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.

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!

 

May I ask for your vote? 

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

I very much appreciate your support!