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 "dotcom" economic contraction and the terrorist attacks of September 11, 2001. However, as can be noted in the following table, it appears that interest has returned to Teton County's trophy properties.
[graph coming soon]
This table shows that in 2004 the number of home sales greater than $1,000,000 increased 1.4% from 2003, to maintain the level that was obtained through the increase of over 29% that was registered in the previous year. Furthermore, the average price of the home sales comprising the top 1/3 of the sales market increased by 5%, which was reflected in an overall increase of dollar volume of sales in this market segment to $1,973,394,308, an increase of 1.48% from the previous year. Gains are also noted in the top-end or "trophy" portion of the luxury home market, with thirteen sales equal to or greater than $4,000,000 occurring in 2004, more than any previous year. Furthermore, although the Teton County Multiple Listing Service has recently reported 40 homes for sale with asking prices equal to or greater than $4,000,000 (over three times the absorption level experienced in that price range last year), this represents a nearly 26% decrease in inventory in the market segment from 2003.
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