April sees spike in Property Sales under $1 million in Jackson Hole real estate market

The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016? 

  • 58% :: Percentage of single family home sales (3rd monthly increase)
  • 25% :: Percentage of condo/townhome sales (drop from last several month)
  • 17% :: Percentage of Land Sales (uptick from March)
  • 25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
  • 75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
  • 20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season.  The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY).  Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million.  After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.




Click HERE to read the full Monthly Market Update for May 2016.

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!