Over $1 million Archives - Page 4 of 5 - Katie Brady Real Estate

Condos and Homes in the $500,000-$1,000,000 price range see increased activity in June

The Colbert Real Estate Report

Monthly Market Update for July 2016

Jackson Hole, WY

What Sold in June 2016?

55% :: Percentage of single family home sales (back up after low last month)
38% :: Percentage of condo/townhome sales (down after high last month)
7% :: Percentage of Land Sales (down for second month in a row)

45% :: Percentage of residential properties selling for over $1 million (up again from last month)
55% :: Percentage of residential properties selling for under $1 million (down again from last month)
16% :: Percentage of residential properties selling for under $500,000 (half of last month)

What it means: Single family homes sales are back up after a slow May, representing over half of all property sales in June. Condos and townhome sales dipped after a strong showing in May. Land sales declined again last month (only 4 sales in June), as many buyers focus their attention on the influx of existing homes and townhomes that have come onto the market in the last few months. Entry level sales took a dip after a strong May, with only 15% of all sales occurring under $500,000 in June. The “hot spot” in June was the $500,000 – $1,000,000 price range, representing 36% of all sales last month. Sales in this segment included several vacation condos in The Aspens and Teton Village and several single family homes in Rafter J and Cottonwood Park, which are popular with local buyers. Property sales over $1 million increased for a second month in a row, accounting for 45% of all sales. High end property sales (defined as sales over $3 million) slowed in June as only 4 sales occurred in this price range (7% of all sales). Three of these high end sales were in Granite Ridge – 2 cabins (pictured below) and the last remaining undeveloped slopeside lot in the development.

One of 2 Granite Ridge cabins that sold in June (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for July 2016.

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Property sales under $500,000 increase for 2nd month in Jackson Hole

June 7, 2016/in Asking Prices, Condos, Entry level market, High End Real Estate, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Market Statistics, Monthly Market Update, Multi-family, Over $1 million, Real Estate Sales, Single family homes, Townhome, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for June 2016

Jackson Hole, WY

What Sold in May 2016?

42% :: Percentage of single family home sales (significant drop from previous months)
46% :: Percentage of condo/townhome sales (significant increase from previous months)
12% :: Percentage of Land Sales (down slightly from April)

36% :: Percentage of residential properties selling for over $1 million (up from low last month)
64% :: Percentage of residential properties selling for under $1 million (down from high last month)
30% :: Percentage of residential properties selling for under $500,000 (2nd large monthly increase)

7 :: Commercial Transactions – 5 sales and 2 leases

What it means: After increasing for 3 straight months, single family homes sales declined in May, representing only 42% of all sales and marking the lowest percentage since Aug 2015. Three of these sales were multi-family properties (2 duplexes and 1 four-plex), illustrating investors’ interest in our strong rental market in Jackson Hole. On the other end, the percentage of condo and townhome sales nearly doubled from April to May and accounted for more sales than single family homes for the first time in several months (see chart below). There were 4 land sales in May including two 1.17 acre vacant lots in Shooting Star near Teton Village at the base of Jackson Hole Mountain Resort which sold for $2.7 million each. Entry level sales had another strong month, with 30% of all sales occurring under $500,000 in May, achieving a double digit increase for the second month in a row (see chart below). The majority of the 10 sales under $500,000 where condos in the Town of Jackson, including a 2 bed/2 bath townhome with a 1 car garage located in central Jackson, which sold in 79 days from listing. Property sales over $1 million rebounded slightly after accounting for only 25% of all sales last month. Property sales over $3 million also rebounded with 4 sales over $3 million including a newly built home on the Westbank, which had been on and off the market for nearly 3 years (pictured below). The month of May also saw 4 larger commercial sales in Jackson, including the Wilson gas station, an in-town restaurant space and a re-development opportunity on Broadway (currently home to Ocean City).

