Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

• 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
• 40% :: Percentage of condo/townhome sales (down from last month 46%)
• 29% :: Percentage of Land Sales (higher than average this month)

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

• 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
• 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
• 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

Please visit the Real Estate Market Report tab for the entire June Market Report.

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