Property Sales Hit Record in 2004
Market begins to return to its old form.
The Jackson Hole Realty market fell a little short of an expected $1 billion in sales for 2004, but is well ahead of 2003 according to MLS Data and appraisal Information out. Sales reached over $900 million according to the latest information available. The Teton Village Real Estate Market was a big factor in the jump with the advent of new inventory provided by luxury hotels in Teton Village. There was also a huge jump in luxury home sales as well as Jackson Hole Condominiums.
The market reported records in several almost every real estate region. The sales volume of residential and commercial properties of more than $900 million exceeded the record set 2000 of $700 million. The median sale price for a single-family home reached a record high of over 600,000.
The sale of the Bar B C Ranch from the Mead family to the Ross Perot Hillwood development company at the end of 2004 was over 110 million and will be back on the market in smaller ranch sections. The number of transactions was well over 920 sales in 2004. There were many sales of Moose Creek Condominiums and Granite Ridge Town homes that helped firm up the markets at the Mountain Resort.
Sales started off slow for the new luxury resort hotel known as the Four Seasons Resort, after it's completion but soon rebounded as sales in the Teton Mountain Lodge increased. The establishment of several new golf courses further boosted the real estate market. These resort areas will continue to attract the wealthy clients to the valley where they may become real estate customers.
New trends point to a sharp increase in prices as the inventory is low at the end of this year. The overall available inventory decreased for the second year in a row with 8 [percent] less real estate for sale at year's end, compared to the same period in 2003," This reduction in listed property is again boosting the average listing price to climb over 30% higher than 2003 prices.
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