In order to understand what is happening in the Jackson Hole real estate market, it’s helpful to analyze a particular market and see what the numbers tell us. Every month, I like to focus on a different neighborhood in the Teton County area. What are homes selling for in this neighborhood? How quickly are they selling? What were they selling for a year ago? How have values changed? What are the current opportunities in the neighborhood?
Neighborhood Details: The Aspens is a neighborhood located on the Westbank of the Snake River along Teton Village Road in Wilson, Wyoming. The development was planned and platted in the late 1970s and includes several 1, 2 and 3 bedroom condominiums. A small handful of these condos have garages, the majority do not. The entire Aspens development is zoned for short term rentals, meaning owners can rent out their property nightly. This zoning is valuable for second homeowners and investors as the proximity of Jackson Hole Mountain Resort (5 minutes away) and the south entrance to Grand Teton National Park (7 minutes away) make The Aspens an attractive location for vacationers, tourists and skiers alike. There are several property management companies that specialize in helping owners maximize their rental income potential. There are also many locals who call The Aspens home and enjoy the nearby skiing, hiking, biking, hunting, and camping year round.
Past Sales: Throughout the entire Jackson Hole real estate market, we have seen sales prices increasing over the past 6-9 months and The Aspens is no exception. In the past 6 months (April 2013 – Oct 2013), there have been 11 condo sales in The Aspens. These condos have sold on average for $380/square foot after an average of 179 days on the market. Similarly the previous 6 months (Oct 2012 – March 2013), saw 10 condos sell in The Aspens for an average price of $370/square foot after an average of 181 days on the market. Compare that to the previous year (Oct 2011 – Oct 2012), when the averages sales price was $343/square foot and properties were on the market an average of 253 days before selling, suggesting that over the past year condos in The Aspens have been selling more quickly and for a higher price (on average).
Current Opportunities: There are currently 8 condos for sale in The Aspens, only 1/3 of a year’s worth of inventory. These condos are priced between $259,000 – $849,000. On average these listings are priced at $381/square foot, very much in line with the past 6 months of sales ($380/sf). There are currently 4 condos under contract for purchase. Interestingly, the average listing price per square foot of these 4 condos is $422/sq ft. We will have to watch the market and see if these condo sell closer to the $380/sq ft average of the past 6 months or if higher sales prices will signal a further increase of values in The Aspens. Stay tuned…..Click HERE to view the current 8 condos for sale.
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