Jackson Hole Realty News up-date / February 2005
Teton Village is leading the regions dollar volume in real estate sales once again as the condominium sales for 2004 and the first few months of 2005 have set new records in Jackson Hole Real Estate. Sales have nearly tripled as people are becoming more focused on this area, where Home Rentals are so strong. Home sales have attributed to well over 40 million dollars of the overall sales volume of the 120 million sold in Teton Village over the past 14 months. Granite Ridge Townhomes, 5 Bedroom townhomes lodges and 2 Bedroom log cabin units are still selling strong as the inventory for these properties has decreased and demand has increased.
Jackson Hole Four Seasons and Teton Club Resort fractional sales have also been brisk as Jackson Hole buyers want to own a piece of the area, but for whatever reasons do not buy whole ownership units. The average price of full ownership units in these high-end resort condo-hotels is well over $1.5 million. For this reason the older condominium sales in Teton Village are also very strong with average sales between $500,000 and $900,000.There have been over 30 sales of these awesome condominium rentals at the Mountain Resort and there were over $12 million in sales volume for these units. There were nine sales of the popular Moose Creek Condominiums with a sales volume of nearly 10 million dollars.
Sales have also picked up in the residential markets in all regions. The West Bank Region tends to always lead out with sales but this year there have also been many sales in the North Region of Jackson Hole and the Town of Jackson Hole Region areas. The short and long term mortgage interest rates have remained low enough for both locals and second homebuyers to continue to invest in the markets. Many second home- buyers are now looking carefully at areas that were more traditionally bought by the locals. The average prices of homes and condominiums outside the Resort areas seem to be better value. A home as nice as some homes in Teton Village can be bought for $500,000 less and offer nice views and good proximity to town.
There are also many new developments at the planning level that will be of interest as our markets continue to move along. The SRA proposal of more than 500 acres of land at the base of the Jackson Hole Mountain Resort is now at the County Commission level. The locals have many concerns about the size of the new Resort development but some form of the proposal is likely to be passed this year. This new inventory should absorb much of the pent up demand in the Village and it will be interesting to see how it plays out.
