Market conditions in Jackson continue to improve. After the liquidity crisis in the Fall of 2007 the market took a decided breather. The trend of under contract properties took a dip along with the rest of the country. That dip continued somewhat into the first quarter of 2008. We have not experienced the wave of foreclosures that have swept through other more speculative parts of the country. The good news is that although transaction volume was down in the 30% range the dollar volumes were less affected. This is proof that underlying supply and demand forces are still solid here in Jackson Hole. The median price of closed single family homes continued to hover in the $900,000 range. New contract activity has also shown an increase in April as Jackson moves out of its seasonally slow period and into the busy summer and fall season. Inventory is still a big part of the story with the Jackson area still hovering at historically low levels. Inventory in outlying ares continues to increase accounting for most of the build. This scenario is creating a buyers market in many areas such as Teton Valley, Idaho. Inventory selection should improve in the Jackson area as we move into summer if the trend follows prior years. The current active listings in Jackson (not including commercial or farm/ranch) is at 345 units. The lowest priced condo is listed at $380k, the lowest priced townhome is $549k and the lowest priced SF home is listed for $675k.
If you had come to Teton Village in the year 2000 and then not returned until this year you'd be very surprised at what has happened. In that time a complete transformation of the Village has taken place and it continues today. I don't have the exact numbers but an intelligent guess would be there has been close to $500M in investment at the Mountain Resort. New projects that have appeared in that time include The Teton Club, The Four Season and its Residences, Teton Mountain Lodge, Crystal Springs, the newly completed Hotel Terra, the villages first green Condotel, and a new tram thats under construction as we speak. Looking forward another 1-4 years and you'll see Teton Mountain Lodge #2, Hotel Terra 2, and The Little Nell. The mountainside building next to the new tram will also be raised and turned into a sized use project much like Crystal Springs. All this and I haven't even mentioned the Valley's newest addition! The SRA group broke ground on a new 18 hole golf course designed by Tom Fazio. The community, called Shooting Star, will also include 100 single family homes, 32 cabins and 48 town homes sprinkled around the spectacluar golf course and adjacent to the Jackson Hole Mountain Resort. This will truly be one of the valley's hottest new properties.
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Jackson Hole Real Estate. Real estate services in Jackson Hole and the greater Teton County area. Specializing in lifestyle properties in Jackson Hole, Teton Village, Alpine and Teton Valley, ID.
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