Property sales under $500,000 increase for 2nd month in Jackson Hole
The Colbert Real Estate Report
Monthly Market Update for June 2016
Jackson Hole, WY
What Sold in May 2016?
- 42% :: Percentage of single family home sales (significant drop from previous months)
- 46% :: Percentage of condo/townhome sales (significant increase from previous months)
- 12% :: Percentage of Land Sales (down slightly from April)
- 36% :: Percentage of residential properties selling for over $1 million (up from low last month)
- 64% :: Percentage of residential properties selling for under $1 million (down from high last month)
- 30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)
- 7 :: Commercial Transactions – 5 sales and 2 leases
What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each. Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below). The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).
New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc
Click HERE to read the full Monthly Market Update for June 2016.
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