Sales under $500,000 recover, but is it only temporary?
The Colbert Real Estate Report
Monthly Market Update for Aug 2015
Jackson Hole, WY
What Sold in July 2015?
- 46% :: Percentage of single family home sales (down after several high months)
- 39% :: Percentage of condo/townhome sales (up after several declining months)
- 15% :: Percentage of Land Sales (up after several low months)
- 30% :: Percentage of residential properties selling for over $1 million (dropped after a spike last month)
- 70% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
- 27% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)
What it means: After several months of dominating sales in Teton County, single family home sales took a hit in July as more condos, townhomes and land sales occurred. Less than 1/2 of all sales in July were for single family homes, which is actually close to the 12 month average of 47% of all sales. Condo/townhome and land sales also reached close to their 12 month averages as well (35% and 18% of all sales respectively). After spiking to a 4 month high in June , the percentage of properties selling for over $1 million dropped by a third in July and represents the lowest percentage in the past 6 months. Properties selling in the sub-$500,000 market saw a bit of recovery after a long downward trend that began last November. It will be interesting to see how this segment fairs in the next few months, to determine if July’s stats represent a change of a recent market trend (fewer and fewer properties selling for under $500,000) or just a temporary blip in July. Interestingly, the July sales under $500,000 were comprised of 4 condos and 4 lot sales, including two adjacent lots in downtown Wilson, which each sold for under $500,000.
2 Lots in “downtown” Wilson sold in July
Click HERE to read the full Monthly Market Update for August 2015.
Would you like to be notified as soon as a new listing hits the market in a particular location or price range?
