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.
*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.
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