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.
This information was derived from the Hole Report, the full report can be found here: http://jacksonholerealestatereport.com/2017-second-quarter-report/condotownhome/