Jackson Hole 2015 Mid-Year Market Overview

On behalf of our team of dedicated professionals at Jackson Hole Real Estate Associates, we are pleased to present the 2015 mid-year comprehensive market report for the Jackson Hole area. The Jackson Hole real estate market continues with vigorous momentum.

Summertime in Jackson Hole brings a plethora of new inventory to the market and despite this growth, supply is still not able to keep up with demand, and the shortage of inventory continues. With inventory levels very low and notable price increases in all segments, the market appears to be robustly positioned for continued growth.

Overall Market

The number of transactions, when compared to the first half of 2014, increased more than 20%, with more than 300 transactions so far this year. Both the average and median sale price increased a notable amount, up 26% and 22% respectively. The upward trajectory in sale price coupled with more transactions has caused a significant increase in the total dollar volume, which is up nearly 47% from this time last year. Another factor in the amplified total dollar volume was a shift in the price segment of transactions. For example, there were 12% fewer transactions under $500,000 and 160% more transactions over $5 million. In fact, the $1 million-$2 million segment had approximately 63% more transactions and the $2 million-$5 million segment had over 30% more transactions.

As of 2015 mid-year, there were 537 active listings on the market, an approximate 12% decrease when compared to 2014 mid-year.

MARKET OVERVIEW BY SEGMENT

Single Family Segment

The single family segment of the market had noticeable increases in the first half of 2015. The number of transactions increased over 35% with 106 sales. The average sale price of a single family home in the valley was approximately $1,888,000, more than a 20% increase from 2014 mid-year. Similar to the overall market, the single family segment experienced a powerful increase in total dollar volume, up 58% when compared to this time last year. This increase can be explained by a combination of rising sale prices and quantity of transactions, as well as a shift in the price segment in which most transactions occurred. There was only one single family home transaction for less than $500,000 (an 80% decrease) at mid-year, while the $1 million-$2 million segment had 57% more transactions and the over $5 million segment had 150% more transactions. The two areas with the most single family home transactions were the Town of Jackson and the area just south of Jackson, each representing over 25% of the total quantity of single family home transactions. The shortage of inventory in the single family segment of the market was not as pronounced as in other segments, but at mid-year, the number of single family homes on the market was down 4% compared to last year.

Condominium & Townhome Segment

The condominium/townhome segment of the market experienced another strong quarter with transactions up 12%. Similar to the single family segment, the price level distribution shifted dramatically. This shift greatly increased the average sale price (a 53% increase) as well as the total dollar volume (a 57% increase) when compared to the first half of 2014. Condominiums/ townhomes in the over $1 million segment captured 25% of the transactions in the first half of 2015. This same over $1 million segment comprised 10% of the transactions this time last year. Most notable was the $2 million-$3 million segment, which included 9 transactions. The hotspot for condominium/townhome sales was Teton Village, which experienced an approximate 88% increase in transactions and nearly 30% of the total condominium/townhome market. The inventory shortage has been most pronounced in the condominium/townhome segment, and inventory has continued to decrease – down 14% when compared to this time last year.

Vacant Land Segment

The vacant land segment largely recuperated from the economic downturn and showed solid gains in the first half of 2015, with transactions up 18%. As with all other segments of the market, the vacant land segment experienced an upward shift in price level distribution, which pushed the average sale price up 15%, and the total dollar volume up nearly 48%. The number of vacant land transactions under $500,000 dropped 20% while the number of transactions over $1 million increased over 40%. In fact, there were 3 sales in the over $5 million segment. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. The active inventory for vacant land decreased 15% when compared to the same time last year, and there is currently about 16 months’ worth of inventory on the market.


