The Colbert Real Estate Report
Monthly Market Update for January 2016
Jackson Hole, WY
What Sold in Dec 2015?
- 48% :: Percentage of single family home sales (similar to last month)
- 17% :: Percentage of condo/townhome sales (lowest in over 2 years)
- 35% :: Percentage of Land Sales (one of highest % in past year)
- 43% :: Percentage of residential properties selling for over $1 million (up from last month)
- 57% :: Percentage of residential properties selling for under $1 million (down from last month)
- 13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)
- 10 :: Commercial Land Sales
What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club. Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.
Click HERE to read the full Monthly Market Update for January 2016.
Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.
How can I help you buy or sell a home in 2016?