When compared to 2016, the number of sales and the dollar volume inched up 1.5% and 3% respectively. In contrast, the median sale price dipped 3% to $575,000.  Of the 217 sales, 172 sold for under $1 million and 71 sold for under $500,000.  With only 8 condos currently on the market for under $500,000, and a total of 25 for under $1 million, expect this segment of the condo market to increase in value in 2018.  NOTE: The sub-$500,000 segment accounted for 33% of all condo sales activity in 2017.

Condo/townhouse hot spot: Rafter J boasted the highest increase in the number of condo sales in 2017, up 100%. The area with the most activity was the Town of Jackson with 122 sales, up 11% when compared to 2016.

Condo/townhomes currently under contract: The number of condo/townhomes currently under contract increased 10%, but the average and median list prices are down 26% and 51% respectively.  The huge decrease in the median list price can be directly attributed to the huge increase in listings under contract for less than $1 million, up 140%.

Current condo/townhome market inventory is down 25% when compared to the same period in 2016, with only 45 available units.  The average listing price decreased 6% to $1.39 million, whereas the median listing price increased $895,000 (up 23%). NOTE: With current interest rates holding at all-time lows, mortgage payments can still be less than monthly rent.  If you can afford a 30% down payment and have a good credit score, you should buy a condo and start building equity.

Least expensive condo/townhome listing at year end: $345,000, which buys you a 608 sq. ft. 1 bedroom 1-bath condo built in 1978 in the Town of Jackson.

Most expensive condo/townhome listed in MLS at year end: $4.49 million, which buys you a new 3,158 sq. ft. 3-bedroom, 3-bath townhome in Granite Ridge (Teton Village).

Condo/Townhome Sales by Area

1. Jackson Hole Mountain Resort (Teton Village)
43 sold (down 20%) with an average sale price of $2.16 million (up 25%) and a median sale price of $1,450,000 (up 50%). The dramatic increase in the average and median sale prices are due to the number of Shooting Star townhome sales in 2017. NOTE: In 2017, 13 Shooting Star townhomes sold for an average of over $4 million.

2. Jackson Hole Racquet Club/The Aspens
27 sold (down 23%) with an average sale price of $662,956 (up 20%) and a median sale price of $630,000 (up 15%). The most expensive sale was $1,475,000 for a remodeled 1,751 sq. ft. townhouse with 3 bedrooms and 2.5 baths, built in 1983 with a one-car detached garage.

3. Teton Pines
2 condo sales with an average sale price of $1,217,500.

4. Town of Jackson
122 units sold (up 11%) with an average sale price of $570,005 (down 6%) and a median sale price of $520,000 (up 6%). NOTE: The Town of Jackson claimed 56% of all condo sales in Jackson Hole.

5. Jackson Hole Golf & Tennis
4 condos sold with an average sale price of $702,720 (up 7%).

6. Rafter J Ranch
14 sold (up 100%) with an average sale price of $590,434 and a median sale price of $577,500.

7. Spring Creek Resort
3 sold in 2017 with an average sale price of $905,833. Total dollar volume: $2.7 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 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, 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.

© Copyright 1995 – 2018 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.