Single Family Home sales in 2007 experienced a modest increase in the number of sales (up 10%) when compared to 2006. The dollar volume hit an all time high of $613 million (up 27%) and the average and median sale price both experienced healthy gains, up 15% and 17% respectively. This again is due to the number of homes selling for over $1 million, up 31%. Note: There were 18 homes that sold for over $5 million in 2007.

The single-family home hot spot was Teton Village, where the average and median price was up 77% and 75% respectively, when compared to 2006. It is also important to note that one of the hottest areas outside of Teton Village was North of Jackson to Moose, where the median sale price was also up 70% and the most expensive sale was $5.3 million.

The million dollar-plus segment of single-family homes has once again outperformed the previous year with the number of sales up 31%, and the dollar volume up 27%. Almost half of all homes sold were between $1 and $3 million, 46 sold for more than $3 million, and 18 homes sold for over $5 million. The strong showing of $3+ million sales (up 44%) is continuing to chip away at available inventory in this segment of the market, with the number of available upper-end homes (over $3+ million) down 16% at year’s-end.

Homes currently under contract: As of the year’s-end, there were 48 homes under contract with an average listing price of $3.487 million (up 96%) and a median list price of almost $4 million. There are only 3 listed for under $1 million, and the most expensive home under contract is listed for $5.275 million.

Homes currently on the Market: There are currently 129 homes on the open market (down 16%) with an average list price of $4.15 million and a median list price of $2.25 million. Out of the 129 single-family homes currently on the market, 116 (or 90%) are listed for over $1 million, and 27 of those are listed for over $5 million.

Least expensive single-family home listing at year’s-end: $615,000. This buys a three bedroom, two bath 1,728 sq. ft. home in the town of Jackson (only three houses in the entire valley were available for sale at under $700k, at year’s-end).

Most expensive listing at year’s-end: $34.985 million - a private estate south of Wilson with over 11,000 square feet of living space with direct Teton views, on four parcels totaling almost 34 acres and bordering national forest.

Sell High, Buy Low; You don’t have to wait for a market correction to take advantage of this strategy. There is almost always a sluggish portion in the Jackson Hole housing market and it currently has created an opportunity for locals to trade up from a Seller’s market into a Buyer’s market. There are currently 48 homes listed for between $1 and $2 million verses 13 under $1 million and only 18 between $2 to $3 million. This sluggish segment is typically just out of economic reach for locals (equity-based loans), yet not always quite ideal for second homeowners. To figure out if your current equity base will allow you to trade up, and take advantage of this soft spot, or if you want to be notified in the future about these anomalies in the market, please call or email Devon and David Viehman.

For a more thorough understanding of this segment of our market please call Devon or David at 800-735-8385 x111, locally 307-733-3436 or email – david@jhre.net

Don’t forget to Stand Up and be heard. To find the schedule of public meetings for the Comprehensive Plan overhaul go to: www.jacksontetonplan.com

Average and Median Sale Price of Homes sold in 2007 by Area

1. Jackson Hole Mountain Resort (Teton Village) - 9 homes sold, average sale price of $5.187 million, median sale price of $3.5 million, and the most expensive sale was $11.5 million.

2. Jackson Hole Racquet Club (The Aspens) - 8 homes sold, average sale price of $1.6 million, median sale of price $1.575 million, and the most expensive sale was just under $2 million.

2a. Teton Pines - 17 homes sold, average sale price of $2.895 million, median sale of price $2.5 million, and the most expensive sale was $7.9 million.

3. Westbank, North of Wilson (excluding resort areas) - 38 homes sold, average sale price of $2.58 million, median sale price of $1.735 million, and the most expensive sale was just over $10 million.

4. Westbank, South of Wilson - 24 homes sold, average sale price of $1.91 million, median sale price of $1.55 million, and the most expensive sale was $3.95 million.

