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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
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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

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

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

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

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

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

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

The first quarter of 2014 saw five commercial improved properties sell, with four out of five of these closings being for light industrial properties, including the over 17,000 square foot Wedco Building.  Overall capitalization rates for these properties ranged from 5.06% to 8.76%, with the high end of this range being the result of an atypically motivated seller in one instance, and a sale out of foreclosure in the second. Excluding these sales the overall rates observed exhibited a relatively tight range, from 5.06% to 5.65%, with an average of 5.37%. This data is indicative of a more robust commercial real estate market existing in 2014 than was evident in 2013, when only two sales occurred in the first quarter. Those sales exhibited an average overall rate of 5.88%. This drop in overall rate equates to a nearly 9.5% increase in improved commercial income property. There were also two vacant land commercial sales in the first quarter of 2014, which is one less that was observed in 2013. One of these sales is located in the AC zoning district and was purchased at an over 50% premium from similarly-zoned property that sold the previous year. Admittedly, the difference between these lots location is thought to be contributory to the magnitude of this price differential but, nonetheless, it is an encouraging data point.

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