Although downward trending in individual property values was still evident, the number of sales in Teton County, Wyoming in 2010 was up by over 32% over the preceding year. Furthermore, despite the continued value erosion, the relative strength of the higher end segments of the market kept averages prices nearly level, with this measure showing a 4% increase. The increase in both number of sales and the influence of high end transactions combined to increase overall dollar volume of sales by approximately one-third. Review of sales and listing data reveals value losses from historic highs that, in very extreme examples, have been over 70%. However, such magnitude of loss has been limited to areas where distressed properties are most prevalent (such as entry level attached homes). Value loss for this market segment was ongoing throughout 2010, with losses of 30% in some cases being compounded onto losses of similar magnitude that were experienced in initial correction subsequent to the fall of 2008. Less distressed areas of the Teton County market have been, to date, able to limit total loss to between 30% and 40% of peak values, with a majority of this loss having occurred from late 2008 through 2009.

To further analyze the most current trends in the Teton County Real Estate Market, the market segments of single-family home sales, vacant homesite sales, and condominium / townhome sales will first be examined without differentiation between the higher-end resort segment of the market and the more moderately priced market segment. Each of these data sets was then allocated between its higher-end and more moderately priced components for further analysis and comparison to data from previous years.

Reviewing the year end sales data for detached single-family residences for 2010 as compared to 2009, an increase in the number of sales of 25.45% was noted. This placed single family home transaction numbers at a level approximately 5.5% less than 2008 numbers, but not even totaling 50% of the transaction numbers noted in 2007. The average transaction price of single-family homes increased by over 12% in 2010. However, this is due to a prevalence of higher-end transactions, not an increasing value trend. In fact, the observation of sales and resales of the same or similar properties indicates that home prices during 2010 have, at best, lost from 0% - 10% of value in some high-end segments, while experiencing double digit value loss (on top of price erosion experienced in 2008 and 2009) in the most affected neighborhoods. The following table arrays year-over-year comparisons of single-family home sales from 2000 to 2010.

As shown in the previous table, the locals market has shown a modest increase in the number of sales. By comparison, the grouping of sales that have been classified as being pertinent to the resort market has increased by over 36%. Furthermore, the average price of a transaction in the locals market decreased by 22.31% while the resort market had an average sale price that increased by over 15%. As a specific example, one attached home development in West Jackson experience prices for a three bedroom unit in early 2008 of $622,000. By the end of January of 2010, a similar unit had sold for $450,000, a loss of over 27%. Presently a unit in this development is listed for sale for $355,000. Were it to sell for 90% of list price, it would represent another increment of value loss of 29% and an over 48% value loss over all. By comparison, an approximately 2,300 square foot home in the Wilson area is currently pending at a list price of $1,245,000. Were it to sell for 90% of this price, it would represent a total loss of 30% from average peak values for this type of a property noted in 2007.

Notably, while the increase in the resort market’s average price was due to the type of home being sold in that segment (and not an appreciating trend), an indication that the resort single-family home market segment is currently on better footing is implied by this data. That said, transaction volume has been relatively low, even in what appear to be the more resilient segments and more data will need to be observed to discern if the resort market segment will continue to resist downward pressure.

Included in the above-discussed resort orientated market segment is the submarket of luxury homes. Observation of high-end home sales reveals that 23 sales equal to or above $3,000,000 occurred in 2010. This number is similar to the numbers noted in the years of 2000 and 2004, but less than that of the most robust years of 2005-2007. While the number of high-end home sales has decreased, the existence of sales at the upper reaches of the value range has caused many real estate professionals to feel that pricing in this market segment has experienced the least amount of discounting. Notably, the tallyfor 2010 could be argued to be as many as nine sales higher (total of 32) where the Cabins at Shooting Star included, as these homes are a platted "Townhouse Subdivision" -- but have many of the attributes of a single-family residence.

The attached table arrays year-over-year comparisons of vacant homesite sales by analyzing the time period of 2000 through year-end 2010.

As was done with single-family residences, the market for vacant homesites was, for analysis, allocated into its component parts of the “resort” and “local” markets. The following table summarizes this allocation:

Observing the data when allocated by market segment, it is noted that both the local and resort segment showed similar growth in sales numbers. However, the average transaction price of the resort market was only noted to decrease by approximately 16% while the average sales price of the local market sales devalued by 55%. As a result, the locals market showed the greatest drop in dollar volume of sales, with a 41.58% drop for this measure. It should be noted that, as with the previously-observed increases in the average price of some segments, an average value loss of 55% does not imply a homesite worth a particular amount at the beginning of 2010 is now worth 55% less. Taking percentages of an aggregated inventory of property can be misleading in this regard. As an example, one listing of a vacant site in Melody Ranch is currently in the mid-to-low $300,000 range. Individual comparisons of this nature show value loss in the local market for homesites more along the 20-25% range during 2010.

Market Area	# of Listings	Bank Owned or Short Sale	%
Teton Village	86	8	9.30%
Aspens - Pines	43	4	9.30%
West Bank	56	4	7.14%
North of Town / Buttes	73	1	1.37%
Jackson / South Park	167	19	11.38%

Source: Teton County MLS