Red Hot Market North of Gros Ventre Junction
Nowhere in Jackson Hole is the resurgent real estate market more evident than Area 7 North of Gros Ventre Junction. A quick year over year analysis provides some truly eye-opening numbers. As of May 19, 2014 there had been four properties either contracted or sold in the area with an approximate sales volume of $7,200,000.* During the same timeframe in 2015 seventeen properties have gone under contract with 11 closings. Closed year to date sales volume in 2015 is approximately $23,070,000.* The six pending properties have combined asking prices of $23,465,000. If all the pending properties close it will be an over 600% increase in sales volume year over year.
North of Jackson is known for the un-paralleled views of the Grand Teton and nearby access to the National Parks. Being further from Jackson Hole Mountain Resort the selling season for the area has always been the Summer and Fall. In 2014 the total sales volume was $31,578,000 with 24 properties closing in the area. 77% of the closed sales volume was placed under contract after May 19, 2014. The fact that the area has historically been a Summer/Fall centered market makes the year to date 2015 numbers even more impressive and could be a sign of a record breaking summer selling season to come. Pending & Closed sales in the area year to date has already surpassed the entire sales volume for 2014.
There are currently 20 active residential listings in the Area North of Gros Ventre Junction. There are 29 active listings of vacant land. 15 of the 29 active vacant land listings are located in Solitude & Owl Creek Subdivisions. The largest landowner’s in the respective subdivisions have decided to bring some of their inventory to the market. The first of the new vacant Solitude listings was pended in less than a month on the market. The lack of new construction and residential inventory market-wide will continue to put increasing demand on vacant land. There is less than a 6 month supply of single family homes in Teton County and as the summer selling season approaches demand North of Jackson should continue to increase as the supply decreases. The JH Property Group has been involved in more transactions than any individual broker/team in the area North of Gros Ventre Junction in 2015. We have the market knowledge to help you meet your goals whether you are considering Buying or Selling. Please contact us if there is any way we can assist you.
* All Statistics based on Teton Board of Realtors MLS. In cases where sales prices were not disclosed sales prices were estimated.
