Entry level sales still low, most townhome sales now over $500,000 mark

The Colbert Real Estate Report

Monthly Market Update for May 2017

Jackson Hole, WY

What Sold in April 2017?

  • 46% :: Percentage of residential properties selling for over $1 million (down after high last month)
  • 54% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (slight increase from last month)
  • 46% :: Percentage of single family home sales (down 10% from last month)
  • 35% :: Percentage of condo/townhome sales (2x last month's low)
  • 19% :: Percentage of Land Sales (down after 2 strong months)

What it means:  Property sales under $500,000 increased slightly in April, but still represent a small segment of the Jackson Hole real estate market. In 2015, these "entry level" sales, on average, represented 22% of all sales in Teton County. In 2016, this average monthly percentage dropped to 18%. So far in 2017, only 11 properties have sold in this price range (representing, on average, 11% of all sales). There were 4 sales in April under the mid million mark, including two condos in Town and lot sales in Melody Ranch and Pineglen. As the market continues to increase, we should expect to see fewer and fewer properties selling under $500,000 heading into summer. Sales in the $500,000 - $1,000,000 range increased in April with 10 sales (nearly 40% of all sales), however this segment only included 3 single family homes (usually a hot spot for small homes). Sales in this price point now include 2 bedroom Aspen condos, Rafter J townhomes and vacant land as well. Property sales over $1 million dropped after a high in March. So far in 2017, 47% of sales in Teton County have occurred over $1 million (compared to an average of 42% in 2016). Single family home sales also dropped last month, although 6 homes sold over $2 million in April including two 6,000+ sq foot homes in Teton Village for a combined $8 million. Condo sales increased in April, after a low in March, representing 35% of all sales. After two strong months, land sales dipped a bit in April as only 5 lot sales occurred. We should expect this segment to see increased growth heading into summer as spring conditions encourage more sellers to put their lots up for sale after a long and snowy winter. 

 

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