Jackson Hole 2014 Quarter Four Market Overview

Overall Market


Jackson Hole’s real estate market in 2014 could be defined as continued recovery and the return of a seller’s market, which is a refreshing sentiment for those invested in the real estate market, and stability for those looking to get into the market. The overall trends of 2014 showed more of the same – fewer overall transactions, increased average sale prices and very low inventory. The overall number of transactions in 2014 dropped about 13% when compared to 2013. As appreciation became reality, particularly in the lower-priced segments, the average sale price increased over 6%. Also, greatly affected was the median sale price, which climbed nearly 17% over last year, rising to $750,000. Nonetheless, the climb in sale prices was not enough to outpace the lack of transactions, which resulted in a decrease in overall dollar volume of about 5%. This decrease in total dollar volume can also be attributed to the distribution of sales, which overwhelmingly consisted of properties under $1M, or about 65% of all sales. Also notable, and comprising about 14% of 2014’s transactions, were property sales between $2M and $5M, which increased by 10%. The low supply of Jackson Hole inventory, down about 18% in 2014, has been consistent over the past 2 years, and this we anticipate driving appreciation in most market segments.

Quick Facts:

# of transactions 13% | Avg. Price 6% | Med. Price 17% | Overall Sales Volume 5% | Overall Inventory 18%

2014 vs 2013 Jackson Solds

Market Overview by Segment

Single Family Segment


The single family segment of Jackson Hole’s real estate market finished 2014 with some significant changes when compared to 2013.

Similar to the overall market, the single family segment decreased in number of transactions by about 17% over 2013. Price appreciation and a shift in the distribution of sales ended the year with a total dollar volume slightly higher than 2013; a 2% gain. The average sale price increased approximately 12%, to about $1,670,000, while the median sale price jumped up nearly 30%, to $1,070,000. The distribution of sales into higher price points is a contributing factor to these large percentage increases. While the majority (40%) of single family homes sold within the $500K-$1M segment, each of the higher-priced segments gained market share in 2014, with the over $5M segment increasing by about 15% from 2013. Most notable is the over 66% decrease in transactions in the under $500K segment due to properties disappearing in this price point. In fact, the same number of buyers bought a home under $500K as did homes over $5M. The area within the Town of Jackson, where the majority of single family home sales take place, had about 21% fewer transactions when compared to 2013. However, with the average sale price increasing nearly 30%, the total dollar volume gained about 3% despite the drop in transactions. If single family supply maintains low levels, down approximately 12%, the single family home market in Jackson Hole will likely continue to track in a similar pattern as in 2014. At the end of 2014, there was less than 8 months’ worth of supply of single family homes on the market.

Condominium & Townhome Segment

Since the market as a whole began to stabilize, the condominium/townhome segment of the market made leaps and bounds toward a healthy recovery. Now, it seems, the condominium/townhome segment of the market has reached a more sustainable pace of growth. Both the average and median sale prices increased over 8% to $610,000, and $458,000, respectively. Much like the market as a whole, the condominium/townhome segment had about 10% fewer transactions compared to 2013. Again, due to lack of inventory, the increase in sale prices was not quite enough to match the total dollar volume in 2013, dropping about 7%. The success of purchasing a condominium or townhome under $500K continued to become more difficult in 2014, with about 23% fewer sales under $500K compared to 2013.  However, buyers searching in this price range shouldn’t be discouraged, as the sales that took place under $500K still accounted for slightly less than half of the condominium and townhome transactions. The two primary areas for condominium/townhome sales are the Town of Jackson and Teton Village, however both of those areas lost market share in 2014 to the Aspens and Teton Pines. This geographical area gained about 28% in sales in 2014 over 2013. Condominiums/townhomes continue to be in short supply evidenced by a 15% decrease in active listings from this same time in 2013. With only 77 total units currently available for purchase, this equates to less than 5 months of inventory based on the current rate of absorption.

