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Jackson Hole Homes: Entry-level real estate on the rise

BRIAN SIEGFRIED   Dec 29, 2011 0 COMMENTS

In 2007, when I began following the Teton County Multiple Listing Service Hotsheet on a daily basis, there were few Jackson Hole homes listed for less than $300,000. By 2008 they were nonexistent, with not a single reported sale during that year below $300,000.

As the recession that began in 2008 deepened, the options below $300,000 slowly returned. In 2009, the number hit double digits. By 2010 there were 24. Today there are 39, a total probably not seen for almost 10 years. To put the slide in context, today’s least-expensive option, a 2-bed condo in West Jackson listed for $102,500, sold for $370,000 in 2008.

Another example of the reset in Jackson Hole home values is that there were two residential sales in 2011 in in the valley below $100,000, the first such reported sales since January 2000. When the year-end numbers are revisited next month, 2011 will yield lower average sales prices, more units sold and a relatively flat sales volume compared to 2010.

Highlights from a look at the current inventory of homes listed below $300,000 include:

- The two least-expensive properties are 2-bed, 716-square-foot condos in Ponderosa Village listed at $102,500 and $109,900. One is a short sale, the other owned by Freddie Mac.

- There are three Meadowbrook condos listed between $129,000 and $145,000.

- Newly listed this week is a 2-bed, 639-square-foot condo on Smith Lane at $149,900. These sold for as high as $356,000 in 2007 but recent comps are within 10 percent of the current list price.

- The largest home available for less than $300,000 is a 3-bed, 1,632-square-foot townhouse in East Jackson listed at $265,000, or $162 per foot.

- Six Aspens/Racquet Club listings make the list, with the least-expensive condo in this popular West Bank subdivision a 1-bed unit at $265,000.

- The least-expensive Teton Village condo is a 560-square-foot studio in the Sleeping Indian building priced at $220,000. Built in 1967, this unit is one of the oldest in Teton Village but remarkably still owned by the original owner.

- Eight of the units listed below $195,000 are currently under construction. The Miller Park lofts are studios and 1-bedroom units near the Town Square but must be owned by or rented to people working in Teton County.

- The only property below $300,000 with an enclosed garage is a 2-bed, 938-square-foot townhouse in Cottonwood Park.

Falling values in the last few years have created several options for those looking to enter the Teton County housing market as owners or investors. Finally, values are once again in line with the incomes of those people most likely to live in the properties.