Median home price tops $1M in Jackson Hole

Posted by Wyoming Real Estate

August 1, 2007

If you’re shopping for a home in Jackson Hole this year, expect to pay $1 million or more, a real-estate appraiser said this week.

David Viehman, owner and broker for Jackson Hole Real Estate & Appraisal, released a quarterly market analysis. Viehman reports the median home-sale price, as of July 1, grew to almost $1.18 million. At this time last year, it was $920,000, an increase of almost 28 percent.

The median price was just barely $1 million in April. It’s almost at $1.2 million in three months. It won’t be long until it’s $1.3 or $1.4 million.”

For comparison, at this time in 2003, the median home-sale price was $542,500, meaning the figure more than doubled in four years.

In his report, Viehman said the overall market had the second-best showing — in terms of the number of sales — in more than 20 years. There were 464 transactions within the first six months of 2007, while dollar volume increased 30 percent to $826 million.

At the same time, available inventory continues to shrink, with 11 percent fewer properties available for sale than there were during the first six months of 2006.

Viehman said the free market is to the point where locals can’t afford Jackson Hole anymore.

To qualify for a loan on the least expensive condo, a person or couple would need to earn $150,000 a year. To afford a property listed at the median price is even harder. To buy a $1 million property, a person or couple would need to earn about $250,000 to $300,000, Viehman said.

“I don’t know anybody making that kind of money unless they own their own business,” he said.

By Cara Froedge, Jackson Hole News&Guide

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