Since its inception in 1965, the Jackson Hole Mountain Resort has hung its hat on the numbers surrounding its five decade history.
For example, its two mountains (Apres Vous and Rendezvous) comprise more than 2,500 acres of skiable terrain.
The 4,139-foot rise of the iconic aerial tram represents the single greatest vertical ski run in the US.
And for the last eight years, Forbes Magazine (among others…) hasnamed Jackson Hole the #1 resort in North America with a PAF (Pure Awesomeness Factor) of 99 out of a possible 100.
It’s little surprise then that real estate at the base of Teton Village also has seen some remarkable statistical performance in the first quarter of 2018.
In 2017, more than 12% of all the dollar volume of real estate recorded in Teton Board of Realtors MLS posted within the roughly 250 acres that make up the 83025 ZIP code. For the year-to-date in 2018, that number has increased to 17%.
The challenge for the 2018 real estate market – both in Teton Village and abroad – is the lack of inventory publicly for sale.
Interested in a condo in the original section of the Village? Sorry. There’s nothing for sale. Zero. Zilch. A one-bedroom in the Sleeping Indian complex hit the market in mid-March for $598,000 (or about $800/sq.ft.), and went under contract in less than two weeks.
In the first quarter of 2017, Teton Village posted a little more than $15MM in total sales volume. This year, more than $23MM in sales volume posted in the first quarter. Another $28MM is currently under contact at the base of the Jackson Hole Mountain Resort.
For the overall Teton County market, more than $130MM in volume closed in Q1 on 111 transactions (which, despite the lack of inventory, is up more than 25% for the same period in 2017).
For the last few years, Jackson Hole has very much been a Seller’s Market. At present, and in looking at some of the neighborhoods across the valley, the trend becomes clear:
Jackson Hole Golf and Tennis :: Two homes for sale
The Aspens :: Zero homes for sale
Cottonwood Park :: One home for sale
Rafter J :: One home for sale
Melody Ranch :: Two homes for sale
As winter turns to spring, new properties will surely come to market. With the largest team of sales professionals in Jackson Hole, we look forward to keeping you apprised of the ever-changing 2018 real estate climate and inventory!