Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market in 2013

Over the course of 2013 I have been tracking many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the major take-aways from the Jackson Hole Real Estate Market in 2013:

Distressed Property Sales:  Teton County experienced the highest levels of distressed property sales (bank sales and short sales) in the spring and early summer of 2013. In April, there were 8 distressed sales, which represented 15% of all property sales that month. May and June also saw a significant amount of bank and short sales, however by the end of the summer, these types of properties seemed to disappear from the market all together as September did not see a single distressed sale. Since then, each month has had their own share of sales, suggesting that while the majority of this shadow inventory has been absorbed, there still remains a trickle of  bank owned property coming onto the market.  Click HERE to see Distressed Properties currently for sale in Teton County.


Investment Property Sales: Overall, the sale of investment property in Teton County increased throughout 2013. Investment property is defined as property that can legally be short term rented and is concentrated in areas such as The Aspens, Teton Village and near Snow King Resort in the Town of Jackson. Interestingly this type of property experienced more sales near the beginning of both the summer (May) and winter (Nov) tourist seasons suggesting that investors were planning to benefit from Jackson’s two busiest seasons. Recent improvements made to both Teton Village and Jackson Hole Mountain Resort and Snow King Resort may also help explain the increased interest and real estate activity for these property types. Click HERE to see short term rental/investment property currently for sale in Teton County.


Average Days on Market: The average days a property sits on the market before selling can tell us many things about the speed of absorption, the level and quality of inventory and the motivation of both buyers and sellers. When inventory levels are low (i.e. not many properties on the market) we tend to see sales of property that has been on the market for quite some time as buyer’s options decrease. On the other hand, when inventory is low well priced properties can be snatched up quickly (and not be on the market for very long at all). From the chart below, we can understand that during months when sold properties spent a longer time on market before selling, these properties were selling at more of a discount (or a lower Sales Price to List Price ratio). Conversely, when the monthly sales had a lower average of days on market before selling, buyers were receiving LESS of a discount (or purchasing at a HIGHER Sale/List Price ratio).


Inventory by Price Point: Earlier this year I analyzed how the available inventory levels (and pending sales) compared to actual closed sales, based on various price points. When we look back on 2013 as a whole, a few trends emerge. There were 440 closed sales in Teton County in 2013 (excluding land sales and fractional sales). Currently there are only 230 properties available for sale, or about a 6 month inventory. Property sales in 2013 were spread somewhat evenly across various price points (Under $500,000 / Between $500,000 – $1 million / Over $1 million – See Chart below.) This is also in contrast to available inventory, where the majority of properties (59%) are priced over $1 million despite this price point accounting for only 30% of 2013′s sales. Conversely, properties selling for under $500,000 made up 36% of all property sales in 2013, however only 12% of the current available inventory is priced under $500,000 (29 properties to be exact).



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Market Focus: Sales of Investment / Vacation Property increase as Winter Ski Season approaches

The month of November experienced a higher than usual amount of sales of investment property, or properties that allow short term rentals. Most of these sales were concentrated in areas associated with vacation rentals, such as The Aspens, Teton Village and near Snow King Resort. On average, roughly 6 of these types of investment properties sell each month. Last month, 12 investment condos sold in Teton County, the highest monthly sales this year (see chart below). The approaching winter ski season (and the lucrative rental income associated with it) may explain the spike in sales this past month. The month of May also experienced higher than usual sales of investment property, most likely for similar reasons as owners hoped to cash in on the summer tourist season.


Interestingly, of the dozen sales of short term rental property this past month, 6 of those sales occurred at or around Snow King Resort. Snow King Resort was recently purchased by JMI Realty — a subsidiary of an investment company owned by the John Moores family, of San Diego. The new owners are in the midst of a $20 million renovation of the resort which includes updates to the hotel and conference center, a new restaurant (Hayden’s Post), and upgrades to the exterior of the property. Based on the high amount of sales this past month, it appears many investors are taking note of the improvements and are expecting increased property values and rental income as a result.


Renovated Snow King Hotel Lobby

CURRENT INVENTORY AT SNOW KING: Currently there are 7 condos/townhomes available for sale near Snow King Resort. Six of them are located in the Love Ridge / Grand View development located just east of the Resort (pictured below). These units were built in 2003-2004, each include 3 bedrooms and range in size from 1,800 – 1,900 square feet. Owners of these condos also enjoy all the amenities of Snow King Resort. There is an older Pitchfork unit (built in 1991) also available for sale with 3 bedrooms and a detached garage. Click HERE to view all available Snow King listings.


Grand View / Love Ridge Condo Development


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Jackson Hole Mountain Resort to open on Thanksgiving

In less than a week Jackson Hole Mountain Resort with fire up its chairlifts and officially open for the 2013-2014 ski season. This year marks the earliest opening ever on Thanksgiving Day. The upper mountains have received a reported 86″ of snow so far this year, with 33″ of it sticking around to form the base. Snow making efforts over the past month have provided coverage on the lower mountain for opening day. It’s not yet clear exacting what lifts will be spinning on Thursday, but in years past skiers have been able to ski off of Apres Vous Chair and Casper Chair on opening day.


This year, Jackson Hole has the distinct honor of being named the #1 Overall Ski Resort in North America by SKI magazine’s Reader’s Poll. Jackson Hole also received top ranks for Overall Satisfaction, Character, Variety and Challenge from over 10,000 readers participating in the poll. As a thank you to the skiing/riding community, this Friday November 29th Jackson Hole Mountain Resort will offer FREE skiing  to the local community and visitors alike. There are now 12 cities with direct flights to Jackson Hole including Chicago, Los Angeles, Houston, San Francisco, Denver, New York (JFK), Newark, Atlanta, Minneapolis, Seattle and Salt Lake City.

Web Winter Map 12 Cities

REAL ESTATE IN TETON VILLAGE: Do you visit so often that it make sense to own a ski condo here? Are you a local and interested in investing in some prime ski-in, ski-out real estate? There are many options in Teton Village including 1-4 bedrooms condos and townhomes starting at $299,000, condo-hotels starting at $330,000 and single family homes starting at $2,250,000 as well as fractional ownership opportunities starting at just $10,000. Click the in links the preceding sentence to view the current inventory.

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Happy Skiing!


Fresh powder turns in the Jackson Hole backcountry