2014 Summer in Review:
What sold? What did it sell for? Where did properties sell this summer?
Based on transaction numbers and sales volume, it appears the Jackson Hole real estate market went up month over month this summer. After a slow start in June (28 transactions for $20 million in sales volume), July saw 40 transactions and nearly $39 million in reported sales. The summer ended on a high note with 53 transactions for $45 million in reported sales in August. (See Charts in Sales Summary above.) The below analysis focuses on what sold, where property sold and for how much it sold, as well as a few highlighted sales of the summer.
Market Summary – Summer 2014 (June/July/August):
- 124 :: Total residential sale transactions
- $106,000,000 :: Total residential sales volume reported to MLS
- $33,000,000 :: Additional estimated sales volume from undisclosed sales prices
- $940,000:: Average sales price of reported sales
- 96% :: Average ratio of sales price to list price
- 267 :: Average days on market prior to selling
This summer there were 124 residential transactions (excluding fractional sales), or roughly 1.35 properties sold each day. Compare that to Jan-May of 2014, which saw 1.03 properties sold each day (156 total sales). Average days on market this summer (267 days) was significantly lower than the earlier part of the year, which saw an average of 353 days on market before a property sold.
What Sold this Summer?
- Single Family Homes:
- There were 55 single family home sales this summer, which represented 44% of all sales this summer.
- The average sales price was $1.2 million or $445/sq ft on average.
- The least expensive single family home sale was a summer cabin up in Turpin Meadows in Moran, which sold for $99,000 (pictured below). The least expensive single family home sale outside of Moran was a 2 bed / 1 bath little house in Cottonwood Park, which sold for $498,000.
- The most expensive single family home sale was a 7,700 sq foot house in Teton Pines, which sold for $4 million.
- Condo / Townhome Sales:
- There were 45 condo or townhome sales this summer, representing 36% of all sales this summer.
- The average sales price was $507,000, or $416/sq ft on average.
- The least expensive condo sale was a bank owned Ponderosa Village condo in Town which sold for $187,500.
- The most expensive condo sale was Moose Creek townhome in Teton Village that sold for just over $1.6 million (pictured below).
- Land Sales:
- There were 20 lot sales this summer, representing 16% of all sales this summer.
- The average sales price was $1,300,000.
- The least expensive lot sale was a 3 acre parcel near Red Top Meadows, south of Wilson, which sold for $210,000.
- The most expensive lot sale was a 35 acre tract in Crescent H Ranch, which sold for $4.7 million.
- Distressed Sales: There were only 4 distressed property sales this summer (2 bank sales and 2 short sales), which represented 3.2% of all sales.
Where did properties sell this Summer?
- Town of Jackson :: 44 sales :: 35% of all sales
- South of Jackson (inc. Hoback) :: 24 sales :: 19% of all sales
- Wilson/Westbank :: 18 sales :: 15% of all sales
- Aspens / Teton Pines :: 14 sales :: 11% of all sales
- North of Jackson :: 9 sales :: 7% of all sales
- Teton Village :: 6 sales :: 5% of all sales
How much were properties selling for this Summer?
The average sales price this summer was $940,000 which was slightly higher than the first part of 2014 ($906,000). Property sales were spread out pretty evenly between the following price points with the majority of sales occurring in the $500,000 – $1,000,000 price range.
- Under $500,000 :: 38 sales :: 31% of all sales
- $500,001 – $1,000,000 :: 47 sales :: 39% of all sales
- Over $1 million :: 29 sales :: 30% of all sales