Monthly Market Update for August 2014
Jackson Hole, WY
What Sold in Aug 2014?
- 53% :: Percentage of single family home sales (higher than typical for second month in a row)
- 38% :: Percentage of condo/townhome sales (up significantly from last month’ s 25%)
- 7% :: Percentage of Land Sales (down significantly from the last few months)
- 6 :: Number of commercial sales (land/buildings) in the month of August (see below)
- 5.7% :: Percentage of distressed property sales (2 bank sales and 1 short sale in August)
- 32% :: Percentage of residential properties selling for over $1 million (up from last month’s 25%)
- 68% :: Percentage of residential properties selling for under $1 million (down from last month’s 75%)
- 28% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 36%)
What it means: The month of August continued the upward trend of single family home sales. In August, 53% of all sales were for stand alone houses, including 2 redevelopment opportunities in Town (these properties included older homes, but the real value was in the land). Condo and townhome sales pick up last month and represented 38% of all sales, a percentage much closer to the typical average. Land sales were down this month after a strong showing in July. In August, there was a small spike in foreclosure activity with 2 bank sales and 1 short sale. This is atypical as almost all distressed inventory has been absorbed by the market. This summer we saw more properties selling for OVER $1 million and less properties selling for UNDER $500,000. In the month of August in particular, only 28% of all sales were under the half million mark, the lowest % in almost a year (since 27% in Oct 2013). See Charts below. This month there were 6 commercial sales – certainly high for our market. Three commercial buildings sold – a small office building in Town, a cabinetry business and warehouse on Martin Lane and the Enclosure Climbing Gym, which was listed for $2.95 million and sold for an undisclosed price in mid-August (pictured below). Several commercial building sites also sold in August including two lots on Martin Lane and one in the South Park Service Center.
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