New custom home on Westbank – SOLD in May 2016 – Listed by JH Real Estate Assoc

Click HERE to read the full Monthly Market Update for June 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

April sees spike in Property Sales under $1 million in Jackson Hole real estate market

May 7, 2016/in Building Site, Condos, Entry level market, Jackson Hole Real Estate, JH Obsidian, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, RE/MAX Obsidian, Real Estate Sales, Single family homes, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

What Sold in Apr 2016?

58% :: Percentage of single family home sales (3rd monthly increase)
25% :: Percentage of condo/townhome sales (drop from last several month)
17% :: Percentage of Land Sales (uptick from March)

25% :: Percentage of residential properties selling for over $1 million (lowest since Jan 2015)
75% :: Percentage of residential properties selling for under $1 million (highest since Jan 2015)
20% :: Percentage of residential properties selling for under $500,000 (rebound from low last month)

What it means: Single family home sales continued to increase for the 3rd month in a row, representing over 1/2 of all sales in Teton County. Condo and townhome sales took a dip after several strong months in 2016. Land Sales increased in April as we get closer to the construction season. The month of April saw many sales in the lower price ranges, with 75% of all sales occurring under $1 million, a level we haven’t seen in 15 months. In particular, there were 6 single family homes sales under $700,000 in April, quite the surge considering there are only 5 single family homes currently for sale in this price range (3 of which are in Moran, WY). Conversely, property sales over $1 million only accounted for 1/4 of all sales last month. There were only 2 sales over $3 million in April (and 0 sales over $4 million) – compare that to the last several months where we have seen 4-5 sales between $3-$10 million. After a 3 year low last month, property sales under $500,000 recovered in April representing 20% of all sales and included condos in Town and Teton Village, a lot in Teton Pines and a bank owned property in Moran that had been on the market for over a year.

Click HERE to read the full Monthly Market Update for May 2016.

Thinking of listing this summer?

As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Sales and Volume decline in 2016, while affordable inventory dwindles – Quarterly Update from The Jackson Hole Report

May 2, 2016/in Asking Prices, Average Sales Price, Building Site, Condos, Entry level market, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Land/Building Sites, Listing Prices, Market Report, Market Reports, Over $1 million, Real Estate Sales, Sales Volume, Supply/Demand, Teton Village, The Jackson Hole Report/by Molly Stewart

Sale transactions and dollar volume are down in the first quarter of 2016 while available inventory in the entry level market dwindles, resulting in increased demand for well priced properties. The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 1st quarter 2016. Click HERE to read the full 2016 Q1 Report. A summary of statistics/trends follows:

OVERALL MARKET

Total number of Sale Transactions are down 26%
Sales under $1 million are down 36%
Overall dollar volume is down 27%
Due to limited inventory, the Average Sale Price increased by 11% in Q1 2016
Hot Price Point: Properties priced between $1-3 million, where 40% of the sales occurred in the first quarter
Hot Location: The Westbank (including Teton Village) which accounted for 45% of all sales in the first quarter

Crystal Springs condo sold in Teton Village (listed by JH Sotheby’s)

HIGH END MARKET

While high-end property sales ($2+ million) were down 68% in the first quarter, there are 39 high-end properties under contract (an increase of 34%), with an average list price of more than $4.5 million
Available inventory of high end properties is up 20% compared to this time last year
There are 47 properties for sale over $5 million, an increase of 18%
The most expensive property for sale in Teton County is a 580 acre ranch (with 6 building sites), listed for $45 million (pictured below)

580 acres available for sale off Spring Gulch Rd – $45 million (listed by Live Water Properties)

SINGLE FAMILY HOMES

Single family home sales in the first quarter were consistent with sales last year at this time
However, the average sale price increased 18% to $2.3 million
Single family home sales over $1 million are up 13%
Single family home sales over $3 million are up 100% compared to this time last year!
While over all single family inventory is up 8%, available homes under $1 million are at a 25 year low
Only 15% of available single family homes are priced under $1 million
Considering that 47 homes sold in this segment in 2015, there is less than 1 month of available inventory for home under $1 million.
Click HERE to view the 20 single family home listings priced under $1 million

