Several high end land sales in October in Jackson Hole Real Estate Market
The Colbert Real Estate Report
Monthly Market Update for November 2014
Jackson Hole, WY
What Sold in Oct 2014?
- 34% :: Percentage of single family home sales (back down from last month’s high of 62%)
- 30% :: Percentage of condo/townhome sales (identical to last month)
- 36% :: Percentage of Land Sales (up significantly, much higher than usual)
- 3.5% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Oct)
- 39% :: Percentage of residential properties selling for over $1 million (back down from last month’s high of 52%)
- 61% :: Percentage of residential properties selling for under $1 million (back up from last month’s 48%)
- 21% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 26%)
What it means: After a summer filled with higher than usual single family home sales (52%-62% of all sales) the month of October saw fewer single family homes sales. The percentage of condo and townhome sales stayed the same, while building sites experienced higher than usual activity in October. In fact, in the month of October, there were the same amount of land sales (20) as the previous 4 months combined (June-Sept). In all, land sales accounted for over $32 million in sales volume last month helped by several very high end sales including a 13 acre parcel in Indian Springs (selling for over $6.5 million), a 35 acre tract in Crescent H Ranch (selling for north of $4.5 million) and a 18 acre lot up north in Solitude, which sold for over $4.5 million. The percentage of properties selling for over $1 million dropped down after a very strong month in September, however still remained higher than usual (see chart below). The percentage of properties that sold for under $500,000 declined for a 3rd month in a row, as inventory in the entry level market continues to dwindle (see chart below).
Click HERE to read the full Monthly Market Update for November.
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