Condo/Townhome sales rebound in January in Town of Jackson

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Jan 2016? 

  • 43% :: Percentage of single family home sales (slight dip from last month)
  • 48% :: Percentage of condo/townhome sales (jump after low last month)
  • 9% :: Percentage of Land Sales (down after high last month)
  • 43% :: Percentage of residential properties selling for over $1 million (identical to last month)
  • 57% :: Percentage of residential properties selling for under $1 million (identical to last month)
  • 33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)
  • 3 :: Commercial Land Sales (after 10 last month)

What it means: Single family home sales dipped slightly last month but still remained close to average levels.  Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales).  Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market.  Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).

Over1

Under500

Breakdown

Commercial

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

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

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Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

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Real estate values increase in 2015, as Sales Volume up 30% in Jackson Hole

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Market Focus

marketfocus

2015 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2015, I have tracked many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson Hole real estate market in 2015, how they compare to 2014, and a look forward to 2016:

Quick Stats – 2015:

  • 466 total real estate transactions in 2015
    • 2014 = 447 sales
  • Sales volume of $743,000,000 (includes reported and unreported* sales)
    • 2014 = $568,000,000
  • Average sales price = $1,590,000
    • 2014 = $1,270,000

*Note: When a sales price is not disclosed in the MLS, an estimate is used based on the current listing price and the average monthly sale to list ratio.

Sales Transactions and Sales Volume: While the number of transactions didn’t increase much, Sales Volume in 2015 jumped up 30% from 2014!! Monthly sales volume in Teton County in 2015 matched or outpaced monthly volume in 2014 in all but one month (July 2015). Not only were the “big” months of Aug & Sept bigger in 2015, much of the rest of year, especially the Spring of 2015 saw roughly double the sales volume of 2014. These levels are impressive given that there were only 19 more sales in 2015 (v. 2014).

YearEndVolume

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2015, including unreported sales in MLS, was just under $1.6 million. With the exception of July 2015, the monthly average sales price never dipped below $1 million last year. During the peak selling months in the summer/fall 2015, the monthly average sales price hovered around $2 million. The obvious trend? Prices went up in 2015. Compared to 2014, which had an average sales price of $1.27 million, prices in 2015, on average, went up 27%!

YearEndAVSP

 

In analyzing the Breakdown of Sales by Price Point in 2015, and comparing it to 2014, a few trends become clear. Similar to 2014, the majority (36%) of residential sales in Teton County in 2015 were in the $500,000 – $1,000,000 range. These sales included fixer upper single family homes in the Town of Jackson, 3 bedroom townhomes in Town and south of Town, homes in Rafter J and condos in Teton Village. The $1-3 million segment was also strong, accounting for nearly 1/3 of all sales in Teton County in 2015. Compare that to 2014, when this segment made up only 23% of all sales.  Only 4% of all sales in 2015 were under $300,000 and only 1 in 5 sales occurred under $500,000. This is the biggest change from 2014, when nearly 40% of all sales occurred under the half million mark, illustrating a trend of higher prices and a shrinking “entry-level” market. Finally, the percentage of high-end sales ($3 million and up) more than doubled from 2014 to 2015, as many wealthy second homeowners invested in the Jackson Hole market.

PriceBreakdown2015Res

BreakdownPriceRes

The breakdown for land sales in 2015 shows a slightly different distribution, with 50% of all lot sales happening above $1 million – compare that to 2014, when only 29% of sales occurred in this segment. In particular, there were 14 land sales over $3 million in 2015, including parcels in Ely Springs, Shooting Star and Bar B C Ranch. Conversely, only 5% of lot sales in 2015 were under $300,000, compared to nearly 20% of all sales in 2014, illustrating a shrinking entry-level market for vacant land as well. The 4 sales that occurred under $300,000 were located south of Town in the Hoback and Sqauw Creek neighborhoods.

PriceBreakdown2015

BreakdownPriceLand

Summary and What’s Next? There is no question, 2015 was a big year! Sales Volume increased 30% with only a 4% increase in transactions. As expected we saw prices rise with the average sales price increasing roughly $360,000 from 2014 to 2015. Nearly 1/2 of all properties sales occurred over $1 million, with significant growth especially in the higher end of the market. Consequently, the entry level segment of the market shrunk as fewer residential properties and vacant land sold under $500,000 in 2015. It’s hard to imagine this explosive growth can continue. In November and December 2015, we began to witness a slow down in sales and volume (see Jan 2016 Market Report). While some of that can be attributed to the slower time of year, many real estate professionals sense a plateauing of real estate activity in 2016. Even though Jackson Hole is somewhat insulated from global and/or national trends, the recent activity in China, the Middle East and the stock market should have some effect on sales and values in our market.

