Monthly Market Update for December 2013

Jackson Hole, WY

What Sold in November 2013? 

• 41% :: Percentage of single family home sales (down from last month’s high of 49%)
• 43% :: Percentage of condo/townhome sales (vs. 37% last month)
• 13% :: Percentage of Land Sales (similar to last month)

• 4.3% :: Percentage of distressed property sales (2 bank sales and 0 short sales)

• 37% :: Percentage of residential properties selling for over $1 million (down from last month’s high of 43%)
• 63% :: Percentage of residential properties selling for under $1 million (up from 57% in Oct)
• 37% :: Percentage of residential properties selling for under $500,000 (up 10% from Oct)

What it means: Last month, the big story was the large amount of high end home and property sales in the Teton County area, where almost 1/2 of all sales were over $1,000,000. This month, the breakdown has shifted to more typical levels (63% under $1m / 37% over $1m).  Likewise, the breakdown by property type returns to more typical levels as well with 43% of all sales in the townhome / condo market. That being said, there were still several high end properties that sold in November including one of my favorites in Teton Pines – a 7,300 sq ft estate located on the 18th fairway – which sold for over $7 million (pictured below). Interestingly, the month of November saw 13 sales of condos that allow short term rentals, perhaps as many new property owners hope to capture rental income from the upcoming ski season (see Market Focus).

 Please visit the Monthly Market Update tab for the entire December Market Report.

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