Single family home available in Hidden Ranch – $925,000 (listed by JHREA)

CONDO/TOWNHOME

Overall condo sales are down 29%, with only 39 sales in the first 3 months of 2016
The average sales price dropped 11%, however the price of available inventory is up 38% – which represents the highest average condo list price since the start of the recession in 2008
Condo sales under $500,000 decreased by 39% in Q1 2016 due to low inventory levels
Condo listings under $500,000 sell in 86 days, on average, many times receiving multiple offers
Only 28% of available condos are priced under $500,000

VACANT LAND

Lot sales are down significantly (58%) with only 14 sales in the first quarter of 2016
Average sales price is up 16%
Overall available inventory dropped 5% from last year, however list prices remained consistent.
Available vacant land for sale under $500,000 is only 1/4 of what was available in 2013 & 2014.
Majority (71%) of vacant land buyers are second homeowners and/or retiring baby boomers.

As we approach the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015, representing only 2 months of inventory. Whether you are a first time or seasoned home buyer, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively, as buyers continue to be motivated by finding a good value. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.

Sales under $500,000 reach new low; account for only 8% of all sales in March

April 12, 2016/in Building Site, Condos, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Supply/Demand, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for April 2016

Jackson Hole, WY

What Sold in Mar 2016?

50% :: Percentage of single family home sales (another increase)
37.5% :: Percentage of condo/townhome sales (similar to last month)
12.5% :: Percentage of Land Sales (down from last February)

58% :: Percentage of residential properties selling for over $1 million (huge jump from last month)
46% :: Percentage of residential properties selling for under $1 million (down from last month)
8% :: Percentage of residential properties selling for under $500,000 (lowest % in 3+ years!)

What it means: Single family home sales increased again in March, representing 1/2 of all sales in Teton County. Condo and townhome sales remained consistent after a surge in February. Land Sales dropped slightly in March, probably a result of low winter inventory levels. After starting the year out strong, property sales under $500,000 hit another new low, representing only 8% of all sales in March. This is the first time sales in this segment have dipped below 10% in the past 3 years (since the start of compiling statistics for this report in 2013). We should expect to continue to see a low number of sales in this price point until more entry level inventory hits the market. (Currently there are only 22 full ownership options available in Teton County priced under $500,000.) Conversely, sales above $1 million increased significantly in March, representing nearly 60% of all sales. There were several high end sales in March including a 6,300 sq foot home in Spring Creek Ranch, a Granite Ridge home site in Teton Village and the sale of a 105 acre portion of the large Vandewater Ranch located on the Village Road, which included 3 separately deeded parcels and had both Fish Creek and Flat Creek frontage (pictured below).

Parcel 2 of Vandewater Ranch sold in March (listed for $14.2 million by JHREA)

Click HERE to read the full Monthly Market Update for April 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

Property Sales under $500,000 drop, representing only 16% of all sales in Teton County

March 13, 2016/in Building Site, Condos, Entry level market, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Feb 2016?

47% :: Percentage of single family home sales (slight uptick from last month)
37% :: Percentage of condo/townhome sales (back down after high last month)
16% :: Percentage of Land Sales (up after slow January)

42% :: Percentage of residential properties selling for over $1 million (similar to last month)
58% :: Percentage of residential properties selling for under $1 million (similar to last month)
16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)

2 :: Commercial Land Sales (after 13 the last two months)

What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month. Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort). Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.

