Property sales over $1 million increase in August 2016

The Colbert Real Estate Report

Monthly Market Update for Sept 2016

Jackson Hole, WY

What Sold in Aug 2016?

  • 52% :: Percentage of single family home sales (slight increase)
  • 34% :: Percentage of condo/townhome sales (slight decrease)
  • 14% :: Percentage of Land Sales (slight increase)
  • 45% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 55% :: Percentage of residential properties selling for under $1 million 
  • 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)

What it means:  The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May.  Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales.  Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July.  High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch. 

over1m

under500

propbreakdown

clusters

Clusters townhome with garage sold in August (listed by JH Sotheby’s)

pineglades

Pineglades townhome at the base of Snow King sold in August (listed by JHREA)

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