Monthly Market Update for April 2014
Jackson Hole, WY
What Sold in March 2014?
- 28% :: Percentage of single family home sales (significantly lower than usual – down from 48% in Feb)
- 52% :: Percentage of condo/townhome sales (significantly higher than usual – up from 30% in Feb)
- 20% :: Percentage of Land Sales (close to normal)
- 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in March)
- 26% :: Percentage of residential properties selling for over $1 million (down from last month’s 37%)
- 74% :: Percentage of residential properties selling for under $1 million (up from 63% in Feb)
- 40% :: Percentage of residential properties selling for under $500,000 (up significantly from 29% in Feb)
What it means: Unlike February, the month of March saw a higher than average amount of condo/townhome sales, especially in the low and mid-level price points ($250,000 – $800,000). There were 3 condo sales in The Aspens, 2 sales in Teton Shadows (north of town) and 7 condo sales in the Town of Jackson. There were also several higher end condo sales in Teton Village including units at Teton Mountain Lodge, Hotel Terra and a unit in Crystal Springs, which sold for just under $1.5 million (pictured below). Of the 10 single family home sales in March, NONE of them sold for under $750,000 and only 4 of them were under $1 million. The lowest priced single family home sale in March was a home in Rafter J, which sold for $775,000 and represented by far the most expensive sale in Rafter J in the past 6 months. Last month there were no bank sales or short sales, continuing a downward trend and further illustrating that much of that distressed inventory has been absorbed. In fact, since the beginning of 2014, there has been only 1 bank sale and 1 short sale (see chart below).
Please visit the Real Estate Market Report tab for the entire April Market Report.
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