T3 2016 JACKSON HOLE MARKET REPORT
INTRODUCTION T3 2016 JACKSON HOLE T3: SEPTEMBER-DECEMBER 2016 T3 was a busy period with 28 transaction sides with almost $28M in sales. Our firm believes that the quiet summer market teed up a busy third period with questions about the election, stock market and interest rates answered, albeit unpredictably. 11 transactions occurred over $5M (in T2, only 1 such transaction closed). The market continues to eliminate inventory which has put downward pressure on sales volume. We were proud to sell a downtown site to the St. John s Hospital for employee housing and are working with them to complete the building designed by Dynia Architects in August 2017. Other notable sales included: 12390 HOBACK VISTA - Estate home 3305 BLACK BALDY DRIVE - Rafter J 135 W. KELLY AVENUE - 12 Apartment Site 455/475 DELONEY DRIVE - Gill Addition 625 EAST HANSEN AVENUE - Bristlecone 876 SNOW KING AVENUE - 810 West 2775 SILVER FOX LANE - 3 Creek Cabin 670 EAST HALL AVENUE - 2 AR Zoned homesites FLAT CREEK BUSINESS CENTER - Commercial Condo With new restaurants including Big Hole BBQ, Orsetto, the new Lotus, Moe s BBQ, downtown is seeing a period of major investment. Hidden Hollow is planning 8 acres of dense housing on the Elk Refuge. The Wells Fargo site on the Town Square is under contract with a local developer with plans to build a 90-room hotel. There are plans for another condominium project at the base of Snow King, and a new elementary school at the base of Munger Mountain. Teton County schools are adding approximately 75-100 new students per year and the number of vacant available parcels is shrinking, meaning more redevelopment in the downtown core, but also pressure on private landowners in areas around schools, south of Smith s, and the corridor toward Alpine. Building costs have increased significantly in the last 3 years, based on the tight labor market. By way of example, a cleaning company we use for another business just raised rates 34%. Parts of the market are pushing all-time highs we have reports of top-floor penthouse units at the new Marriott oversubscribed at $1,300/sqft. Builders are reporting building costs 20-30% higher than two years ago due to materials increase and labor shortage. David Viehman reported the valley experiencing the lowest inventory since 1985 in his quarterly newsletter. 02 T3 Jackson Hole Market Report PRUGH REAL ESTATE LLC 1110 MAPLE WAY JACKSON HOLE, WY 83001
MARKET HIGHLIGHTS T3 2016 JACKSON HOLE TOTAL NUMBER OF TRANSACTIONS IN T3 194 (INCLUDING ALL SALES) 173 CLOSED: 111 AVERAGE LISTED PRICE: $643,641/$466 SQFT AVERAGE DAYS ON THE MARKET FOR CLOSED LISTINGS: 184 207 UNDER $1M BETWEEN $1-5M CLOSED: 72 AVERAGE LISTED PRICE: $2,092,403/$641 SQFT AVERAGE DAYS ON THE MARKET FOR CLOSED LISTINGS: 240 72 OVER $5M (5 DOUBLE ENTRY) CLOSED: 11 AVERAGE SOLD PRICE: $8,556,364/$1,440 SQFT AVERAGE DAYS ON THE MARKET FOR CLOSED LISTINGS: 475 TOTAL SOLD LISTING VOLUME $316,217,199 BIGGEST SALE: PRICE UNDISCLOSED SOUTH FALL CREEK ROAD 125 ACRES LISTED FOR $15.25M, REDUCED TO $13.9M 1,233 DAYS ON MARKET SMALLEST SALE (NON-FRACTIONAL): $270,000 2 BEDROOM/2 BATH CONDO 750 POWDERHORN LANE, E3 Disclosure: We searched all MLS information from September 1 - December 31, 2016, including Residential, Commercial, Farm & Ranch, Homesite, and Multi-family. Per the county records, approximately 30% of the transactions are not reported, especially in the $3M+ range. PRUGH.COM 307.733.9888 T3 Jackson Hole Market Report 03
SOLITUDE teton VILLAGE KELLY SHOOTING STAR BAR-B-BAR north JOHN DODGE JACKSON HOLE GOLF & TENNIS north WEST BANK THE ASPENS BAR BC TETON PINES TUCKER RANCH H-H-R west WILSON GROS VENTRE NORTH GROS VENTRE WEST/BAR Y SPRING CREEK RANCH AMANGANI south town WEST BANK HECK-OF-A-HILL INDIAN SPRINGS RANCH INDIAN TRAILS TEAL TRACE CRESCENT H RANCH ELY SPRINGS COTTONWOOD PARK DAIRY 3 CREEK RANCH RIVERMEADOWS south RAFTER J MELODY RANCH GAME CREEK HOG ISLAND RED TOP HOBACK JUNCTION 04 T3 Jackson Hole Market Report PRUGH REAL ESTATE LLC 1110 MAPLE WAY JACKSON HOLE, WY 83001
: 2465 N FISH CREEK ROAD 11375 HOBACK JCT SOUTH ROAD 385 BROADWAY IN THE GILL ADDITION: 2836/2838 WYLIE LANE PRIVATE HOME NEAR TETON VILLAGE ON 4.26 ACRES MLS 16-2621, 4 BED/4 BATH, 3,022 SF, $2,850,000 EAST JACKSON HOME PLUS ADDITIONAL HOMESITE MLS 15-3035, 4 BED/1 BATH, 2,794 SF, $1,795,000 170/172 N JEAN STREET SNEAK PEAK DOWNTOWN MODERN HOMES WITH 3 MASTER BEDROOMS COMPLETION EARLY MAY 2017, 3,800 SQFT, $2,200,000 05 T3 Jackson Hole Market Report 10 MINUTES SOUTH OF DOWNTOWN JACKSON HOLE MLS 16-2224, 3 BED/ 3 BATH, 2,780 SF, $1,200,000 *SUBJECT TO APPROVAL - WESTBANK HOMESITES MLS 16-2648, 3.11 ACRES/ MLS 16-2649, 2.52 acres 1200 HWY-89 15-UNIT LIVE/WORK DEVELOPMENT ON FLAT CREEK MLS 16-2740, 1 BED/2 BATH, 1,258 SF, $659,900 PRUGH REAL ESTATE LLC 1110 MAPLE WAY JACKSON HOLE, WY 83001