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

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. 


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