Vacant Land Segment

The vacant land segment of the market mirrored the overall market in 2014 with an approximate 14% decrease in the number of transactions, and a 9% decrease in total dollar volume. The average sale price and median sale price both encountered a healthy gain. The average sale price rose about 13% to $1,160,000 and the median sale price made an impressive leap with an approximate 48% increase to $745,000. This leap in the median sale price can be directly attributed to a shift in the distribution of sales into a higher price segment. 2014 included many high dollar land sales and far fewer sales under $500K (28% less than 2013). The number of sales between $2M and $5M doubled from 2013, with 24 transactions. There are two areas of particular note from 2014. The area farthest south of Jackson around Hoback Junction had a large increase in transactions (up 86%). This can primarily be attributed to a recurrence of sales in the Snake River Sporting Club, which had a very successful year. Also of note is the Town of Jackson area, which had an over 70% decrease in the number of transactions. This can be directly attributed to the lack of inventory in this area which is down 40% from last year. Of the 9 lots available in the Town of Jackson, only 3 of them are listed for less than $500K. The vacant land segment of the market as a whole can only improve with the continual decline in supply each quarter (down 22% from 2013). The vacant land market came out of the recession with a staggering amount of inventory which has persistently been whittled away. As of the end of 2014, there were about 15 months of inventory available for sale which is a noted improvement from the end of 2012 when there was over 2 years of inventory for vacant land.

Jackson Distribution

Luxury Market Spotlight

Jackson Hole’s luxury market dipped slightly when compared to 2013, with an approximate 10% decrease in the number of transactions. The average sale price in the luxury segment fell, only slightly, by about 2%. The 2014 average price for a luxury property in Jackson Hole was about $5,800,000. The area south of Jackson, which includes 3 Creek Ranch, garnered the majority of the luxury transactions, followed closely by Teton Village and the various neighborhoods north of the Town of Jackson near the Jackson Hole Airport. Currently, there is nearly 2 years’ worth of supply for sale in the luxury segment, which is the most inventory available in any single market category.

Record Sale (through Year End: The Creamery at Two Rivers* | Average Sale Price Above $3M: $5,787,065 | Number of Sales Above $3M: 36

*list and sale price undisclosed

Jackson Sales by Quarter

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach.

* The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.

* This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.

*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.

 


Jackson Hole Quarter 3 Market Overview

Overall Market: The Jackson Hole real estate market finished the 3rd quarter of the year with rousing statistics. At 2014 mid-year, the market had yet to see much growth from the previous year. However, the end of the summer brought impressive gains from the previous quarter with total dollar volume remaining level compared to the same period last year with an approximate 12% drop in the number of sales. This is a shift from previous quarters in 2014 where the total dollar volume struggled to keep pace with the robust activity in 2013. The market has been able to maintain a level dollar volume of sales despite a double digit drop in the total number of transactions, it is a clear indicator that market values are increasing. When looking at the market as a whole – the average and median sale prices increased about 15% and nearly 14%, respectively. In fact, the average and median sale prices increased in every segment of the market. Market share continues to be taken away from the under $500,000 segment (down 5%) while the over $2M segment increased nearly 5%, respectively. Overall inventory continues to decrease each quarter. When compared to the third quarter of 2013, inventory is down 13%. See more detail below on each segment of the Jackson Hole real estate market.

Single Family Segment: The single family segment made incredible gains in price appreciation compared to the 3rd quarter of 2013. The median sale price of a single family home in Jackson Hole reached $1,100,000, a $300,000 increase from this time last year. The major difference being the shift from sales in the under $500,000 category (down 73%) to the sale of homes over $1M (up 15%). Finding a single family home under $500,000 can be challenging – there have been 9 this year compared to 33 this time last year. This growth is undeterred by the considerable drop in the number of transactions, which is down 22% over last year. As is typical of the single family segment, the majority of the transactions took place in the Town of Jackson and South of Jackson, albeit in much smaller quantities this year. The greatest increase in sales took place south of Wilson with a 138% increase in transactions. The single family home inventory remains low; particularly, homes under $1M with inventory down 23%.

Condo/Townhome Segment: Condominiums and townhomes in Jackson Hole have been on the upswing. With a more affordable price tag than single family homes, condominiums and townhomes have been very popular and transactions have remained level when compared to last year. This stability contributed to a total dollar volume increase of 5%, making this the only major segment of the market with an increase in total dollar volume. Condominiums and townhomes were among the first properties to experience appreciation and sale price gains during the market recovery. This trend has continued this year with both average and median sale prices increasing approximately 7% – 8%. The median sale price of a condominium/townhome in Jackson Hole has risen to approximately $452,000. About half of the condominium/townhome sales this year were under $500,000. At this time last year, nearly 60% of the sales were under $500,000. The lack of inventory was especially prominent in this segment of the market with active listings at the end of the 3rd quarter, down 27% from last year.