Stay tuned to The Colbert Real Estate Report for market statistics and trends in Jackson Hole Real Estate as we enter 2016.

Properties selling under $500,000 lowest in over 2 years

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The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What Sold in Dec 2015? 

  • 48% :: Percentage of single family home sales (similar to last month)
  • 17% :: Percentage of condo/townhome sales (lowest in over 2 years)
  • 35% :: Percentage of Land Sales (one of highest % in past year)
  • 43% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 57% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)
  • 10 :: Commercial Land Sales

What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club.  Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.

Over$1m

Under500

PropBreakdown

PineBox

Two Pine Box units sold in December offering a live/work option in West Jackson

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

 

 Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

2015NewYear

How can I help you buy or sell a home in 2016? 

 

Single family home sales drop in November, as condo/townhomes sales surge

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The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015? 

  • 46% :: Percentage of single family home sales (sharp drop)
  • 46% :: Percentage of condo/townhome sales (huge increase this month)
  • 8% :: Percentage of Land Sales (another decrease)
  • 37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
  • 63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
  • 20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points.  In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below).   Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

Over1m

Under500

PropertyType

Penthouse

Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

 

Click HERE to read the full Monthly Market Update for December 2015.

 

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Sales under $500,000 hit new low in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Oct 2015? 

  • 61% :: Percentage of single family home sales (another increase)
  • 26% :: Percentage of condo/townhome sales (similar to last month)
  • 13% :: Percentage of Land Sales (another decrease)
  • 61% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
  • 39% :: Percentage of residential properties selling for under $1 million (down again from last month)
  • 13% :: Percentage of residential properties selling for under $500,000 (lowest % in last 2 years)

What it means: Single family home sales increased again after a spike in September, representing just over 60% of all sales in October in Teton County. Last month, 21 of the 28 sales over $1 million were for single family homes, while only 7 single family homes sold under the $1 million mark. Condo/townhome sales remained consistent, representing a quarter of all sales last month. The most expensive condo sale was a 1,600 sq foot unit at the Pearl at Jackson building in Town, which sold for just under $1.5 million. Building lot sales took another dip after an increasing trend seen throughout the summer months. Many potential lot buyers are most likely waiting until closer to spring to allow them to break ground soon after the purchase. Properties selling for over $1 million continue to rise, reaching another high last month accounting for over 60% of all transactions –  the highest percentage recorded in the last 2 years! There were several notable high-end sales in October including a 6,600 sq ft estate in 3 Creek Ranch, which was listed for $14.9 million and sold for an undisclosed amount (pictured below). Conversely, sales under $500,000 continue to follow a downward trend. In October, there were 6 property sales under the half million mark, representing only 13% of all sales – the lowest percentage seen in the past 2 years! The least expensive condo sale in October was a 2 bedroom unit in the Hillside Business Complex south of Town, which sold for $230,000 cash, as no bank would provide a loan for the condo given its location in an industrial park. In October, we saw a rare occurrence – the sale of a single family home in Teton County for UNDER $500,000. The 1,600 sq ft home was located at Hoback Junction (backing up to the highway) and needed quite a bit of work.

Over1m

Under500

PropType

3Creek

3 Creek Ranch Estate – listed for $14.9 million – sold for an undisclosed price

Click HERE to read the full Monthly Market Update for November 2015.

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Entry level options disappear as upper-end home sales increase – Quarterly Update from The Jackson Hole Report

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Entry level home options (under $500,000) have all but disappeared in the Jackson Hole real estate market, while upper-end home sales (over $1 million) see impressive increases amid the recovery. 

The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 3rd quarter. Click HERE to read the full 2015 Q3 Report.

After the first 9 months of 2015, the trend in the Jackson Hole real estate market seems to be this: the more expensive the price point of the home, the greater the increase in sale transactions and sales volume. Home sales over $1 million are up 27%; home sales over $3 million are up 36%; and homes selling for over $5 million are up a whopping 200% compared to this time last year.

Conversely, homes for sale under $500,000 are a thing of the past. For only the second time in Jackson Hole’s history, there are ZERO single family homes for sale under $500,000. The least expensive single family home for sale in Teton County is a 584 sq ft log cabin with a loft bedroom on 2.24 acres in Red Top Meadows, priced at $545,000. These prices push many first time homebuyers into the condo/townhome market, where less than half of the 24 condo/townhomes listed for sale under $500,000 have a garage. Even with low interest rates, Buyers still need to come up with a $75,000 – $100,000 down payment to avoid costly private mortgage insurance.

