). Notably, while these rates are very strong, they are still less than observed when taking a 15-year appreciation snapshot prior to the onset of the mortgage “crisis” from 2007. At the time just before this onset, 15-year appreciation rates (as tracked through Aspens and Creekside Condominiums) were shown to range from 10.42% to 13.29%.
Even though long-term real estate appreciation rates are currently less than what was seen in 2007, individuals that are predisposed to feeling as though every escalation in price gives rise to an equal and opposite contraction, may start feeling that the market in Jackson has become too hot. While this makes sense on an instinctive level, there are several points that indicate the Teton County Real Estate market is more complex, and perhaps stable, than an intuition of, “what goes up must come down.”
Points to consider in this regard are as follows:
Inventory remains at all-time lows: It might be an oversimplification to say that price is simply a function of supply vs. demand, but it is not that far off either. The demand for Teton County real estate has been elevated in the wake of the Covid pandemic with adventure-seekers realizing that they can work away from cities, and they are wisely choosing Jackson to pursue their adventures. This trend currently shows no signs of slowing down and, as a result, the inventory of free-standing, single-family homes in Jackson as of the beginning of July was 48% lower than it was at that time last year.
Room to run based on attributes of our locale: I try to stay away from chest pounding about how great our valley is. If you own real estate in Teton County or are considering acquiring real estate in Teton County, you are likely very aware of what makes this place so incredibly special. That said, I recently spoke to an appraiser in Aspen, CO to get his opinion on a new Teton Village Development, that quickly pre-sold at an average of $3,400 per square foot, and how it fit into the overall scheme of Intermountain West real estate. The response of this appraiser was that the Aspen market was experiencing some attached home sales in the $5,000 per square foot range, so therefore, we still had “room to run.” Also pointing out that Teton County’s available outdoor recreation, tax advantages and exposure to the arts make it arguably unmatched in the Intermountain West. A valid argument can be made that this market still has room to run.
A more stable real estate market:The onset of the recession was largely triggered by the irresponsible use of leverage with adjustable-rate mortgages, no-documentation loans and the, “irrational exuberance,” that real estate will never go down. Lending reforms that occurred because of that recession are thought to have somewhat lessened the potential for a similar credit crisis. In speaking with local lenders, it was reported that an increasing amount of home purchases for higher-end homes were exclusively cash acquisitions. It was also noted that loan to value ratios, when debt was used, were often below 50%. The use of less debt not only speaks to less risk, but also the potential for less impact when considering the prospect of forthcoming inflation.
Construction Costs are making existing inventory more valuable: Labor costs have always been a challenge to Teton County construction. This shortage can be traced back to a lack of workforce housing. However, with the cost of building materials rising, the Covid pandemic is currently being blamed for shortages throughout the economy. Reports of price escalation as dramatic as plywood increasing in cost by over 6x were commonplace before a recent easing in lumber costs. The combination of scarce labor and expensive materials are driving construction costs to extreme levels, which is contributory to the value of existing housing stock.
In summary, there are no guarantees and, as we have learned since the beginning of the new millennium, unforeseen events can have significant effects on real estate markets. However, at present, the forces and attributes exerting upward pressure on the Teton County real estate market do not show signs of abating.
Next up – the beginning of a multi-part series examining golf-oriented real estate in Teton County, Wyoming and Idaho
In my previous post What’s Driving the Jackson Market – we established that Teton County’s lack of privately-owned land, combined with an exploding outdoor-oriented, remote-working demographic has applied a marked upward pressure on real estate pricing. As support for this, we gathered several examples of price growth shown through comparative sales and resale of the same or similar properties over time which can be seen below.
For those interested in seeing more examples or focusing on a particular neighborhood in Teton County the link below will bring you to 33 comparisons just like the ones in the table here.