Vacant Land Segment: The vacant land segment of the market has made continued improvement. While the number of sales were down about 20% from 3rd quarter of 2013, the average sale price was up 20%. This was spurred by a 55% increase in the number of sales between $2M and $5M, and a 34% decrease in the number of sales under $500,000. Possibly a more accurate measure of the vacant land market is the median sale price which increased 2% over last year. Historically, the Town of Jackson and the area South of Jackson compete for the most land sales of any other area. However, the Town of Jackson had a huge drop (down 78%) in land sales compared to this time last year, and the area South of Jackson proved to be a hotspot with 24 total land sales. This accounted for about 31% of all land sales this year, far more than any other area. The vacant land segment as a whole has continually improved each quarter since market recovery. Land sales have been marred by the huge amount of inventory in the past, however, this trend continues to improve, with an approximate 10% drop in the number of parcels currently listed for sale. Vacant land will become more popular with buyers as existing home inventory diminishes, as well as affordability.

Luxury Spotlight: Jackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties has outperformed this time period last year by approximately 18% when looking at the number of transactions. The total dollar volume of those transactions accounted for over $160M in sales, an approximate 11% increase over last year. Record Sale (through Q3): $24,500,000 (list price). Average Sale Price Above $3M: $5,706,708. Number of Sales Above $3M: 26

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market report and database. The Jackson Hole Real Estate Associates’ Market Report, unlike others in the valley, is derived from the JHREA proprietary, forty year old database (not just mls data) as well as decades of history and success making this the most trusted and accurate real estate report in the region. No other real estate company or agent has the resources available to offer this depth of expertise or insight regarding current or previous market conditions. The unmatched resources and knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. For additional information or a market update in your area, please do not hesitate to contact one of our real estate professionals.

*The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
*This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
*All statistics are supplied by sources that have been deemed reliable but are not guaranteed.


Jackson Hole Quarter 2 Market Overview

Overall Market

In the first half of 2014 both the number of sales and the total dollar volume decreased about 15% compared to the first half of 2013. The past two years the real estate market has shown a steady recovery which rebounded relatively quickly. This robust growth is not something which can be maintained in the long run. While this may seem like bad news, really it is a good sign. This slowdown means the market has recovered from the slump of the recession and is returning to more of an equilibrium. Prices have reached a point where there are few to no recession era “deals” left. The type of buyers in the market today has shifted from investors to more end-users and second home buyers. While the average sale price just slightly decreased (-3%), the median sale price actually increased approximately 8%. Similar to the 1st quarter, this can be attributed to the dominance of the $500,000 – $1M price segment, which accounted for roughly 36% of the sales, more than any other single price segment. The springtime push for the summer selling season has lessened the inventory drought, which had, in the past year, contributed to rising prices. The market path for the remainder of 2014 will vary greatly depending on property type and price range. As explained in more detail below, each segment of the market is experiencing its own successes and challenges as the market continues to search for its new normal.

Active vs. Sold by Market Segments

jhstat

Market Overview by Segment

Single Family Segment

The single family segment of the market has decelerated from the vigorous growth seen in 2013. The number of transactions decreased nearly 40%. With such a large decrease in the number of sales, it is no surprise that the total dollar volume is also down, with a decrease of approximately 33% compared to the first half of 2013. Despite this decrease in the number of transactions, prices are clearly on the upswing with the median sales price of a single family home up nearly 25%. Finding a single family home for under $500,000 will soon be a thing of the past. The first half of this year produced only 5 sales in this price segment, while the first half of 2013 produced 20 sales. Over 70% of the single family homes sold so far this year have been between $500,000 and $2 million. By far the most active segment of the single family market is the $500,000 to $1 million price range, accounting for about 40% of the total sales.

