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BROKERAGE OF THE TETONS
Market Report - Luxury Home Submarket of the Resort-Orientated Market Segment
Included in the resort-orientated market segment is the submarket of luxury homes. Demand in this market segment was greatly reduced subsequent to the "dot.com" economic contraction and the terrorist attacks of September 11, 2001. However, as can be noted in the following table, it appears that interest is starting to resurface in Jackson's trophy properties:

  2000 2001 2002 2003
No. Single Family Sales 298 224 214 261
No. of sales comprising top 1/3 of Market 99 75 71 87
No. of sales $1 mil. or Above 66 58 55 71
Average Price of top 1/3 of Market $2,062,132 $2,553,200 $2,313,063 $2,235,590
Dollar Volume top 1/3 of Market $204,151,100 $191,490,000 $164,227,500 $194,496,400
No. of sales >= 4 million 18 12 10 10
No. of sales >= 5 million 4 10 6 7
No. of sales >= 6 million 4 8 5 5
No. of sales >= 7 million 3 7 1 4
No. of sales >= 8 million 2 6 1 2
No. of sales >= 9 million 2 4 1 1


The preceding table shows that the number of home sales greater than $1,000,000 in 2003 increased 29% from the 2002 number. Furthermore, although the average price of home sales comprising the top one-third of the sales market did sdrop 3.35%, the increase in number of high-end sales resulted in an overall increase of dollar volume of sales in this market segment to $194,496,400, an 18.43% increase from the previous year. A rebound is also noted in the top-end or "trophy" portion of the luxury home market, especially in the $7,000,000 and above range, which had four sales in 2003 after having all but disappeared during 2002. However, considering that the Teton County Multiple Listing Service has recently reported 39 homes for sale with asking prices equal or greater than $4,000,000 (nearly four times the absorption level experienced in that price range last year), there are likely to be opportunities for high-end buyers to obtain homes at values that are favorable when compared to historical price levels.


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