The Colbert Real Estate Report
Monthly Market Update for April 2017
Jackson Hole, WY
What Sold in Mar 2017?
- 52% :: Percentage of residential properties selling for over $1 million (highest in past 12 months)
- 48% :: Percentage of residential properties selling for under $1 million
- 12% :: Percentage of residential properties selling for under $500,000 (low, same as last month)
- 56% :: Percentage of single family home sales (up after low last month)
- 16% :: Percentage of condo/townhome sales (lowest in over a year)
- 28% :: Percentage of Land Sales (high for second month)
What it means: Property sales under $500,000 remained low, recording only 3 sales for the second month in a row. So far in 2017, only 7 properties have sold in this price range! Entry level sales in March included two small lots in Rafter J and south of town, and a 2 bedroom condo in the Town of Jackson. Sales in the $500,000 – $1,000,000 range (usually a hot spot for larger condos and small homes) were also down, with only 3 single family homes selling under $1 million in March – all located in the Cottonwood Park neighborhood. Property sales over $1 million increased 12% from February, accounting for over half of all sales in Teton County in March. This is the first time we’ve seen this statistic exceed the 50% mark since last March 2016. Single family home sales increased in March, accounting for 56% of all sales (an uptick after a low last month). Several older homes located north of town (all with over 2 acres of land) sold in the low $1 million price point, while six homes sold between $1.5M – $4.5M, including 3 homes on the west bank of the Snake River. On the other hand, condo sales dropped significantly as only 4 condos sold in March, including a 3 bed / 3 bath unit in The Aspens (backing up to open space), which sold for an astonishing $1.35M! Given that general inventory remains low, it’s no surprise to see buyers continue to flock to vacant land. Land sales accounted for nearly 30% of all sales for the second month in a row and included sales in the Gill Addition, Teton Village, Moulton Ranches and Squaw Creek.
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