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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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Vacant Land 2015 Third Quarter

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The vacant land segment of the market continued to show gains due to the inventory shortage in single family homes. The number of transactions increased dramatically (a 37% increase) when compared to the end of the third quarter of 2014. Even more dramatic was the approximate 60% increase in median sale price and 40% increase in total dollar volume. This was primarily the result of a shift in the price range where buyers purchased vacant land. The market share in the $1 million – $2 million range was slightly less than the under $500,000 range, 23% and 29% respectively. Vacant land transactions over $2 million represented nearly 30% of total vacant land transactions. Teton Village experienced the majority of land sales spurred by the popularity of the Shooting Star development. As the vacant land segment of the market continues to grow, inventory continues to diminish; down approximately 15% when compared to this time in 2014.

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