Some of the main takeaways from the sale and resale data shown above are:
The range of observed compound monthly appreciation was from .48% (5.7% annualized) to 11.58% (138% annualized)
Average observed appreciation – 1.87% per month (22.5% annualized)
Median observed appreciation – 1.10% per month (13.3% annualized)
Majority of the comparisons involved the observation of an initial sale occurring in 2017 or greater, with the second sale (the basis for the price growth observation) occurring in 2021. Three of the examples had more than one sale which allowed for a good comparison of the property appreciation prior to this recent period of booming demand (2020-21). One of the comparisons showed a greater rate of appreciation in the most recent period observed; one of the comparisons showed a greater rate of appreciation during its previous sale/ resale; and one of the comparisons showed price growth that was roughly equal during both periods.
Appreciation Trends
Appreciation rates were widely varied throughout property types without a clear association of appreciation for a particular location or type of property with two exceptions:
Condo-hotel properties in Teton Village had some of the most uniform appreciation, with compound rates of appreciation hovering around 1% per month. A hypothesis could be developed, perhaps, that the income component to such purchases provides a common denominator that limits a buyer’s ability to rationalize them as an “emotional acquisition.”
Mountain modern aesthetics (whether gained through a refurbishment or pre-existing) appears to enhance price growth potential.
Limited inventory has caused some neighborhoods to “reinvent” themselves and become targets for higher-end second homeowners (whereas before they may have been lesser so). The appeal of these neighborhoods to a more monied clientele has accentuated price growth in such neighborhoods (Melody Ranch and West Jackson being examples of this).
The past year saw an explosion of the Jackson Hole real estate market, with residential real estate sales east of the Tetons in Teton County approaching $1.8 Billion dollars and the average price of a single-family home increasing 47% in 2020.
Sotheby’s International Realty reported that the average price appreciation in Jackson Hole was the third highest of all resort towns. These trends have seemed to only accelerate further so far in 2021 based on the limited sales data available. This limited data is showing home sales that, when compared to their prior sales, are indicative of over 5% per month price growth. Such sales beg the question, Why? What exactly is driving this unprecedented price boom of the Teton County Real Estate Market?
The Forces Behind It All
The ultimate reason for any price change boils down to the simple demand versus supply equation, but supply has long been limited in Teton County and demand has never been higher. The pandemic brought the concept of remote working into mainstream acceptance and appears to have further encouraged those who were contemplating retirement (or at least a working retirement) to make the move to more rural areas. Jackson Hole is a very unique place, and I don’t feel the readership of this post is looking for a sales pitch on the attributes of the community. That aside, let’s just say that it is very understandable that Jackson has garnered more price growth than most resort-oriented towns. However, the differentiating factor that has caused Jackson to outpace most other resort communities is the previously mentioned lack of supply.
Limited Room for Growth
Despite Teton County, Wyoming being comprised of 2.7M acres, it is estimated that only 62,500 acres are privately held and available for development. Furthermore, the land development regulations in Teton County are geared towards the preservation of its natural and scenic amenities, with a majority of the remaining vacant land requiring minimum lot sizes of 35 acres or greater. This perfect storm of Jackson Hole’s growing notoriety among the rest of the country and especially those in larger cities during the pandemic, and the lack of room for the creation of more privately-held real estate has resulted in a plummeting inventory of real estate on the market. Inventory in Teton County, west of the Teton Range was noted in late April 2021 to be over 77% less than it was a year earlier, an immense drop.
Ultimately, Teton County has long been experiencing steady real estate price increases but the added push of the pandemic moved this increase to heightened levels that presently show no signs of stopping.