OVERALL MARKET

Compared to last year, the first 9 months of 2015 continued to show signs of a bullish market recovery with increases across the entire real estate market.

  • Number of Sale Transactions are up 11%
  • Overall dollar volume rose 40%
  • Average Sale Price increased by 27%
  • Nearly half (47%) of real estate transactions in Jackson Hole through Q3 2015 were cash sales (i.e. no financing)
  • 51% of available listings are priced under $1 million, with only 11% of all inventory priced under $500,000
  • Overall available inventory rose slightly (2%), with an average listing price of $2.7 million, however available inventory under $1 million continues to decline
  • High end sales are experiencing tremendous growth with a 66% increase in sales. Notably, 26 sales have occurred over $5 million, up 200% from last year.
ShootingStar

Shooting Star Cabin at the base of Jackson Hole Mountain Resort – listed for $5.5 million and sold for an undisclosed price

SINGLE FAMILY HOMES

  • Single family home sales continue to gain steam, with transactions up 7% and dollar volume up 41%
  • Average Sale Price increased 32%
  • The $500,000 – $1 million segment saw the most sales (77) through the 3rd quarter, while the $1 -2 million range fared well too, with 62 sales so far this year
  • Most (28%) single family home sales occurred in the Town of Jackson, while 15 homes have sold in Rafter J in 2015
  • Available single family home listings are up 9%, with homes over $1 million up 11%, however the average listing price actually dipped 3% compared to this time last year
RafterJKingEider

Newly built home in Rafter J’s King Eider neighborhood was the most expensive sale in Rafter J in 2015, selling for more than $900,000

CONDO/TOWNHOME

  • Overall condo sales are up 7%, with condo sales over $1 million up 235%!
  • Condos and townhomes in Teton Village and Shooting Star accounted for 2/3 of the sales over $1 million
  • Average Sale Price is up 29%
  • Available inventory increased 25%, however inventory levels are still hovering at an eight year low
  • Active condo listings under $500,000 are down 61% compared to the high inventory levels seen in 2009
  • There are 24 available condos priced under $500,000, with only 3 condos are priced under $300,000
Pondo

2 bdrm condo in Town is one of only 3 available under $300,000

VACANT LAND

  • Lot sales continue to increase, with a 20% increase in transactions and a 54% increase in dollar volume compared to Q3 2014
  • Average Sale Price is up 29%
  • The majority (53%) of single family lot sales were over $1 million
  • Vacant land listings under $500,000 are disappearing, with only 13 currently on the market.

marketreport

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Lot Sales dominate transactions in August in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in Aug 2015? 

  • 35% :: Percentage of single family home sales (down again)
  • 35% :: Percentage of condo/townhome sales (similar to last month)
  • 30% :: Percentage of Land Sales (continuing an upward trend this summer)
  • 49% :: Percentage of residential properties selling for over $1 million (highest % in last 6 months)
  • 51% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
  • 14% :: Percentage of residential properties selling for under $500,000 (a new low in the past year)

What it means: The percentage of single family home sales declined again in August, representing only 35% of all transactions. On the other hand, land sales continued an upward trend accounting for a whopping 30% of all sales in August (compare that to the 12 month average of 20%). One possible explanation for the dip in land sales in the beginning of the summer months, and the subsequent increase as we enter fall, could be the added home inventory we typically see in the summer months. Conversely, lower home inventory levels can push buyers to lot sales after they can’t find an acceptable home to purchase. Nearly one half of all sales in August were for over $1 million, the highest percentage in the past 6 months. This was no doubt helped by several high end sales including a 72 acre estate in Bar B Bar (listed for $22 million) and a 3 parcel property in Ely Springs (listed for $19.4 million). Conversely, the percentage of sales occurring under $500,000 dropped last month to the lowest level seen in the entire past year. Only 7 property sales last month were under the half million mark and included several 1 & 2 bedroom condos in the Town of Jackson. The least expensive condo sales in August was a 644 square foot Ponderosa Village condo which sold for $265,000 after only 24 days on the market (pictured below).

LandSales

Under500

pondo

2 bdrm condo in Town sold for $265,000 in 24 days

 

Click HERE to read the full Monthly Market Update for September 2015.

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Land Sales in Jackson dip after several strong months, high end sales dominate

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The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

What Sold in April 2015? 

