Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in January 2014? 

• 38% :: Percentage of single family home sales (down from last month’s 46%)
• 29% :: Percentage of condo/townhome sales (down again from 36% last month)
• 33% :: Percentage of Land Sales (more than double the typical month)

• 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in January)

• 29% :: Percentage of residential properties selling for over $1 million (similar last month’s 27%)
• 71% :: Percentage of residential properties selling for under $1 million (similar to 73% in Dec)
• 38% :: Percentage of residential properties selling for under $500,000 (down from 42% in Dec)

What it means: When analyzing “what” sold in Teton County in Jan 2014, the most unique statistic was the high percentage of land sales. There were 8 lot sales in January which represented 1/3 of all transactions. The amount of land sales isn’t that uncommon (in the past 12 months there have been 6 months with at least 8 land sales), however what is unique about this month is that while overall sales dropped (see Summary Blog) land sales remained steady (between 6 and 10 sales per month). Overall, land tends to sell more in the spring/summer months, but there have been 17 lots sales in Teton County since the snow started flying. Notable land sales in January included a Granite Ridge homesite (listed at $2.95 million) and a lot at Shooting Star (listed for $3.3 million) in Teton Village, 2 lots in the new King Eider development in Rafter J and a lot out in Kelly (listed for $349,000).

The month of January did not include a short sale or a bank sale after 2-5 such sales every month since October. Currently there are only 2 distressed properties for sale under $1 million – a fixer upper 3 bedroom condo in E Jackson for $352,000 and a 2 bedroom condo in W Jackson for $249,900. Note there are two higher end short sales also on the market – Game Creek Ranch ($1.495m) and an interesting ‘castle’ like property down Fish Creek Rd, listed for $1,500,000, which is pictured below. Click HERE to view all 4 distressed properties.

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