When viewing data through yearend 2020 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market set records in every category. After having a slow start to the sales year due to concerns over the Covid-19 pandemic, fourth quarter sales volume in many instances outpaced that of 2019 in its entirety. The result of this is total residential volume of sales that approached $1.8B (and crested the $2.0B mark when including commercial sales). A flight from more populated areas is widely acknowledged for this growth in volume in Teton County sales, with the higher echelons of the market ($5M and up) showing the largest gains – a likely result of the luxury home demographic being comprised of people having the most flexibility to move from their primary residences . The result of the competition for Teton County real estate is that inventory of available product dwindled to all time lows (overall inventory falling 63% comparing January 2020 to January 2021) with the average price of single-family homes increasing 47% to a tabulated $3.7M. Admittedly, this average is heavily influenced by the prevalence of luxury single-family homes in 2020, and a discussion market trends allocated between vacant land, attached homes and single-family homes is following that addresses these categories in the context of the pricing cohorts of Resort/Luxury Market as compared to what has historically been referred to as the “Local” market. The latter of these categories being properties that historically have been targeted for purchase by market participants whose economic resources were dependent on income earned locally. [Admittedly this premise is somewhat now being called into question, with the argument existing that the increasing prevalence of remote working makes almost every home a target for purchase by someone whose economic resources are not tied to the local economy].
Single‐Family Home Sales Trends
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Single-family homes increased over 46% in average price between 2019 and 2020, with the total number of sales increasing by 50%, and resulting increase in the dollar volume of sales of 106%. This growth was lead by the luxury/resort home market, with an increase the average price of such homes being nearly 38%, as compared to the local market which grew in average price by just over 12%. Continuing to speak point of the influence of the luxury/resort market, 2020 reported over 70 homes selling at or above the $5M mark, while less than 30 homes sold in this price range in 2019. The increase in sales volume is hypothesized to have been greatly inhibited by a lack of inventory of homes for sale.
Attached Home Sales Trends
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The attached home market (condominium / townhouse) remained level in the number of sales occurring, with an increase in the number of resort attached home sales being offset by a decrease in the number of local market attached homes. However, both of these numbers were likely governed by a lack of available inventory, a hypothesis supported by the fact that both market segments saw increases in their average prices in the mid-30% range. Attached homes for the luxury market segment continued to establish new benchmarks, with the One Town Hill development at the base of Snow King in Town selling units in excess $1,600 per sf, while reservations have been taken for the planned private residence “Hoback Club” (an highly amenitized development at the base of the Jackson Hole Mountain Resort) that reportedly average in the range of $3,400.
Vacant Land Sales Trends
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Focusing on single-family homesites (and not ranches), vacant land sales increased by over 50% in 2020. The average price of homesite sales only increase by slightly less than 8%. However, this indication is somewhat skewed by the fact that the inventory of sold homesites in 2019 was itself very heavy in the luxury/resort market. The high-end market was very active in 2019, with the top 15 sales having an average price of approximately $4,742,000. That said, this figure was handily topped in 2020, with the top 15 homesite sales having an average price of $7.1M. Influencing this figure was the sale of a 48-acre, Snake-River-fronting parcel that approached $15M, as well as sales of lots in the $8M range in, Vogel Hill, a new high end development taking advantage of the elevated views of the Gros Ventre West Butte. Also contributing to the average price increase are sales from Shooting Star, where some lots are now toping $7M and appreciation of lots from 2017 sale prices of over 40% has been noted.
When viewing data through yearend 2019 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market is noted to have reported a number of sales that is approximately 6% less in 2019 than that of the previous year. This change in volume is not viewed as a market contraction, rather a decrease that was fueled by a lack of inventory of available properties as the amount of active inventory available has decreased for the fifth straight year. The continued and arguably increasing popularity of Teton County, combined with a tight inventory, has caused a continuation of the appreciation trend that been ongoing since shortly after the 2011 inflection point in the wake of the 2007-2009 recession. Observing sales and resales of the same or similar properties appreciation rates in the 6-10% range is most prevalent. Entry level homes had appeared to be beginning to plateau in price 2018. However, a stalemate between buyers and sellers seems to have been won by the sellers, with appreciation in this price segment making up for lost time and providing instances of mid-double-digit appreciation rates in 2019.
