Lot Sales dominate transactions in August in Jackson Hole

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).