Unit and sales volumes continue to report positive gains following the recession.Since 2012, sales volume has jumped 134% and unit volumes are up 56%. Average sales prices have increased commensurately—up 42% in the five year period.
Residential prices continue to rise as regional demand increases for more affordable housing. Median prices increased in both the condo and single family categories during 2017 reflecting fewer available listings at the lower end of those markets. Median prices of building sites declined slightly as a result of an increase in new inventory.
The number of annual sales in Teton County are currently constrained by a lack of available inventory. Limited supply and increased demand (especially on the heels of the new tax bill) are pushing individual property values upward. This lack of available inventory is particularly pronounced within Teton Village, Wilson and West of the Snake River, and the Town of Jackson.
Transactions within the Town of Jackson accounted for more than a third of all sales in Teton County in 2017. Nearly 73% of allreal estate transactions in the county during the same period occurred at sales prices below $1,500,000.
As the national residential real estate market continues to evolve, it is important to note that markets demonstrating some of the most unique performances in the nation, are those located in resort communities throughout the western United States. The Jackson Hole Sotheby’s International Realty annual Resort Report analyzes data pertinent to the various resort real estate markets located throughout the western United States, helping consumers make better real estate decisions, whether purchasing or selling a home in a resort area.
Typically found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a larger volume of luxury offerings to accommodate high-net-worth individuals that are drawn to these areas based on their exclusivity and proximity to world-class, year-round activities. In resort communities, seasonality, location, and employment opportunities often drive the inventory of homes down, and housing prices up. Interestingly, all of the Sotheby’s International Realty resort locations listed below, analyzed within the report, demonstrated increases in both average price and average price per square foot- a clear indicator of consumers’ continued desire for lifestyle-inspired home purchases and willingness to spend more for homes they truly desire.
When contemplating as large a financial commitment as the purchase or sale of a primary or second home in a resort area, market data can make a significant impact on making sound financial decisions. Jackson Hole Sotheby’s International Realty, and the many respected Sotheby’s International Realty affiliates that contributed to this report, remain committed to helping consumers make better real estate decisions, whether purchasing or selling a home.
Once a sleepy ranching community in northwestern Wyoming, “Jackson Hole” has grown in popularity in recent years because of its protected scenic vistas, abundant wildlife and recreational outlets, and rustic-yet-refined cultural community.
A lot, however, has happened in a decade. In January, 2008, the Dow Jones Industrial Average was above 12,000. Today, it’s in excess of 24,000.
In 2008, an ounce of gold was $869.75. Today, it’s more than $1,300.
And Bitcoin was… well, let’s not go there.
Real estate inventory in Teton County remains near historic lows, but many segments of the valley market still lag behind the values of a decade ago.
In Teton Village, for example: a 4-bedroom, 4-bath, 2,143-sq.ft. Snowridge Condominium sold in May, 2008 for $1.625MM. In the ensuing decade, the property was remodeled, and sold again in February, 2016 for $1.55MM (95% of its 2008 value). Identical units in the then-new Teton Mountain Lodge and Hotel Terra also sold in 2008 for $1.125MM and $1.35MM, respectively, before selling again in 2017 for $875,000 and $835,000 (or 78% and 62% of their previous values).
In the desirable Berry Patch section of the Aspens, an original one-bedroom condo listed for $435,000 sold in November, 2008. After a decade and a remodel, the same unit sold again in June 2016 for $425,000.
Shifting focus to the town of Jackson, a 3-bedroom, 3.5-bath Love Ridge condominium at Snow King sold in October, 2007 for $1.4MM. Since then the town market has continued to mature, the Snow King hotel has undergone a major renovation, and the surrounding resort is in the midst of a major expansion. In December 2017, the same Love Ridge unit sold for $1.41MM.
Also in the town of Jackson, a fully renovated 2-bedroom, 1-bath Ponderosa Village condo sold in November 2007 for $370,000. The same unit sold in September 2009 for $284,000 (or 77% of its previous high). Today, one unit is currently on the market in the neighborhood for $335,000.
In Rafter J, a remodeled 3-bedroom, 3-bath Cedarwoods townhome sold in July 2008 for $650,000.In June 2017, the same unit sold after just 43 days on the market for $600,000 (or 92% of its previous high).
While the long-term effects of the new tax bill are yet to be seen, conventional wisdom and year-end activity in the Jackson Hole market suggest residents of high SALT (State And Local Taxes) states will seek refuge in low-tax environments like Wyoming.
All real estate is local. The associates of Jackson Hole Sotheby’s International Realty look forward to helping you navigate our local market and finding your Rocky Mountain refuge.
A Private Equestrian Dream in Jackson Hole
by Emily Figenshau, Associate Broker with Staff Writers
Tucked into a private enclave outside of Kelly, and surrounded by protected lands, lies a parcel without equal, entwined in the history of Jackson Hole and Grand Teton National Park.