Combined Sales Through Year-end 2019
Number of Residential Sales Homes, Lofts, Attached Homes
Average Transaction Price All Property Types Yearend Comparison Series
Single Family Home Sales Trends
Feeling the facts of a decreased inventory of active listings, the single-family home market showed an early 14% decrease in the number of sales. Average sales price appeared relatively flat in this sampling of data. However, examination of individual sales indicates that 6-10% appreciation rates were ongoing in this market segment.
Attached Home Sales Trends
The attached home market (condominium / townhouse) showed a modest increase in sales numbers, with this increase being led by the local market that broke free from a stalemate between buyers and sellers in 2018. Prices showed appreciation in both the Local and Resort Market, with the state price growth from this aggregated data understating the price growth indicated by sales and resales of individual homes.
Vacant Land Sales Trends
Vacant land sales were down in number by over 7%. The combination of decreasing sales number amid increasing prices, points to a lack of inventory as a contributing factor to decrease in sales volume. When viewed in the component parts of the local and resort market segments, both sectors showed low double-digit price growth, which is corroborate by sales and resales data, although perhaps such data provides a slightly more modest annual rate of growth (7% – 10%). The high-end market was very active in 2019, with the top 15 sales having an average price of approximately $4,742,000, a figure over 11% higher than the top 15 sales in the previous year. The prevalence of high-end sales is noted to skew the appreciation rate of the combined market (combined local and resort market) above the indicated growth rate of individual parcel data (sale and resale data).
Inventory Levels
The preceding table arrays a yearend snapshot of inventory levels for the past seven years. Inventory levels continue to remain low and are frequently cited by agents as a stagnating factor for sales volume levels. As shown by the preceding data, the combined inventory of single-family homes, attached homes, and vacant land listed for sale has decreased steadily since the recovery from the recession.
Access to the most comprehensive sales database anywhere from the leading brokerage and appraisal business in Teton County.
Andrew Cornish – Broker
PO Box 9467 | 155 E. Pearl,
Suite 10
Jackson, WY 83002
(307) 733.8899
(307) 413.7799 cell Linkedin
Data provided by Rocky Mountain Appraisals, Teton County’s leading valuation firm: www.rmappraisals.com
Appreciation Continues to be Evident Amid Decreasing Inventory
When viewing data through the mid-point of December 2018 (a composite of single-family homes, attached homes, and single-family homesites), the Teton County Real Estate Market is noted to have reported a number of sales that is approximately 12% greater in 2018 than that of the previous year. This increase in demand, and an inventory of available properties that has decreased approximately 7% from last year’s numbers, combined to provide continued upward pressure on prices through 2018. Observing sales and resales of the same or similar properties, mid-tier-priced properties between $800,000 and $2,000,000 provided the indication of appreciation in excess of 10% when annualized. Upper-end Resort properties in excess of $3MM exhibited appreciation rates even greater than this range, although this indication was influenced by instances of investors successfully speculating that some developer initial offering prices were below-market. The most price conscious segment of the market (typically comprised of attached home less than $400,000) showed some indication of leveling off trend. It would be reasonable to assume that homes in this segment would have appreciation that would be more dependent on local wage earning potential rather than outside pressure, thereby moderating appreciation rates in this price category. That said, instances refuting this observation certainly existed. Increased activity in the higher-priced segments of the Teton County Real Estate Market served to skew composite averages upward with, as an example, the average price of all combined sales increasing over 25%, a figure that exceeds that of price growth as measured by the sale and resale of similar properties.
