While housing prices have continued to rise in the beginning of 2014, both the listing inventory and real estate sales have diminished. The majority of these sales are concentrated in mid-to-lower priced homes with less activity currently in the luxury market.
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Jackson Hole homes for sale up to $750,000
Jackson Hole homes for sale up to $750,000. What is currently available for real estate shoppers wanting to spend up to $750,000 on a single-family or attached home in Jackson Hole? – And how this has changed over the past 10 years?
This entry examines the available selection of housing opportunities in Jackson Hole, WY and surrounding areas for real estate shoppers looking to spend less than $750,000 on a single-family or attached home. To do this, I have first provided a brief history of what market participants in this price range have historically “gotten for their dollar” in terms of home size, and then compared to the available inventory.
Historical Real Estate Purchasing Power $750,000 or Less
Review of the historical data track reasonably well with intuition, in that the fact that average size of a single-family residence in Jackson, WY decreased during the appreciating period of 2004 through 2006, and then began to increase as buyer’s dollars went further in the softening market that existed through 2010. As would be expected, the strengthening of real estate market prices that were observed beginning in the second quarter of 2011 began another cycle of declining average home size for the $750,000-or-less Jackson Hole home shopper (an exception to this being 2014 data, presumably due to the limited sample size of only 19 sales year to date). A similar, but less pronounced trend is noted for attached homes in this price range.
Average square feet & total number of sales for a Single-Family Home under $750,000
Average square feet & total number of sales for an Attached Home under $750,000
A majority of both single-family and attached homes sales have been located in the Jackson and South of Jackson market areas (areas more oriented to year round local population), with the resort condominiums at Teton Village and Jackson Hole Golf and Tennis areas comprising a smaller but noticeable allotment of sales in this grouping as well.
Current availability for Jackson Hole single-family and attached homes
The two links provided below provide current inventory of actively listed single-family homes and attached homes with listing prices up to $7500,000. Notably, the available inventory for these properties is continuing to trend as would be expected in a market characterized by tighten inventory, with the average square footage of single-family properties being approximately 1,630 with 20 properties available and attached homes offering 56 available properties for sale with an average size approximating 1,080 square
Click to view single-family homes for sale in the Jackson Hole area
Click to view attached homes for sale in the Jackson Hole area
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.
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.
Andrew 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.
Andrew Cornish MAI, SRA www.rmappraisals.com
South of Jackson : 2 Million Series
The South of Jackson market write-up is part of the 2 Million Dollar Homes Series, which focuses on the real estate market participants looking for single-family homes in the $2M range in Teton County.
Continuing the discussion of the market that is currently available to the $2,000,0000 home shopper, this segment focuses on the South of Jackson Market Area, with frequently lower land prices in this area, those seeking a little elbow room or room for their horses often consider property South of Town.
This area currently has 5 active listings ranging in price from $1,500,000 to $1,950,000 for homes ranging in size from approximately 1,000 to 5,500 square feet that are situated on between 2.66 and 40.88 acres. These homes are noted to exist in the South of Town submarkets of South Park, Hoback, and Game Creek. Three home listing in the Tom Weiskopf golfing community of the Snake River Sporting Club are also available in the $2,500,000 range.
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
Town of Jackson : 2 Million Series
The Town of Jackson market write-up is part of the 2 Million Dollar Homes Series, which focuses on the real estate market participants looking for single-family homes in the $2M range in Teton County.
Continuing the discussion of the market that is currently available to the $2,000,0000 home shopper, this segment focuses on the Town of Jackson Market Area.
Boasting a great combination of convenience and western living, this location currently has 4 active listings ranging in price from $1,800,000 to $2,375,000 for homes ranging in size from approximately 3,400 to 7,500 square feet that are situated on between .17 and 1.87 acres. These homes are noted to exist in the West Bank South submarkets of River Meadows and Hidden Hills / Highland Park.
