How Much Has the Jackson Hole Market Appreciated?
With the busy Summer 2018 behind us, we’re left to ask “how much has the Jackson Hole real estate market recovered since the Global Financial Crisis?”
An August article in The M Report asked “Which Housing Market Has Rebounded the Most?”
The article was based on a study conducted by Owners.com and looked at the top 20 metropolitan markets that have recovered since the Global Financial Crisis of 2009.
Top of the list was Modesto, CA and Reno, NV, which — based on a residential price-per-square-foot basis — increased from the lows of nearly a decade ago by 114% and 110%, respectively.
In many cases, however, the Jackson Hole real estate market is too nuanced to be captured using simply a blanket price-per-square-foot measurement. For example, a home on five acres north of town with sweeping Teton views isn’t an apples-to-apples comparison for a new “mountain modern” home in the Town of Jackson.
Instead, we tried to unearth instances where the exact same property sold in 2012 or 2013 (arguably the low of the regional real estate market) and compare them to their more recent sales from the last twelve months. Below are seven examples:
Town Creek Condos (Town of Jackson)
2-bedrooms, 1-bath, 728 sq.ft.
October, 2012 Sale Price: $153,000
August, 2018 Sale Price: $383,000
Increase in value: 150%
In recent years, the interior of this in-town condo was remodeled, possibly accounting for the above-average appreciation
Cottonwood Flats (Town of Jackson)
2-bedrooms, 2-bath, 1,120 sq.ft. with a one-car garage
April, 2013 Sale Price: $370,00
October, 2017 Sale Price: $550,000
Increase in value: 49%
More recently, a similar unit in the development listed for $595,000 is currently under contract.
Rafter J (South of Jackson)
3-bedrooms, 2-bath, 1,803 sq.ft. with a two-car garage
May, 2013 Sale Price: $531,000
February, 2018 Sale Price: $815,000
Increase in value: 54%
Three homes are currently on the market in Rafter J, where the least expensive listing price is $995,000.
Spring Creek Ranch
3-bedrooms, 3.5-bath, 2,398 sq.ft. with a one-car garage
December, 2012 Sale Price: $749,000
November, 2017 Sale Price: $1,425,000
Increase in value: 90%
Spring Creek Ranch is one of the few regions in Teton County that allows for short-term rentals
The Aspens (Wilson)
3-bedrooms, 3 bath, 2,810 sq.ft. with a two-car garage
July, 2013 Sale Price: $1,100,000
August, 2018 Sale Price: $2,130,000 (above listing price)
Increase in value: 94%
This West Bank home was remodeled in 2015.
Jackson Hole Golf and Tennis
4-bedrooms, 5 bath, 3,925 sq.ft. with a two-car garage
August, 2013 Sale Price: $1,925,000
June, 2018 Sale Price: $2,550,000
Increase in value: 33%
Three homes are currently on the market in Jackson Hole Golf and Tennis, where the least expensive listing price is $2,895,000.
Indian Springs Ranch
6-bedrooms, 7 bath, 8,365 sq.ft. with a three-car garage
September, 2012 Sale Price: $7,000,000
April, 2018 Sale Price: $9,400,000
Increase in value: 34%
Indian Springs Ranch currently features five homes on the market with listings prices ranging from $8.95MM to $15.5MM
Based on the Teton Board of Realtors Multiple Listing Service, year-to-date sales in Teton County total nearly $700MM. That’s up more than 30% over the same period in 2017.
And while the busy summer season is behind us, historically the fourth quarter in the regional real estate market also sees strong activity as both buyers and sellers strive to consummate sales before the year-end for tax reasons.
As the leaves change color, it seems the Jackson Hole real estate market is poised to have its biggest year ever.