Property Sales under $500,000 drop, representing only 16% of all sales in Teton County
The Colbert Real Estate Report
Monthly Market Update for February 2016
Jackson Hole, WY
What Sold in Feb 2016?
- 47% :: Percentage of single family home sales (slight uptick from last month)
- 37% :: Percentage of condo/townhome sales (back down after high last month)
- 16% :: Percentage of Land Sales (up after slow January)
- 42% :: Percentage of residential properties selling for over $1 million (similar to last month)
- 58% :: Percentage of residential properties selling for under $1 million (similar to last month)
- 16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)
- 2 :: Commercial Land Sales (after 13 the last two months)
What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month. Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort). Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.
9,000 sq ft home sold in Indian Springs (listed by JH Sotheby’s)
Click HERE to read the full Monthly Market Update for March 2016.
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