Condo/Townhome

SECOND QUARTER 2017

Condo/townhome sales experienced a slight increase, with 105 sales so far in 2017 (up 3%).  Even though the average sale price increased 7%, the median sale price dipped, down 5% ($570,000) when compared to 2016.  The decrease in the median sale price is a direct result of the increase in the number of sales under $300,000 (up 120%).

The number of sales under $500,000 spiked (up 120%), whereas the number of sales between $500,000 and $1 million remained the same.   The hot spot: Town of Jackson where the number of sales rose 22%.

The number of condos/townhouses under contract dropped slightly, down 7%, with the average and median list prices following suit, down 13% and 52% respectively.  The drastic drop in the median list price is the direct result of fewer townhouses under contract in Shooting Star.  

Available inventory of condo/townhomes experienced a drop of 25% (64 listings), pushing the average and median list prices up 29% and 8% respectively.  The increase in average price can be attributed to the decrease in listings under $500,000 (down 54%).  Based on mid-year results, current inventory offers less than four months of condo/townhome stock.  NOTE: Of the current available inventory, 58% is listed for less than $1 million and 19% under $500,000.   

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 and 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 2017 compared to sales in 2016.
*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.
*The term “Market Value” means the value of property in terms of what it can be sold for on the open market; current value.

© Copyright 1995 – 2017 by David E. Viehman and Devon Viehman.  All rights reserved.  No part of this publication may be reproduced or transmitted in any form or by any means without explicitly written permission from David E. Viehman.