April 2013 YTD Market Update

Gains Over Previous Year Continue, Competition for Existing Inventory Pushes Prices Upward


Observing data compiled through the end of April 2013, it is noted that the number of residential real estate sales (single-family homes, attached homes and vacant lots) are up from 116 total sales during the first three months of 2012, to 152 sales during the same period of this year (an increase of over 31%). It appears that buyers have moved in many cases from a stance of optimism to one of active pursuit of real estate purchases, with the available inventory continuing to contract. This has been especially noticeable at the lower end of the pricing range, with attractive interest rates adding to buyer motivation and, in some cases, creating positive cash flow for even leveraged buyers. Perhaps the most pronounced examples of this phenomenon are noted in the Ponderosa Village Condominiums, where one unit sold over 76% above the previous year average price point. As the lower end of the market has dominated the number of sales (the local market increased in number of sales by nearly 44%, while the resort segment showed an increase in sales volume of 18.64% over the previous year), the average transaction price is down by over 15% year to date. However, this is not a value trend, just a reflection of the strength of the lower end of the market. This trend appears to be continuing into May, with anecdotal reports of “tear down purchases” in the Gill Addition to the Town of Jackson placing lots in this development in the $500,000 range for 7,500 square foot building sites.

 (click on tables/charts to see enlarged view)

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Summary of Market Statistics

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Combined Sales Data – All Property Types

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 Individual Market Segment Performance

Vacant Homesite Market Segment

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Attached Home (Condominium / Townhouse) Market Segment 

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Single Family Market Segment

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Andrew Cornish, MAI, SRA
President, Rocky Mountain Appraisals & Owner/Broker, Brokerage of the Tetons

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