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.

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