Condo/Townhome sales rebound in January in Town of Jackson
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).
Click HERE to read the full Monthly Market Update for February 2016.
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