Single family home sales dominate in December in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

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Several high end land sales in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

What Sold in Oct 2014? 

  • 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
  • 30% :: Percentage of condo/townhome sales (identical to last month)
  • 36% :: Percentage of Land Sales (up significantly, much higher than usual)
  • 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
  • 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
  • 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
  • 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)

What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).

breakdownNov

over$1m

under$500

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.