Luxury Home Submarket of the Resort-Orientated Market SegmentIncluded 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 returning to Teton County's trophy properties.
This table shows that in the first half of 2004 the number of home sales greater than $1,000,000 increased 42.85% from the same period of time in 2003. Furthermore, the average price of the home sales comprising the top 1/3 of the sales market increased by 26.26%, which was reflected in an overall increase of dollar volume of sales in this market segment to $89,541,308, an increase of 29.86% from the previous year. Gains are also noted in the top-end or "trophy" portion of the luxury home market, with seven sales equal to or greater than $4,000,000 occurring in the first half of 2004 (as compared to five sales of this magnitude during the same period last year). However, considering that the Teton County Multiple Listing Service has recently reported 54 homes for sale with asking prices equal to or greater than $4,000,000 (nearly five times the absorption level experienced in that price range last year), there are still 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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