# of Residential Sales – Homes, Lots, Attached Homes 2018 Comparison (West of Tetons)
Average Transaction Price (All Property Types)
Single-Family Home Sales Trends Through December 2018
Despite a lower inventory of active listings, the single-family home market showed an increase for total number of sales of approximately 25%. Average sales prices increased in a similar magnitude as a result the combined effects of real price growth and the increasing prevalence of higher-end property types. While both the Local and Resort markets increased in number of sales by a similar magnitude, the upper echelons of the single-family market led the way with a 26% increase in the average price. As previously alluded to, such an average is partially attributed to the changing composition of the body of sold data points and is not to be misconstrued as simply an annual appreciation rate. In this regard, it was noted that 2018 saw the following trends:
Higher-end properties in the Town of Jackson were led by East Jackson with 37 sales (as compared to the previous year’s 28 sales). The average sales price of 2018 homes in this market segment was up over $670,000 and contained six sales above $2,000,000. In consideration of this, an argument can now be made that East Jackson is not a part of the Local market and caters more to out-of-town property buyers. Similarly, one sale in the Gill Addition (which was not included in the above tally) topped the $6MM mark.
Teton Pines reported five more single-family homes sales in 2018, nearly doubling the previous year’s counting. The average price of these sales increased from $2.3MM to $3.6MM.
Solitude Subdivision in the North of Town Market area increased its sales volume from three sales in 2017 to nine sales in 2018, adding an approximate $14MM in sales volume to the high-end sales segment.
The influence of high-end / Resort market segment is further observed when noting that 2018 saw 36 sales at or above $4MM, with the average price of these sales being nearly $10MM. By comparison, 2017 saw only 26 sales at or above $4MM, with the average price of these sales being less than $7MM.
Attached Home Sales Trends Through December 2018
Similar to the single-family home market, the attached home market (condominium / townhouse) was led by the higher-priced Resort market segment. In fact, due to a lack of inventory to sell, the Local market actually experienced a decrease in the number of sales (by approximately 10%). Prices showed appreciation in both the Local and Resort Market, with some indication that the most price-conscious homes ($400,000 or less) may be starting to plateau. The average price of attached homes was up over 18%. Contributing to the increase in average price of the attached home market was the continued growth of the upper-end attached home market in town of Jackson such as 810 West which saw 5 sales averaging over $1.6MM – perhaps making an argument for their inclusion in the Resort / second home market segment as opposed to their current categorization as a property in the Local market segment. Teton Village condominiums also contributed to the upward track of attached homes in Teton County, with an observed increase in activity in both older product and the newer “condo-tel” type homes such as Teton Mountain Lodge and Snake River Lodge and Spa. The latter of these housing types had an increase in volume in 2018 up to a year end tally of 24 units (compared to 17 units the year before).
Vacant Land Sales Trends
Similar to the single-family home market, the attached home market (condominium / townhouse) was led by the higher-priced Resort market segment. In fact, due to a lack of inventory to sell, the Local market actually experienced a decrease in the number of sales (by approximately 10%). Prices showed appreciation in both the Local and Resort Market, with some indication that the most price-conscious homes ($400,000 or less) may be starting to plateau. The average price of attached homes was up over 18%. Contributing to the increase in average price of the attached home market was the continued growth of the upper-end attached home market in town of Jackson such as 810 West which saw 5 sales averaging over $1.6MM – perhaps making an argument for their inclusion in the Resort / second home market segment as opposed to their current categorization as a property in the Local market segment. Teton Village condominiums also contributed to the upward track of attached homes in Teton County, with an observed increase in activity in both older product and the newer “condo-tel” type homes such as Teton Mountain Lodge and Snake River Lodge and Spa. The latter of these housing types had an increase in volume in 2018 up to a year end tally of 24 units (compared to 17 units the year before).
Inventory Levels
The preceding table arrays a year end snapshot of inventory levels for the past seven years. Inventory levels continue to remain low and are frequently cited by agents as a stagnating factor for sales volume levels. As shown by the preceding data, the combined inventory of single-family homes, attached homes, and vacant land listed for sale was approximately 7% lower at the end of of 2018 than this time last year, with limited inventory likely to be a factor for the foreseeable future.
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Andrew Cornish – Broker
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Jackson, WY 83002
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Data provided by Rocky Mountain Appraisals, Teton County’s leading valuation firm: www.rmappraisals.com
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