The Colbert Real Estate Report
Monthly Market Update for October 2014
Jackson Hole, WY
What Sold in Sept 2014?
- 62% :: Percentage of single family home sales (the highest % seen in years)
- 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
- 8% :: Percentage of Land Sales (similar to last month, but lower than average)
- 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
- 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
- 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
- 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)
What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.
Click HERE to read the full Monthly Market Update for September.
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