Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in December 2013? 

• 46% :: Percentage of single family home sales (up from last month’s 41%)
• 36% :: Percentage of condo/townhome sales (vs. 43% last month)
• 15% :: Percentage of Land Sales (similar to last month)

• 9% :: Percentage of distressed property sales (3 bank sales and 0 short sales)

• 27% :: Percentage of residential properties selling for over $1 million (down again from last month’s 37%)
• 73% :: Percentage of residential properties selling for under $1 million (up from 63% in Nov)
• 42% :: Percentage of residential properties selling for under $500,000 (up from 37% in Nov)

What it means: Along with decreased sales transactions and sales volume, the month of December also experienced more sales in the lower end of the market. Sales of property both under $1 million and under $500,000 represented a much higher percentage of total sales this past month, which helps explain the lower average sales price (See “Summary Section”). The share of sales under $500,000 in particular, have increased over the past few months and in December reached a level not seen since the Summer of 2013 (See Chart below). Conversely, sales of property over $1 million represented only 1/4 of all sales in December, down from a high of almost 45% in October. In the month December, there were 3 bank sales including a 3,600 square foot contemporary house in John Dodge, which sold for just under $5 million (pictured below).

 Please visit the Monthly Market Update tab for the entire January / Year End 2013 Market Report.

 

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