Condo & Townhome Mid-Year 2017

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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: https://jacksonholerealestatereport.com/2017-second-quarter-report/condotownhome/

Condo & Townhome Q1 2017

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Condo/Townhome sales have decreased for the second year in a row, with only 31 sales in Q1 2017 (down 21%). The average and median sale prices showed strong increases, up 38% and 18% respectively, when compared to Q1 2016. The decrease in the number of sales can be directly attributed to the lack of affordable listings. This is evident when the average list price for a condo/townhouse in 2017 is $1.51 million (up 21%). NOTE: This registers as the highest average list price ever, topping the second highest back in 2008 by 11%.

The hot spots for condo/townhome sales were in Teton Village and the Town of Jackson. Teton Village had 10 sales and the Town of Jackson had 12 sales, but both were down in the number of sales by 29% and 14% respectively.

The number of sales under $500,000 decreased by 50%. This decrease can be directly attributed to the 50% drop in available inventory priced under $500,000 in the first quarter of 2017. NOTE: While the numbers of sales in the above $1 million segment (11) did not change from 2016, there are currently 28 under contract, with 20 of those in Shooting Star.

The number of condo/townhouses under contract is up slightly, while the dollar volume is down 8%. Of the 48 currently under contract, 20 are Shooting Star Townhomes, where listing prices start at over $3 million. NOTE: 16% of the current inventory under contract is listed for under $500,000, with the least expensive listed at $275,000.

Available inventory of condos/townhomes decreased 21%, which equates to the second lowest level of available condo/townhome inventory in 10 years. This decrease in inventory can be directly attributed to a decrease of locals trading up from a condo to a single-family home with a back yard, and the lack of new affordable condo construction. NOTE: Teton Village holds 54% of the current available inventory, with an average list price of $2.1 million. Based on year-end 2016 results there are currently three months of available condo/townhouse inventory. Also noteworthy: 61% of the current available inventory is listed for less than $1 million, and 18% of the available inventory is listed for under $500,000.

 

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

Condo & Townhome Year-End 2016

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When compared to 2015, the ​number of sales dipped 8​%, and the dollar volume dropped 15%. Bucking the trend, the ​median sale price rose 11%. ​Why? Supply and demand! This segment was the first segment to rebound after the recession, especially under $500,000. Consider 2013: 137 condo/townhomes sold for under $500,000 versus 77 in 2016. Today, there are only 13 units currently available for under $500,000 (1 under $300K). NOTE: The sub-$500,000 segment accounted for 36% of all condo sales activity in 2016.

Condo/townhouse hot spot: JH Racquet Club/The Aspens boasted the highest increase in the number of condo sales in 2016, up 36%. Following suit, the average sale price rose to $553,196 (up 4%) and the ​median sale price​ was $550,000​ (up 11%).

 

This information came from the Hole Report, found here: https://jacksonholerealestatereport.com/

Condo & Townhome Q3 2016

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Condominium/townhome transactions decreased 15%. The majority of condominium/townhome transactions (about 45%) took place in the $500,000-$1,000,000 price range. This was a 33% increase when compared to the third quarter of last year. Conversely, transactions under $500,000 decreased about 30%. Condominium/townhome inventory decreased by over 25%. Currently, there are only 69 properties on the market and 19 under contract.

condoTransactions 162
% Change in Transactions from 2015 -15%
Minimum Price Sold $240,000
Maximum Price Sold $3,750,000
Average Sale Price $764,423
Median Sale Price $564,267
Average Days on the Market 216
# Pending Transactions 19

View Last Year’s Quarter 3 Condo & Townhome Report

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Condo & Townhome Mid-Year 2016

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The number of transactions in the condominium/townhome segment decreased about 10% compared to the first half of 2015. The average sale price also decreased, down about 10% from this time last year. These decreases may primarily be attributed to the high-end condominium/townhome transactions that took place in the Teton Village area last year. Nearly half of all condominium/townhome transactions in the first half of 2016 were in the $500,000-$1 million price range.

# of Condominium/Townhomes Transactions 98
% Change in Transactions from 2015 -10%
Minimum Price Sold $264,000
Maximum Price Sold $3,750,000
Average Sale Price $804,537
Median Sale Price $575,000
Average Days on the Market 175
# Pending Transactions 19

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Condo & Townhome 2015 Year End

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The condominium/townhome segment finished the year with substantial gains when compared to 2014. The number of transactions increased by 27% and the total dollar volume increased over 75%. This can be attributed to the average sale price and median sale price which increased 32% and 14%, respectively. The distribution of transactions has shifted dramatically over the past year; nearly 15% decrease in transactions under $1 million, a 533% increase in transactions between $2 million-$3 million, and a 100% increase in transactions over $3 million. These increases in the higher price ranges can be attributed in large part to the sellout of the new

Shooting Star townhome development as well as several other transactions in Teton Village. In fact, Teton Village had 76% more transactions when compared to 2014. The Town of Jackson, a hotspot for condominum/townhome activity, experienced about 35% more transactions and an approximate 23% increase in average sale price when compared to last year.

Condo & Townhome 2015 Third Quarter

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The condominium/townhome segment remained strong through the third quarter of 2015 with 190 transactions, up nearly 25%. The average sale price increased an astounding 39%. This increase can be attributed to the sellout of a new luxury townhome development in Teton Village. The median sale price, a more accurate sale price indicator, was $505,000, a 12% increase. There were approximately 17% fewer condominium/townhome transactions under $1 million. Conversely, the number of condominium/townhome transactions over $3 million doubled when compared to last year. The Town of Jackson, where the majority of transactions took place, experienced an approximate 15% increase in average sale price. Condominium/townhome transactions in Teton Village increased nearly 80% largely due to the surge of transactions in the Shooting Star development. The condominium/townhome segment was the only segment of the market where the inventory increased by approximately 7%.

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Condo & Townhome 2015 Mid-Year

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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.