5. Skyline Ranch, N. of Hwy. 22 to Sagebrush Dr./W. of Spring Gulch - 45 homes sold, average sale price of $1.51 million, median sale price of $1.25 million, and the most expensive sale was $4.9 million.

6. North of Jackson, S. of Gros Ventre Junction and E. of Spring Gulch - 6 homes sold, average sale price of $5.9 million, median sale price of $4.22 million, and the most expensive sale being $12.8 million.

7. North of Gros Ventre Junction/Kelly/Moran -18 homes sold, average sale price of $2.314 million, median sale price of $1.83 million, and the most expensive sale was $5.3 million.

8. Town of Jackson - 99 homes sold, average sale price of $1.028 million, median sale price of $840k, and the most expensive sale was $1.925 million.

9. South of Jackson to the Snake River Bridge - 63 homes sold, average sale price of $1.574 million, median sale price of $955k and the most expensive sale was almost $14 million.

10. South of the Snake River Bridge to County Line – 18 homes sold, average sale price of $827k, median sale price of $700k, and the most expensive sale was $1.6 million.

*All statistics are supplied by sources that have been deemed reliable, but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2006 compared to sales in 2007.
*Median sale price is the cost of a home that has an equal number of sales above and below it on the price scale.

HOMES: The total number of single-family home sales had a poor showing the first six months of 2008, down 54%. The dollar volume spent on homes was also down 54%, affirming a real Buyer’s market. Despite this downturn, the median sale price is still climbing, up 2% to $1,200,000, while the average sale price remained unchanged when compared to the first six months of 2007. The upper end of the housing market, homes priced at $2+ million, also showed signs of softening in total sales with only 19 recorded sales in the first six months of 2008. Note: Of the 77 overall homes sold, 58% of them sold for over $1 million. Of those 45 homes, 8 sold for over $3 million and 4 sold for over $5 million.

THE NUMBER OF HOMES UNDER CONTRACT re-affirms a Buyer’s market. The number of single-family homes under contract is down 36%, but the average price up 133% and the median price is up 306%. Note: the average and median under contract prices are up because only 9% of the homes, currently under contract, are priced under $1 million. As mentioned earlier, the upper-end is where you will find plenty of activity.

AVAILABLE SINGLE-FAMILY HOME INVENTORY is up, for the first time in two years, by 57%; dropping the median asking price 21% to $1,995,000. The average asking price is also down 23% to $3,474,705 despite the overall dollar volume of available inventory being up 21%, to over $837 million. This increase in dollar volume is due mostly to the number of expensive homes available. There are currently 116 homes for sale at over $2 million. NOTE: You don’t know when real estate will be at bottom until it’s too late. If you see a home you really love, go for it. With inventory high and mortgage rates low, there couldn’t be a better time to buy!

THE LEAST EXPENSIVE HOME ON THE MARKET, at this time, is $635,000 in the Town of Jackson. This buys you a 1,100 sq. ft. home built in 1978 on .116 acres.

THE MOST EXPENSIVE HOME ON THE MARKET, at this time, is $29.5 million. This buys you 10,000 sq. ft. home and guesthouse, all situated on 4 private acres on the Snake River, north of Jackson.

If there is a soft spot in the housing market it would be $1 to $2 million, where the number of available single-family homes (83 homes) makes up 34% of the available home inventory.

Copyright 1995 - 2008 by David E. Viehman, dba Jackson Hole Real Estate & Appraisal, LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without explicit written permission from David E. Viehman.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

*All statistics quoted in this newsletter are based on sales in the first six months of 2007 compared to the first six months of 2008.

*Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.

*Average sale price is the total combined dollar volume divided by the number of sales.

*The word “Overall” in this newsletter refers to all sales in Teton County combined (homes, lots, condos, commercial and ranch).

*This report is published and updated twice a year. Because of our fast moving market most of the statistics in this report are obsolete within two weeks. Therefore, you should not rely on this report to determine the value of a property, instead call me for a free market analysis.