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
West of Jackson & North of Town : 2 Million Series
The West of Jackson & North of Town market write-up is part of the 2 Million Dollar Homes Series, which focuses on the real estate market participants looking for single-family homes in the $2M range in Teton County.
Continuing the discussion of the market that is currently available to the $2,000,0000 home shopper, this segment focuses on the North of Town and West of Jackson Market Areas.
These market areas are most likely of any area to capitalize on expansive views of the Tetons and currently have combined 9 active listings ranging in price from $1,650,000 to $2,500,000 for homes ranging in size from approximately 1,600 to 5,000 square feet on sites ranging from 1.14 to 5.0 acres. These homes are noted to exist in the submarkets of Gros Ventre / Bar Y and Golf & Tennis, Bar B Bar, and Moulton – Ponderosa. Two of the listings are noted to exist in the more remote Moran and Parks submarket.
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
West Bank South : 2 Million Dollar Series
The West Bank South market write-up is part of the 2 Million Dollar Homes Series, which focuses on the real estate market participants looking for single-family homes in the $2M range in Teton County.
Continuing the discussion of the market that is currently available to the $2,000,0000 home shopper, this segment focuses on the West Bank South Market Area, an area that benefits from the seclusion of National Forest proximity.
This area currently has 2 active listings ranging in price from $1,895,000 to $2,100,000 for homes ranging in size from approximately 5,000 to 5,500 square feet on sites that range in size from .64 to 3.94 acres. These homes are noted to exist in the West Bank South submarkets of River Meadows and Hidden Hills / Highland Park.
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
West Bank North : 2 Million Series
The West Bank North market write-up is part of the 2 Million Dollar Homes Series, which focuses on the real estate market participants looking for single-family homes in the $2M range in Teton County.
Continuing the discussion of the market that is currently available to the $2,000,0000 home shopper, this segment focuses on the West Bank North Market Area, an area that benefits from its proximity to the Jackson Hole Mountain Resort and recreational opportunities such as Teton Pines and Shooting Star golf courses.
This area currently has 12 active listings ranging in price from $1,600,000 to $2,325,000 for homes ranging in size from 1,962 square feet and having three bedrooms to homes in excess of 4,400 square feet and having six bedrooms. Sites for these home range from .15 to 3.18 acres. These homes are noted to exist in the West Bank North submarkets of Teton Pines, Fish Creek Road, Lake Creek–Kennel Lane and HHR-Stilson.
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
Introducing the 2 Million Series
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 home 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 amenitzed settings such as the Jackson Hole Mountain Resort.
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.
Historical Number of Sales of Homes
Between $1,500,000 and $2,500,000 – < 10 Acres
– Teton County Wyoming
Andrew 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.
Andrew Cornish MAI, SRA
www.rmappraisals.com
Market Update – First Quarter 2014
Price Gains Continue to be Evident Through First Quarter of 2014
Less Inventory Contributing to Lower Sales Volume
When aggregating the data for single-family homes, vacant land and attached homes, a first quarter contraction in the number of sales and total dollar volume of sales is noted. This phenomenon is attributed to a decrease in the inventory available for purchase that is reported by Realtors and real estate shoppers alike. The decrease in the number of single-family home sales (-32.69%) was the primary cause of the contracting numbers, with attached homes and vacant land sales actually showing increases in volume numbers (attached homes volume increased by 5% and vacant land sales increased in number by 35%). First quarter aggregated data also showed an overall contraction in average price. However, this is a misleading indicator that is resulting from the overall average price in the first quarter being comprised of less single-family homes (which typically exhibit higher prices) and more less expensive vacant lots and attached homes.
When Aggregated Market First Quarter Comparison of Sales Data Appears to Show a Contraction in the Main Three Metrics of Number of Sales, Dollar Volume of Sales and Average Sales Price:
» Click to view the Full Quarter Market Report Update
Andrew 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.
Data provided by Rocky Mountain Appraisals, Teton County’s leading valuation firm:
Andrew Cornish MAI, SRA
www.rmappraisals.com