Tag Archive for: condo sales

Entry level sales reach new low, with only 1 sale under $500,000 in January

The Colbert Real Estate Report

Monthly Market Update for Feb 2017

Jackson Hole, WY

What Sold in Jan 2017?

  • 48% :: Percentage of residential properties selling for over $1 million (uptick from past months)
  • 52% :: Percentage of residential properties selling for under $1 million 
  • 4% :: Percentage of residential properties selling for under $500,000 (lowest in 3+ years)
  • 70% :: Percentage of single family home sales (spike from last month)
  • 17% :: Percentage of condo/townhome sales (large drop from last month)
  • 13% :: Percentage of Land Sales (uptick but still low)

What it means:  After a December where nearly 25% of property sales occurred in the entry level market, the month of January saw only 1 sale under $500,000. This represented only 4% of all property sales in January, by far the lowest percentage since I began keeping stats 3+ years ago, and only the second time this stat has dropped below 10% in that time frame. The lone sale in this price range was for a 1 bedroom condo hotel at Snake River Lodge & Spa, located in Teton Village at the base of Jackson Hole Mountain Resort. The next least expensive property was a 2 bed / 2 bath townhome in West Jackson, which sold for $520,000. In looking over the past 3 years the trend is clear (see chart below): sales in the “entry level” price point have been steadily declining over the past several years. After several months of consistency, property sales over $1 million increased in January, with nearly 1 out of every 2 sales occurring in this price range. Along with the $50 million sale (see Summary above), 4 properties sold for north of $2 million this month, including a large home in Indian Paintbrush, a house up at Spring Creek Ranch and a 4.75 acre parcel on the Snake River in Wilson, which sold for full list price after 6 months on the market. After a low point last month, single family home sales spiked in January, representing 70% of all sales! (While it’s important to note that a smaller sample size (i.e. only 23 sales) can affect the stats, it’s still a significant data point.) The least expensive single family home sale was for a 3 bed / 2 bath home in Cottonwood Park, which sold quickly at $670,000. Condo sales dropped off substantially, as there were only 4 condo/townhome sales in January. Three of these 4 condo sales occurred in the sub $600,000 price point, while the other sale represented a 3 bedroom condo in Love Ridge, located at the base of Snow King Mountain, which sold for $1.25 million. Land sales picked up slightly after a slow December, but still remained sluggish, recording only 3 sales in January and including a 25 acre parcel on Saddle Butte in the Town of Jackson. 



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