The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Oct 2015? 

• 61% :: Percentage of single family home sales (another increase)
• 26% :: Percentage of condo/townhome sales (similar to last month)
• 13% :: Percentage of Land Sales (another decrease)

• 61% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
• 39% :: Percentage of residential properties selling for under $1 million (down again from last month)
• 13% :: Percentage of residential properties selling for under $500,000 (lowest % in last 2 years)

What it means: Single family home sales increased again after a spike in September, representing just over 60% of all sales in October in Teton County. Last month, 21 of the 28 sales over $1 million were for single family homes, while only 7 single family homes sold under the $1 million mark. Condo/townhome sales remained consistent, representing a quarter of all sales last month. The most expensive condo sale was a 1,600 sq foot unit at the Pearl at Jackson building in Town, which sold for just under $1.5 million. Building lot sales took another dip after an increasing trend seen throughout the summer months. Many potential lot buyers are most likely waiting until closer to spring to allow them to break ground soon after the purchase. Properties selling for over $1 million continue to rise, reaching another high last month accounting for over 60% of all transactions –  the highest percentage recorded in the last 2 years! There were several notable high-end sales in October including a 6,600 sq ft estate in 3 Creek Ranch, which was listed for $14.9 million and sold for an undisclosed amount (pictured below). Conversely, sales under $500,000 continue to follow a downward trend. In October, there were 6 property sales under the half million mark, representing only 13% of all sales – the lowest percentage seen in the past 2 years! The least expensive condo sale in October was a 2 bedroom unit in the Hillside Business Complex south of Town, which sold for $230,000 cash, as no bank would provide a loan for the condo given its location in an industrial park. In October, we saw a rare occurrence – the sale of a single family home in Teton County for UNDER $500,000. The 1,600 sq ft home was located at Hoback Junction (backing up to the highway) and needed quite a bit of work.

Click HERE to read the full Monthly Market Update for November 2015.

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