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Entry Level sales down, land sales up in Sept 2016

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

What Sold in Sept 2016?

  • 38% :: Percentage of single family home sales (lowest % in past year)
  • 34% :: Percentage of condo/townhome sales (identical to last month)
  • 28% :: Percentage of Land Sales (double last month)
  • 44% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 56% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (back down after increase)

What it means:  After many months of consistency, the breakdown of sales by property type changed significantly in Septebmer. Single family home sales represented only 38% of all sales last month, dipping below 40% for the first time since Aug 2015. This drop can be attributed to dwindling available inventory, especially in the Town of Jackson, where there are currently only 19 homes available under $1.5 million.  Condo and townhome sales remained consistent, representing 1 out of every 3 sales in Teton County last month. Three of the condo sales in September were over $1 million including two “downtown” high-end condos on Pearl Ave and a 5 bedroom condo in Teton Village, which sold quickly after hitting the market.  Land sales spiked in September, representing nearly 30% of all sales, double the 12-month average of 15%. Lots sales in September occurred all over the Valley: from 3 lots in JH Golf & Tennis, to a building site on Karns Hillside in Town, to a unique 5 acre parcel in “downtown” Wilson with Fish Creek frontage. The majority of lot sales in September occurred over $1 million, with 6 lots selling for over $2 million, including large parcels in Bar BC, Wilderness Ranches, Shooting Star and Spring Creek Ranch.  Entry level sales took a dip as 15% of property sales were under $500,000 in September. While this segment of the market has seen volatile ups and downs over the past year, the general trend is downward as fewer and fewer properties are available at this price point. Compare this past month (15%) to early in 2014, when 40-45% of property sales occurred under $500,000 (see chart below). Currently there are only 27 properties in ALL of Teton County priced under $500,000.  





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Featured Listings

Browse Katie’s “Top Picks” for current values in the Jackson Hole real estate market. Updated with new listings weekly. Browse now.

New Listing: Spacious condo in East Jackson

Quick Stats:

  • 2 bedrooms, 1.75 baths
  • 921 square feet
  • Large Deck
  • Vaulted Ceilings
  • Bamboo Floors
  • Covered Parking
  • List Price: $435,000

2 bed / 2 bath condo in East Jackson

Conveniently located in East Jackson, this 2 bed/2 bath condo enjoys a large semi-private deck with filtered Teton views through the trees. Great in-Town location adjacent to the new May Park and steps away from the hospital, Elk Refuge and Cache Creek trail system. Additional features include: vaulted ceilings, bamboo flooring, track lighting, additional lofted storage, built-in entertainment cabinets/shelving and a barnwood accent wall. Owner occupied and well maintained, this property includes covered parking, laundry on site and is dog-friendly. New roof in 2012 and new decking underway.






Additional Information:

  • 755 E Hansen Ave #203, Jackson, WY 83001
  • MLS: 16-2483 
  • HOA Fees: $396.85/month
  • 2016 Taxes: $1,741.17/year

Click HERE for more information/photos

Listed by Katie Colbert Brady, Owner/Associate Broker