December alone accounted for 56 unit sales, an increase of 75 percent from 2011, and more than $125 million, according to Teton County Multiple Listing Service statistics compiled by Jackson Hole Sotheby’s International Realty. Sales volume rose more than 250 percent, up from $49.9 million, which pumped up the average sales price for this month to a whopping $2.24 million. Nineteen of the months’ sales, or about a third, were for more than $2 million.
Even before the year’s big finish, 2012 was on track to be the best year since 2008, the beginning of the Great Recession. However, even with December’s huge numbers the year was unable to approach figures achieved during the boom years between 2005 and 2007, when unit sales topped out at 746 (2005) and a sales volume of $792 million (2007). On the other hand, 2012 easily more than doubled the anemic totals of 2009 when just 203 properties changed hands for $229.2 million in sales volume.
Where is the market headed in 2013? Only time will tell, but one factor that may indicate the progression from a buyer’s market to a seller’s market is markedly reduced inventory. Total listings are at their lowest level since January 2009 with 530 currently on the market, including 296 residential offerings and 234 building sites.
However, there are 23 percent more properties listed below $850,000, indicating there are more options for working families. The dearth is felt in the range between $850,000 and $3 million, which has seen a decrease of 16 percent in listings. The amount of properties listed for more than $3 million is essentially flat.
For a more comprehensive look at last year’s statistics, including a closer look at top sales, Teton Village sales and more, please visit www.TetonRealtyToday.com.
Brian Siegfried