The original 40-acre tract of land along Ditch Creek and the foothills of the Gros Ventre range was transferred by John D. Rockefeller, Jr. to Dick Winger as consideration for Winger’s successful efforts as the purchasing agent for the Snake River Land Company. The discrete purchasing of land by Winger and the Snake River Land Company enabled Rockefeller to gift the land to the federal government for stewardship via what would ultimately become the neighboring Grand Teton National Park.
In the ensuing years portions of the original 40-acre tract were sold off by the Winger family, resulting in only six individual residences. The 4.39-acre property at 8995 Ditch Creek Road occupies the highest of the secluded parcels and offers the owner a sportsman’s and nature-lover’s paradise adjacent to the protected lands of Grand Teton National Park and Bridger-Teton National Forest. The home offers outstanding views of Jackson Peak to the south, while a short ten-minute hike to the west yields unmatched views of the entire Teton Range across Antelope Flats.
Unlimited opportunities exist for exploration on horseback with thousands of square miles of protected lands radiating from the borders of the property, and fenced corrals and a barn on site. Year-round access to the forest means that world class hiking, fishing and hunting, biking and snowmobiling are all just moments beyond your doorstep.
The 6,400 square foot home is optimized for entertaining and daily living alike, with features including an oversized gourmet kitchen, outdoor living spaces, yoga room and a custom wine cellar. Four bedrooms and an additional office house family or guests in this ultimate Jackson Hole front country retreat.
Taking inspiration from the agricultural history of Dairy Ranches, the owners of 2775 West Dairy Lane, had a vision of a classic American farmhouse estate. The Dairy Ranches subdivision, with its expansive open spaces and meandering streams, speaks to its significance in Jackson Hole’s agricultural history. Decades ago, much of what is now considered “South of Town” was largely agricultural, proudly family-owned cattle ranches and dairy farms.
According to written history from the National Parks Service, at some time in the 1960’s, Henry and Emily Oliver, descendants of the Pittsburgh-based Frew family who owned and operated the historic 4 Lazy F dude ranch in Moose, bought a large swath of land just south of town. A portion of this land, where the Frew’s saddle horses wintered, was eventually established as the Dairy Ranches Subdivision.
The Olivers intentionally platted the sweeping 525 acres of Dairy Ranches into just 23 lots, affording homeowners spectacular views, privacy, and a liberating sense of open space. 2775 West Dairy Lane, situated in the very heart of Dairy Ranches, was envisioned as a classic American white farmhouse in the fields, with a traditional Cabot-red barn and stone ice house. Renowned architect Peggy Gilday, of GYDE Architects, immediately understood the owner’s commitment to the history of Dairy Ranches coupled with a desire for contemporary lines and modern amenities. “Farmhouse” is not a strict style of architecture, referring more to its functions as a central gathering place for family amongst the fields, animals, and work of farm life. In practice, farmhouse style is often recognizable for its simple forms, straightforward choices in materials, and minimal embellishments. Generously sized kitchens, central to design and use, are often at the core of farmhouse architecture.
The barn, serving as a guest house and three-car garage, is finished in the tidy uniformity of reversed board-and-batten walls and evokes the warm brick-red character of the Hardeman Barn in Wilson. The crisp lines and softly elegant finishes of the main house, with its grey metal roof and black trim, give way to a thoroughly modern floor plan, with many rooms alight with both southern and northern exposures. An attached three-car garage built with Montana moss stone mimics an early American stone ice house. An abundance of magnificent vistas provide serenity and tranquility in their grandeur. Unobstructed views of Munger Mountain and Glory Bowl compete only with the Grand Teton Range, reflected in the glassy mirror of the one-acre pond.
STUNNING MASTERPIECE IN 3 CREEK RANCH by Jill Sassi-Neison, Sales Associate with Staff Writers
Rarely do you find a home that offers a true lifestyle experience. Located just south of town in the private enclave of 3 Creek Ranch, this stunning masterpiece is close to everything, yet feels miles away.
Custom in every way, designed with clean lines and an east-meets-west functionality, 3115 Watercress is truly one of Jackson’s most unique properties. Completed in 2017 by Teton Heritage Builders, this home is a true example of blending natural materials and a contemporary aesthetic together to create a truly distinguished Jackson Hole property.
From the selection of two premium, adjacent cul-de-sac lots along the 18th fairway, to materials sourced from as far away as South America—every detail of this property was considered to culminate in an ultra-refined home beyond compare. Iconic Teton views are emphasized throughout, with the Grand Teton serving as the focal point via walls of glass in a remarkable great room and from the master suite.
An intelligent floor plan can make a large space feel comfortable. The home’s 14,421 square foot interior is designed around a principle of balanced wings and a weighted symmetry. 3115 Watercress offers primary living on one level that utilizes functional space and takes advantage of expansive views. Architect Brad Hoyt of local firm Hoyt/CTA Architects invites the outside in through generous use of multiple patios and expansive walls of glass.
