The real estate business in Jackson Hole had a strong nine months and outperformed some major competitors in the Rocky Mountain region.
According to MLS stats compiled by the Western Mountain Resort Alliance, an association of boards of Realtors in the area, Jackson Hole showed significantly better increases during the first three quarters than Whistler, British Columbia; Park City, Utah; Steamboat Springs, Colorado; Sun Valley, Idaho; Big Sky, Montana; and the Tahoe area in California and Nevada.
The Teton Board of Realtors reported a 30 percent increase in sales, hitting $576.25 million during the period. Average price rose 22 percent to $1.55 million, and median price rose 22 percent to $825,000.
The average house price in Jackson Hole was the highest of the seven resorts, at $2.14 million, far ahead of second-place Whistler at $1.73 million.
The average condo price in Jackson Hole was reported at $807,545, also far higher than any other of the resorts. In second was Park City at $644,399.
Sun Valley, Big Sky and Tahoe all saw stagnant or falling prices in total volume and prices.
Realtor David NeVille of the Ne-Ville Group at Jackson Hole Real Estate said the figures show strength in the local market and also almost full recovery of prices after the Great Recession of 2007.
“What’s interesting is that if you look at the peak of 2007 and 2008, the average dollar for a house sale was around $2 million or $2.2 million,” NeVille said, “so we’re back to about where we were.”
NeVille said it was “huge” that the Jackson market had recovered after the depths of the crash. He said comparing figures from the other resorts was difficult because some were still feeling the effects of the downturn while others might have recovered more quickly than Teton County. But the upturn can’t be argued with, he said.
Total sales reported by the 534 members the Teton board broke down into 156 houses sold for $335 million, 131 condos sold for $105.7 million and 72 pieces of land sold for $121.8 million.
Park City’s 1,076 members topped the list in total sales with 1,741 transactions for $1.32 billion.
NeVille expects prices in the Teton area to stay strong and to rise, given falling inventory over the past year. Though inventory was 534 listings after nine months, up from less than 400 at the depths of the recession, the area is adding little new product compared to the other resorts on the list, he said.
“They are actually approving new projects,” NeVille said of the other resorts, “which keeps inventory up, which we’re not doing for the most part.”
Lack of inventory, though, is good for current owners, and will drive prices higher, he said: “The limited inventory doesn’t leave any alternative.”
NeVille anticipates improvement, though probably not as dramatic, in the coming year.
“I think the market will be good and growing,” he said. “But in a presidential election year it seems like financial markets and real estate markets in places like Jackson Hole tend to stabilize and not grow as rapidly.”