Sales under $500,000 hit new low in Jackson Hole
The Colbert Real Estate Report
Monthly Market Update for June 2015
Jackson Hole, WY
What Sold in June 2015?
- 60% :: Percentage of single family home sales (up for the 4th month in a row)
- 32% :: Percentage of condo/townhome sales (down again from last month)
- 8% :: Percentage of Land Sales (down for the 4th month in a row)
- 45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
- 55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
- 16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)
What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.
Click HERE to read the full Monthly Market Update for July 2015.
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