  • 41% :: Percentage of single family home sales (up after two low months)
  • 41% :: Percentage of condo/townhome sales (up slightly from last month)
  • 18% :: Percentage of Land Sales (down after two higher than average months)
  • 41% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 59% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 29% :: Percentage of residential properties selling for under $500,000 (similar to last month)

What it means: Land sales dropped back down to average levels after two months of above average activity. Single family home sales increased after two months below average.  The breakdown by print point was very similar to last month. In addition to seeing several entry level condo/townhome sales (7 sales under $500,000), April also saw several high end sales. Nine properties sold for over $2 million (with 6 of those sales over $3 million) including two lots in Shooting Star and two Granite Ridge cabins, both located at the base of Jackson Hole Mountain Resort, a 10,000 square foot estate in Indian Spring Ranch (listed for $7.5 million) and a 13 acre legacy parcel (with a 17,500 sq foot home) located in Owl Creek adjacent to the Grand Teton National Park, which sold for an undisclosed price (listed at $10.9 million and pictured below).

LandSales

BreakdownPropertyType

OwlCreek

13 acre, 17,000 sq foot estate in Owl Creek

Click HERE to view the entire Monthly Market Update for May. 

Thinking of listing this summer?

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property. Properties listed byMay 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

 

Land Sales account for a third of all sales in Feb, March in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

What Sold in Mar 2015? 

  • 30% :: Percentage of single family home sales (similar to last month’s 29%)
  • 37% :: Percentage of condo/townhome sales (identical to last month)
  • 33% :: Percentage of Land Sales (high again for a second straight month)
  • 40% :: Percentage of residential properties selling for over $1 million (down from 54% last month)
  • 60% :: Percentage of residential properties selling for under $1 million (up from 46% last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (up from 23% last month)

What it means: The breakdown of property types in March was also nearly identical the breakdown we saw in February. Land sales remained higher than average for the second straight month. While land sales usually represent about 20% of all sales on average, in February and March 2015 there were 12 and 11 sales accounting for 34% and 33% of all sales (see chart below). This trend could be explained by the lack of available built-out inventory (i.e. single family homes and townhomes). As buyers are unable to find what they are looking for (or what they like is overpriced), many are considering purchasing land and building their own home.  The percentage of properties selling for over $1 million dropped down to 40% after a high of 54% in February. The number of properties selling for under $500,000 increased after 4 months of decline (see chart below). That being said, the average sales price remained high ($1.57 million) due to several high end sales including a 6,000 square foot house in Teton Pines (selling close to $8 million) a 48 acre tract of land in Crescent H (selling around $5 million) and a 6 bedroom estate in Shooting Star, at the base of Jackson Hole Mountain Resort, which sold for north of $10 million (pictured below).

land sales

sales under 500k

Shooting Star

Click HERE to read the entire Monthly Market Update for April. 

 

Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range? 

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Low inventory levels increase vacant land sales in Teton County, while under $500,000 sales continue to decline

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

What Sold in Feb 2015? 

  • 29% :: Percentage of single family home sales (nearly half of last month’s 55%)
  • 37% :: Percentage of condo/townhome sales (similar to last month’s 36%)
  • 34% :: Percentage of Land Sales (up significantly from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 54% :: Percentage of residential properties selling for over $1 million (vs. 23% last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from a high of 77% last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types was very atypical last month. Single family homes sales only represented 29% of all sales (they usually represent around 50%). Land sales dominated in February, with 12 sales representing a whopping 34% of land sales (lot sales usually account for around 20% of all sales). This is the 2nd time in the last 5 months that land sales have exceeded 1/3 of monthly sales (see chart below). Low levels in single family home and condo/townhome inventory have no doubt pushed people to land – if they can’t find it, then they will buy land and build it! Buyers were purchasing many lots that had sat on the market for quite some time. In particular, of the 12 lots last sold in February, the average days on market was 526 days! There were no bank or short sales again last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million jumped up in February (to the highest % in the past year), thanks to several high end sales including two Four Seasons condos (selling for $3.25m and $3.95m), a beautiful home in Dairy Ranches (pictured below), which sold for north of $7 million, a 4.24 acre lot in Indian Springs (selling for $3.5 million), and a home in Granite Ridge selling for just under $4 million.  Properties selling for under $500,000 continue to decline (see chart below), as overall prices continue to go up.  The least expensive single family home sale in February was for an older home on Aspen Drive (4 bed / 1 bath) which sold for the list price (with multiple offers) of $650,000.

Breakdown

Under500

DairyRanches

 

Click HERE to read the full Monthly Market Update for March 2015.

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