9,000 sq ft home sold in Indian Springs (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for March 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

A few more listings, but overall Jackson Hole Inventory remains low

March 13, 2016/in Asking Prices, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, New Listings, Over $1 million, Single family homes/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What’s new in Feb 2016? (New Listing Analysis)

31 :: Total number of new listings in February
- Total New Listing Volume: $80,500,000
- Average List Price: $2,600,000
26 new residential properties (single family, condo, townhome)
- Average List Price: $2,900,000
- New listings already under contract or sold: 2
5 new building sites
- Average List Price: $1,170,000
- New listings already under contract or sold: 1

What it means: After several slow months, new listings in February picked up slightly, but still lag new inventory levels seen last year at this time (see chart below). We should expect to see more new listings as we move into spring, however what remains to be seen is if those levels will be on par with the last several years, where we saw a healthy spike in new listing in May, June & July. Given the very low sales numbers (see Summary section above), February’s new listings still outpaced sales last month. In February, there were 7 single family homes that hit the market in the $1-2 million price range in East Jackson, Indian Trails, The Aspens, Polo Ranches and Melody Ranch. The least expensive single family home listing in February was a 4 bdrm, 3.500 sq foot home in Indian Trails, listed for $1,125,000. There were also 5 single family homes new to the market in Teton Village, priced between $3 – $8 million. Conversely, there were only 3 new listings under $500,000 in February including a 3 bedroom condo in E Jackson (no garage) for $419,000 and a 1 bedroom condo in Teton Village for $399,500. Five new lot listings hit the market including a 6.2 acre lot with beautiful views at the top of Game Creek ($695,000 and pictured below) and a 3.23 acre parcel on the Ridge of Spring Creek Ranch ($2.7 million).

Given the low inventory levels, Sellers may be in a great position to sell this Spring. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis.

Notable new listings in February include:

3.5 acres on Fall Creek Rd in Red Top with a temporary structure (not financeable) $380,000
Two commercial lots located across the street from Snow King & Phil Baux Park – $1,600,000
Two bed/2.5 bath fully furnished condo in the 199 Pearl building -$1,650,000

Click HERE to view all new February residential listings.

Click HERE to view all new February land listings.

6.22 acres in Game Creek $695,000 (listed by Re/Max Obsidian)

Click HERE to read the full Monthly Market Update for March 2016.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

Condo/Townhome sales rebound in January in Town of Jackson

February 10, 2016/in Condos, Entry level market, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Jan 2016?

43% :: Percentage of single family home sales (slight dip from last month)
48% :: Percentage of condo/townhome sales (jump after low last month)
9% :: Percentage of Land Sales (down after high last month)

43% :: Percentage of residential properties selling for over $1 million (identical to last month)
57% :: Percentage of residential properties selling for under $1 million (identical to last month)
33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)

3 :: Commercial Land Sales (after 10 last month)

What it means: Single family home sales dipped slightly last month but still remained close to average levels. Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales). Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market. Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).

Click HERE to read the full Monthly Market Update for February 2016.

With the help of my friends and customers, I’ve been voted one of Jackson’s Best Realtors since 2012 and am hoping you can help me earn the GOLD medal this year!

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Properties selling under $500,000 lowest in over 2 years

January 12, 2016/in Commercial Property, Condos, Entry level market, High End Real Estate, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What Sold in Dec 2015?

48% :: Percentage of single family home sales (similar to last month)
17% :: Percentage of condo/townhome sales (lowest in over 2 years)
35% :: Percentage of Land Sales (one of highest % in past year)

43% :: Percentage of residential properties selling for over $1 million (up from last month)
57% :: Percentage of residential properties selling for under $1 million (down from last month)
13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)

10 :: Commercial Land Sales

What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club. Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.

Two Pine Box units sold in December offering a live/work option in West Jackson

Click HERE to read the full Monthly Market Update for January 2016.

Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

How can I help you buy or sell a home in 2016?

Single family home sales drop in November, as condo/townhomes sales surge

December 11, 2015/in Buyers, Condos, Entry level market, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015?

46% :: Percentage of single family home sales (sharp drop)
46% :: Percentage of condo/townhome sales (huge increase this month)
8% :: Percentage of Land Sales (another decrease)

37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points. In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below). Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

Click HERE to read the full Monthly Market Update for December 2015.

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.