The majority of the single family home sales took place in the Town of Jackson and south of Jackson areas. Inventory in the single family home segment is still considered low with just over 200 properties for sale, however, the springtime push for the summer season has lessened this concern. The price level of transactions that do take place will most likely continue to rise, albeit slowly. As the market reaches equilibrium and sales velocity slows compared to last year, don’t expect any remarkable appreciation. A slower and healthy growth is anticipated.

Condominium & Townhome Segment

jh-pieThe condominium and townhouse segment of the market is still going strong and has not shown any signs of a slowdown. The number of transactions so far this year is on par with the first half of 2013, however, the total dollar volume increased nearly 10%. This can be attributed to the evident appreciation in this segment of the market. In particular, the median sales price increased over 25% to $487,500 when compared to the first half of 2013. This segment of the market has continued its growth at such a strong rate, in part due to the affordability. This is still the one piece of the Jackson Hole real estate market where a buyer can purchase under the $500,000 mark. Nearly 45% of the sales so far this year have been under $500,000, however, sales in this price range are most definitely diminishing. In fact, compared to the same time period last year, there were about 27% less sales under $500,000. When looking at the sales in the Town of Jackson (which is where the majority of condos and townhomes exist), the average sale price increased nearly 20%. Condos and townhomes continue to be in short supply, with only 85 units currently available and another 24 units under contract. This represents less than a 6 month supply.

Vacant Land Segment

The vacant land segment of the market continues on a slow path to recovery. The number of transactions decreased slightly (-5%) and the median sales price decreased about 12%. The vast majority of the land sales so far this year have taken place south of Jackson, which is made up of smaller and less expensive tracts of land. Specifically, the new King Eider development in the Rafter J subdivision which has, after years of inactivity, finally taken off. The lower price range of these properties is a contributing factor to the decrease in the median sales price. Also, a factor is the lack of sales within the Town of Jackson.

There were 17 sales in town during the first half of last year while this year only 4 sales have occurred in town. The large amount of inventory available in the land segment continues to hold this segment back from any significant growth. Nonetheless, speculative builders as well as end-users have begun a plethora of building projects in the valley which has the construction industry incredibly busy. Building permits have already outpaced last year’s totals with 61 permits issued so far this year, according to a Jackson Hole News & Guide article published July 9, 2014. The vacant land segment of the market will continue to improve so long as the other segments do the same.

Luxury Market Spotlight

luxury-marketJackson Hole, Wyoming is synonymous with luxury and is an international marketplace for luxury real estate. The demand for high quality, exclusive properties the first half of 2014 did not disappoint. The number of luxury transactions remained steady when compared to the first half of 2013. The first half of this year brought 19 residential and land sales over $3 million. The Teton Village area made up the majority of the luxury sales, followed closely by the area just south of Jackson which includes 3 Creek Ranch, a private golf community.

Record Sale (through midyear): $12,500,000
Average Sale Price Above $3M: $4,235,083
Number of Sales Above $3M: 19

Summary

This report, prepared by Jackson Hole Real Estate Associates, presents an overview of trends in the Jackson Hole region real estate market. As the real estate market across the country improves, the Jackson Hole market continues to hold steady. Inventory continues to diminish and scarcity is driving demand and pricing appreciation.

With our access to national parks, sparkling rivers, magnificent mountains and miles of hiking and biking trails, Jackson Hole is an outdoor enthusiasts’ dream. The desirability of our area is as strong as ever.

Any exploration of the region will show examples of an undeniably high quality of life and an unrivaled community spirit with a flourishing economy and stable real estate market.

Jackson Hole Real Estate Associates exclusively owns and maintains the valley’s oldest and most comprehensive market database. Our report is derived from our proprietary data base (not just MLS data) as well as decades of history and success in the region. No other real estate company or agent can offer this depth of expertise or insight regarding current or previous market conditions. The local knowledge of Jackson Hole Real Estate Associates, the largest and most dynamic real estate company in the Teton region, combined with the largest luxury real estate affiliation, Christie’s International Real Estate, offer the ideal balance of local expertise and global reach. The Christie’s International Real Estate network exceeds $100 billion in annual volume, nearly three times greater than our nearest competitor.