Those who long for the greens of the Rees Jones-designed championship golf course during the winter months will delight in the Foresight Sports golf simulator to help maintain their handicap. The home’s full fitness room, indoor grotto and sauna, and a media room compliment the multi-season amenities offered by 3 Creek Ranch whether you’ve spent the day cross country skiing from the nature center, or fly fishing one of the three private trout streams.
Beginning Spring 2018, American Airlines will provide year round air service to Jackson Hole, Wyoming. American Airlines will fly a daily CRJ7000 from Dallas Fort Worth, TX to Jackson Hole, Wyoming complementing their A319 service during the summer and winter months.
“Commercial air service is a significant factor in expanding and developing Wyoming’s economy,” said Governor Mead. “Entrepreneurs and businesses need quick access to markets and customers. Visitors want convenient access to their destination. Residents want the mobility air service provides. The addition by American Airlines of year-round service is a boon to Jackson and Wyoming. It is good news for our state.”
The community has been asking for increased, year-round options, and will get just that this Spring. The Spring/Fall service (April/May and October/November/early December) will complete the year-round air service for American Airlines.
Spring and Fall service will be operated on a CR7.
WHERE ARE YOU GOING TO WATCH?
Incredible views characterize properties year-round.
by Staff Writers
JACKSON, WY – As Jackson Hole prepares for Monday’s “Great American Eclipse”, the number one question around town is, “Where are you going to watch?”
It is no secret that Jackson lies in the line of totality and is one of best places in the country to view this rare natural phenomenon. While valley residents and visitors alike flock to popular sites in our National Parks, along the Gros Ventre River and up Curtis Canyon, there is no better time to consider some of Jackson Hole’s finest views.
Jackson Hole Sotheby’s International Realty has a selection of extraordinary properties currently for sale with spectacular year-round views, many of which sit almost directly in the middle of the line of totality. With views of Sleeping Indian and the National Elk Refuge, these properties give their owners the perfect viewing point for the eclipse, but also offer incredible Teton and valley views year- round.
One such property on the market lies less than a half-mile from the exact center of totality for the eclipse. Located on the bench of Solitude, this home also boasts direct Grand Teton views. The classic western design adds comfort and warmth to the well-built two bedroom log home. It is reminiscent of a traditional log cabin with fine craftsmanship and upgraded features throughout. The property also features a four car garage and a separate 1,500 square foot barn.
Just south of Sagebrush Drive in Fairway Estates is a stone and timber framed home on three acres, sited to take advantage of unobstructed views of the entire Teton Range, and the Sleeping Indian across the valley. The home utilizes an advanced geothermal heating and cooling system for the ultimate in energy efficiency and comfort no matter what the seasons may bring. Completed in 2012, this home offers the both craftsmanship and comfort among a blend of gorgeous natural finishes.
Considering calling Wyoming home? Visit one of Jackson Hole Sotheby’s International Realty’s twelve offices for additional information on these extraordinary view homes, and real estate opportunities throughout the Jackson Hole region.
LOCAL AGENTS RANKED AMONG TOP PRODUCERS IN STATE by Staff Writers
JACKSON, WY – On July 6, REAL Trends released their annual “America’s Best Real Estate Agents”—a ranking of the nation’s most productive sales associates.
Inclusion in the rankings required individual agents to have closed a minimum of $20 million in sales during 2016, or $30 million in sales volume for sales teams.
REAL Trends sources the data for their rankings from “surveys from virtually every national branded network,…local associations of Realtors®, multiple listing services, all applicants from past years’ rankings, and the 1,600 largest brokerage firms in the United States,” according to the consulting and communications company. For 2017, “America’s Best” independently verified and ranked over 12,600 residential real estate professionals.
As in 2016’s rankings—sales teams from Jackson Hole Sotheby’s International Realty held seven of the top ten rankings for sales volume in the state of Wyoming. This year’s eighth-ranked team, the “Big Mountain Group,” recently joined JHSIR following the brokerage’s early-August acquisition of Obsidian Real Estate. Only two individual agents in the state exceeded the sales threshold required for the 2017 rankings, with both agents—Tom Evans and Brett Frantz—representing JHSIR.
“We have assembled an incredibly knowledgeable and experienced group of sales agents that continue to be consistently ranked among the top in their field,” said Donna Clinton, Managing Broker and Chief Operating Officer for Jackson Hole Sotheby’s International Realty. “What is more important than the ranking itself,” she added, “is the trust and respect that they’ve developed with their clients to get them to this point.”
Steve Murray, publisher of REAL Trend’s America’s Best Real Estate Agents, further highlighted the success of theses agents by noting that “the average residential real estate agent in the United States… had less than $1.3 million in sales” during 2016.
The brokerage cited a strong collaborative environment among its agents as one of the key reasons for such strong representation among the annual “America’s Best” rankings.