“What” sold in the Jackson Hole Real Estate Market in February 2014?

Monthly Market Update for March 2014

Jackson Hole, WY

What Sold in February 2014?

48% :: Percentage of single family home sales (up 10% from last month’s 38%)
30% :: Percentage of condo/townhome sales (similar to last month)
22% :: Percentage of Land Sales (vs. last months high of 33% – now closer to normal)

7% :: Percentage of distressed property sales (1 bank sale and 1 short sale in February)

37% :: Percentage of residential properties selling for over $1 million (up from last month’s 29%)
63% :: Percentage of residential properties selling for under $1 million (down from 71% in Jan)
29% :: Percentage of residential properties selling for under $500,000 (down again from 38% in Jan)

What it means: The month of February saw another increase in high end property sales (over $1 million), and marked the second highest percentage in the past 12 months (see chart below). Conversely, the percentage of entry level sales (under $500,000) dropped again this month and represented only 29% of all property sales in February, which was the lowest representation since Oct 2013 and the second lowest percentage in the past 12 months (see chart below). As is typical, when we see more high end property sales, we also see more single family homes sales (vs. townhome/condo or land sales). In February, 7 of the 10 sales over $1 million were single family homes – including a 5,190 square foot house in John Dodge that was listed close to $6 million (see photo below). February did see 1 bank sale (a condo on Deer Drive south of Jackson) and 1 short sale (a house in E Jackson), up from 0 distressed sales in January.