  • The statistics used in this report are from the Teton Multiple Listing Service (MLS) and JHREA’s internal database.
  • This report does not go into detail on every segment of the market, but is intended to offer an overview of general market conditions.
  • All statistics are supplied by sources that have been deemed reliable but are not guaranteed.
  • Average sale price is the total combined dollar volume divided by the number of sales.

For additional information or a market update in your area, please do not hesitate to contact me.

T. Bomber Bryan | Associate Broker & Owner, GRI | 307.690.2295


Teton Village: 2011 Sales Breakdown

Big dollar sales in Teton Village tilted the value of Jackson area real estate favorably in 2011 with condos being the dominate property type. However, single-family and vacant land gave an average of over $1 million with a combined total of $18,350,000 between seven sales.

Single-Family: 4

Single-family homes accounted for $14 million in Teton Village among four sales. Valley-wide, list prices for 223 homes on the open market averaged $3.1 million when these numbers were compiled at the beginning of the year. Considering that list price is commonly higher than the actual sold price in this market, a “sold” average of $3.5 million for 2011 in Teton Village is good news for existing homeowners.

Condo/Townhome: 46

Despite the 33% decline of the average sale price settling at $998,543 by year’s end, 2011 sales are up 70% compared to 2010 with a total of 46 sales–one of which being the most expensive condo sale of $3.1 million for a 3 bedroom/3.5 bath at the Four Seasons.

Lots/Vacant Land: 3

If there’s one thing man cannot make more of, it’s land. Land in Teton Village supports how valuable dirt can be with only three sales accumulating $4,350,000. Two of the lots were additions in Jackson Hole Ski Corp. while the third wheel was in Granite Ridge.  Average for vacant land was an impressive $1,450,000.

Condo sales proved Teton Village to be a hot spot with the total sales being up by 70%. However, unlike the 61 condo sales in The Town of Jackson for 2011, Teton Village might not be as much of a “hot spot” for investors with an average sale price of $998,543 among the 46 total transactions. On the contrary, compare those 46 condo sales with only four single-family homes and three lots (one in the Granite Ridge subdivision and two in Jackson Hole Ski Corp.) totally over $18 million.


Westbank: 2011 Sales Breakdown

Real estate sales in the Westbank area remained fairly steady in 2011 with 68 of 408 single-family, condo, townhome or vacant lot total sales in Jackson Hole.

Single-Family: 44

North of Wilson had $53.923 million in sales (excluding resort areas zoned for nightly vacation rentals) from a total of 20 homes sold, and South of Wilson had 14 totalling $33.7 million. Remaining sales include one in The Aspens at Jackson Hole Racquet Club for $1.15 million and nine in Teton Pines totalling $18.863 million. Together, the Westbank accounted for $107,636,000 million in single-family homes sold alone.

Condo/Townhome: 17

The Westbank recorded 17 condo/townhome sales in 2011 with 10 condos at the Jackson Hole Racquet Club averaging $383,450 and seven townhomes at Teton Pines averaging $820,714.

Lots/Vacant Land: 7

Excluding resort areas, Westbank had seven lots sold, three North of Wilson and four south of Wilson with a total dollar volume of $2,630,000 and $6,950,000 respectively.

Among the 87 distressed sales, only 14 were in the Westbank of which three were at the Jackson Hole Racquet Club.

Across the valley, 55% of single-family home sales were under $1 million, yet (the Westbank) North of Wilson had an average sale price of $2.696 million with a median of $1.395 million and South of Wilson had an average sale price of $2.408 million with a median of $1.405 million.

Despite a 33% decline in number of condo sales at Jackson Hole Racquet Club, the average sale price of $383,450 is up 18%. With condo inventory throughout Jackson being 21% lower than 2010, the 18% increase in price at JH Racquet Club could prove to be a promising example in an equity building scenario. In addition, for the first time in almost two decades, someone who can afford 10% down and has a good credit score can pay less in a mortgage than in rent based upon the purchase of many listed condos under $400k.