Updated Market Report for 2018 / October 20th
By Ronald Miller/ Broker Jackson Hole Real Estate Company, LLC
The Jackson Hole Real Estate market continues to be strong through the 4th quarter of 2018 despite low inventory in some sectors and very high demand. The condominium market between 500,000 and 2 million range has seen a flurry of activity with properties only listed a few days. The Aspens/ Teton Pines market on the Westbank continues strong and we have sold several 2 and 3 bedroom units this past month in that area with little to no inventory. Newer modern style condominiums in town priced above 1 million seem to be moving slower as there is quite a bit of inventory recently available which is interesting.
Our office brought a full price offer this month on a 2 bedroom loft condominium listed in Teton Village at 925,000 and lost the deal to a higher cash bidder. The unit was updated in good condition for an old condominium yet was very small relatively speaking. The Teton Village marketplace can be the most challenging for a buyer to enter with very low inventory.
The high end single family residential market on the West Bank has also seen an increase in sales. Sold and pending properties between 3-6mm range are being seen in Tucker Ranch, Willowbrook, Teton Pines, John Dodge and Teton Village as well as in Crescent H. Among the sales were several log home sales which are noteworthy. I often hear the Realtors say that the western style rustic log homes are out of style and not popular any longer. I strongly disagree with this view as we are selling them. I will be more than happy to take all the log and western style residential listings if the other Realtors do not want them. Thank you!
Here are 2 examples of log homes recently sold:
- Crescent H home- 4.3mm - https://www.jacksonholerr.com/userfiles/files/18-1238.pdf
- Tucker Ranch home -5.3mm - https://www.jacksonholerr.com/userfiles/files/17-106.pdf
The upper end market above 10mm is also showing interesting trends. Price itself can become the objection in these markets as the buyers are fewer and more selective with high inventory. The Shooting Star Resort and Granite Ridge subdivision continues to roll out more and more luxury homes above 10 mm that are slow to move. There have been a few dramatic price reductions showing some sellers are getting more anxious to move those properties. Maybe the winter months will spur that market as it appeals to the skiers.
Market Snapshot (Live Results)