Entry Level sales down, land sales up in Sept 2016

The Colbert Real Estate Report

Monthly Market Update for Oct 2016

Jackson Hole, WY

What Sold in Sept 2016?

  • 38% :: Percentage of single family home sales (lowest % in past year)
  • 34% :: Percentage of condo/townhome sales (identical to last month)
  • 28% :: Percentage of Land Sales (double last month)
  • 44% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 56% :: Percentage of residential properties selling for under $1 million 
  • 15% :: Percentage of residential properties selling for under $500,000 (back down after increase)

What it means:  After many months of consistency, the breakdown of sales by property type changed significantly in Septebmer. Single family home sales represented only 38% of all sales last month, dipping below 40% for the first time since Aug 2015. This drop can be attributed to dwindling available inventory, especially in the Town of Jackson, where there are currently only 19 homes available under $1.5 million.  Condo and townhome sales remained consistent, representing 1 out of every 3 sales in Teton County last month. Three of the condo sales in September were over $1 million including two "downtown" high-end condos on Pearl Ave and a 5 bedroom condo in Teton Village, which sold quickly after hitting the market.  Land sales spiked in September, representing nearly 30% of all sales, double the 12-month average of 15%. Lots sales in September occurred all over the Valley: from 3 lots in JH Golf & Tennis, to a building site on Karns Hillside in Town, to a unique 5 acre parcel in "downtown" Wilson with Fish Creek frontage. The majority of lot sales in September occurred over $1 million, with 6 lots selling for over $2 million, including large parcels in Bar BC, Wilderness Ranches, Shooting Star and Spring Creek Ranch.  Entry level sales took a dip as 15% of property sales were under $500,000 in September. While this segment of the market has seen volatile ups and downs over the past year, the general trend is downward as fewer and fewer properties are available at this price point. Compare this past month (15%) to early in 2014, when 40-45% of property sales occurred under $500,000 (see chart below). Currently there are only 27 properties in ALL of Teton County priced under $500,000.  

propertiesover1million-sept2016

propertiesunder500000-sept2016

singlefamilyhomes-condos-land-jacksonwy-sept2016

 

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