The Colbert Real Estate Report
Monthly Market Update for Sept 2016
Jackson Hole, WY
What Sold in Aug 2016?
- 52% :: Percentage of single family home sales (slight increase)
- 34% :: Percentage of condo/townhome sales (slight decrease)
- 14% :: Percentage of Land Sales (slight increase)
- 45% :: Percentage of residential properties selling for over $1 million (up from last month)
- 55% :: Percentage of residential properties selling for under $1 million
- 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)
What it means: The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May. Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales. Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July. High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch.
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