When compared to 2015, the number of sales dipped 8%, and the dollar volume dropped 15%. Bucking the trend, the median sale price rose 11%. Why? Supply and demand! This segment was the first segment to rebound after the recession, especially under $500,000. Consider 2013: 137 condo/townhomes sold for under $500,000 versus 77 in 2016. Today, there are only 13 units currently available for under $500,000 (1 under $300K). NOTE: The sub-$500,000 segment accounted for 36% of all condo sales activity in 2016.
Condo/townhouse hot spot: JH Racquet Club/The Aspens boasted the highest increase in the number of condo sales in 2016, up 36%. Following suit, the average sale price rose to $553,196 (up 4%) and the median sale price was $550,000 (up 11%).
Condo/townhouses currently under contract: The number of condo/townhomes currently under contract spiked 130% with the average list price up 223%. This spike is due mainly to the release of more Shooting Star townhomes, pushing the average and median list prices under contract to an all-time high at year-end.
Current condo/townhouse market inventory is down 23% when compared to the same period in 2015, with 60 available units. The average listing price rose 66% to $1.48 million, whereas the median listing price remains relatively flat at $725,000. NOTE: With current interest rates holding at all-time lows, mortgage payments can still be less than monthly rent. If you can afford a 10% down payment and have a good credit score, you should buy a condo and start building equity.
Least expensive condo/townhouse listing at year-end: $299,000, which buys you a 744 sq. ft. 2 bedroom 1-bath condo built in 1979 in the Town of Jackson.
Most expensive condo/townhouse listing at year-end: $7.85 million, which buys you a new 5,179 sq. ft. 5-bedroom, 5.5-bath townhouse in Shooting Star (Teton Village).
Condo/Townhouse Sales By Area
1. Jackson Hole Mountain Resort (Teton Village): 54 sold (down 13%) with an average sale price of $1.73 million (down 19%) and a median sale price of $965,000 (down 55%). The dramatic decrease in the average and median sale prices are due to the lack of Shooting Star townhomes sales in 2016. NOTE: In 2015, 16 Shooting Star townhomes sold for an average of more than $3 million.
2. Jackson Hole Racquet Club/The Aspens: 34 sold (up 36%) with an average sale price of $553,196 (up 4%) and a median sale price of $550,000 (up 11%). The most expensive sale was $990,000 for a remodeled 1,867 sq. ft. townhouse with 3 bedrooms and 3 baths, built in 1972 with a one car attached garage.
3. Teton Pines: No sales in 2016.
4. Town of Jackson: 110 units sold with an average sale price of $604,124 (down 6%) and a median sale price of $491,500 (up 6%). NOTE: The Town of Jackson claimed 52% of all condo sales in Jackson Hole.
5. Jackson Hole Golf & Tennis: 2 condos sold with an average sale price of $655,000 (up 12%).
6. Rafter J Ranch: 7 sold with an average sale price of $623,607 (up 24%) and a median sale price of $644,250 (up 30%).
7. Spring Creek Resort: 6 sold in 2016 with an average sale price of $1,073,667 and a median sale price of $748,000. Total dollar volume: $6.44 million.
* While other local Real Estate Brokers attempt to report on the local real estate market, we are the only ones to track every single transaction. Therefore, if you want the most accurate information to help guide you through your next real estate transaction, please call Devon, Luke or David today. “We are the Experts”.
* All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
* All statistics quoted in this newsletter are based on sales in 2016 compared to sales in 2015.
* Median sale price is the cost of a property that has an equal number of sales above and below it on the price scale.
* Average sale price is the total combined dollar volume divided by the number of sales.
* In this report, “overall” refers to all sales in Teton County combined (homes, lots, condos, commercial, ranch), minus Alta, WY.
* The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.