First Quarter Market Report | April 2014

1st Quarter Recap

Teton Village saw a gain of 31.3% in unit sales, and an astonishing 82.4% surge in dollar volume. The average sales price for this area was 39% higher than the 1st quarter of 2013 with an increase of about $455,600. These properties spent 27.2% less time on the market than the previous year. After another record breaking ski season at Jackson Hole Mountain Resort, the Teton Village area now leads the local real estate market in its upward trend. View all of our unique Teton Village listings now, including Shooting Star – a luxury golf course development located at the foothills of the ski area.

West of the Snake River, which includes areas such as Teton Pines, Crescent H, and John Dodge, also experienced an increase in both unit sales and sales volume. Unit sales were up 53.3% and dollar volume grew 5.6%.

Current inventory levels have pushed the number of single family home sales downward, however, the median sold price is up over 20%, to about $980,000. Condos and townhomes saw a nearly 20% gain in both dollar volume and unit sales. Both commercial and farm/ranch properties were also increasing during the first quarter of 2014 compared to the previous year.

The Town of Jackson’s average sales price was up 3.7% from the 1st quarter of last year. Fewer properties were available, which is reflected in the average days on market dropping nearly 26%.

South of Town experienced an increase in both dollar volume and unit sales, whereas the North of Town area had a slight decline in both of those segments.

Landslide Update

Although very serious and causing hardship for homeowners and businesses in the immediate area, the landslide is limited to the area on West Broadway between Sidewinders and Walgreens. For the past two weeks, noticeable land deterioration has occurred, causing the exposed face of a pre-existing land cut to further recede. This slide has damaged the Walgreens parking lot significantly, made one home inhabitable, and has endangered three others. Town officials and geological experts are working on creative solutions to help mitigate the landslide located near Walgreens at the corner of Scott Lane and Broadway. Please visit the Town of Jackson’s website for a live video stream and up to date information.

Looking Forward

Spring has officially arrived in Jackson Hole. With sunny skies and warm temperatures, here are just a few local events to put on your calendar.

– 2nd Annual Tie One On Fundraiser, hosted by Jackson Hole Trout Unlimited on May 10th, doors open at 6:00pm.
– The Elk Antler Auction, supporting the Jackson Boy Scouts – May 17th
– The 26th Annual Rotary Wine Fest will take place at the Snow King Events Center on Friday, May 23rd.
– Old West Days, a favorite among locals and visitors, is a weekend long event taking place from May 24th – 26th.