The Colbert Real Estate Report
Monthly Market Update for October 2015
Jackson Hole, WY
What Sold in Sept 2015?
- 58% :: Percentage of single family home sales (up after two low months
- 25% :: Percentage of condo/townhome sales (down from last two months)
- 17% :: Percentage of Land Sales (down after a high trend this summer)
- 57% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
- 43% :: Percentage of residential properties selling for under $1 million (down from last month)
- 23% :: Percentage of residential properties selling for under $500,000 (up after a low in Aug)
What it means: Single family home sales spiked in September, representing nearly 60% of all sales in Teton County. High sales in this category usually go hand in hand with high sales volume and higher than usual average sales prices, as many of the sales in this price range tend to be single family homes. For example, in September 22 of the 30 sales occurring over $1 million were for stand alone homes (5 were lot sales and 3 were high end condo sales). As a result of higher single family home sales, condo and townhome sales and vacant land sales declined in September. Building lot sales in particular took a downturn after an increasing trend seen throughout the summer months. Sales over $1 million accounted for nearly 60% of all transactions, the highest percentage recorded in the last 2 years! Additionally, in the month of September, nine properties sold in excess of $3 million in neighborhoods like Tucker Ranch, Crescent H, Indian Springs, and 3 Creek Ranch. Two very high end homes sold in Teal Trace (in Wilson and pictured below) and Shooting Star (at the base of Jackson Hole Mountain Resort), both with listing prices north of $11 million. On the other end of the spectrum, sales under $500,000 rebounded to 23% after representing only 14% of all sales (a new low) in August. The overwhelming majority of sales in this price range are for 1-2 bedroom condos in the Town of Jackson. The least expensive single family home in September was for an older, 1,700 sq foot split level home in West Jackson, which sold for $675,000.
Click HERE to read the full Monthly Market Update for October 2015.
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