The Colbert Real Estate Report
Monthly Market Update for June 2015
Jackson Hole, WY
What Sold in May 2015?
- 50% :: Percentage of single family home sales (up again after several low months)
- 39% :: Percentage of condo/townhome sales (down slightly from last month)
- 11% :: Percentage of Land Sales (down again after two higher than average months)
- 32% :: Percentage of residential properties selling for over $1 million (down significantly from last month)
- 68% :: Percentage of residential properties selling for under $1 million (up significantly from last month)
- 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)
What it means: Single family home sales continued their upward trend last month, representing 1/2 of all sales in Teton County. Land sales dropped again to below average levels after two strong months in February and March 2015. (Note: There was one multi-family sale in May, a two 2-bdrm duplex in West Jackson, which was counted as a single family home sale for this analysis.) Properties selling for over $1 million continued a downward trend as less than 1/3 of properties sold in this price segment. On the other end, properties selling for under $500,000 also declined, albeit slightly. These two statistics can be explained by looking in the $500,000 – $1 million segment, which saw 23 sales in May (40% of all sales). We are seeing many of the entry level single family home sales in this price range. Gone are the days of buying a stand alone property (even a fixer upper) priced under $500,000. For example, in May, a 1,344 sq ft house in Cottonwood sold for $617,500, a 1,900 sq ft house in Red Top sold for $575,000 and a 2,155 sq ft house in Rafter J sold for $695,000. The month of May also saw several higher end condo sales including a nicely remodeled condo in E Jackson selling for $700,000, a Love Ridge condo selling for just under $1 million and a Teton Village condo selling for just over $1 million after 569 days on the market (pictured below).
Thinking of listing this summer? There is still time.
If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.