Monthly Market Update for September 2013
Jackson Hole, WY
What Sold in August 2013?
- 54% :: Percentage of single family home sales (an 8% increase over last month)
- 28% :: Percentage of condo/townhome sales (vs. 31% last month)
- 16% :: Percentage of Land Sales (similar to last month’s 18%)
- 6.5% :: Percentage of distressed property sales (remains under 10%)
- 36% :: Percentage of residential properties selling for over $1 million (vs. 27% in Aug)
- 64% :: Percentage of residential properties selling for under $1 million (vs. 73% in Aug)
- 30% :: Percentage of residential properties selling for under $500,000 (vs. 42% in Aug)
What it means: In the month of August we saw a shift in the breakdown of types of properties sold. Single family homes sales gained 8% to make up over 1/2 of all sales in August, while condo/townhome sales dropped to 28% of all sales. Not only did August see more single family homes sales, but it saw more higher end single family home sales. Over 1/3 of all properties sold this month were in excess of $1,000,000. Six properties were in excess of $2 million. Conversely, the share of properties selling UNDER $500,000 is dropping, making up only 30% of all sales this month (see Chart below). The average sales price for single family homes in August was $1.7 million. Compare that to the average sales price of $475,000 for condos & townhomes last month. Obviously the Grand Teton Estate auction sale ($19.25m) helped to push up the average, but even without that sale the average sales price was $1.18 million, still much higher than last month’s single family home average price of $893,000.
Please visit the Monthly Market Update tab for the entire September Market Report.
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