Monthly Market Update for May 2014
Jackson Hole, WY
What Sold in April 2014?
- 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
- 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
- 20% :: Percentage of Land Sales (typical)
- 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
- 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
- 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
- 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)
What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales. For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.
Please visit the Real Estate Market Report tab for the entire May Market Report.
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