New Listings continue to hit the market as busy summer selling season approaches in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for May 2016

Jackson Hole, WY

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

  • 54 :: Total number of new listings in April
    • Total New Listing Volume: $83,100,000
    • Average List Price: $1,540,000
  • 43 new residential properties (single family, condo, townhome)
    • Average List Price: $1,266,000
    • New listings already under contract or sold: 9
  • 11 new building sites
    • Average List Price: $2,600,000
    • New listings already under contract or sold: 0

What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below).  Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.

Notable new listings in April include:

  • 3 bdrm condo at Snow King with short term rental income – $545,000
  • 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
  • Rafter J lot in the new King Eider subdivision – $349,000

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

NewListings

NewListings2014-2016

Spoiled Horse

New Listing in Spoiled Horse subdivision – $849,000 – listed by RE/MAX Obsidian

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!

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

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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
CrystalSprings

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)
580Acres

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
HiddenRanch

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.

marketreport

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.

Real Estate sales and dollar volume recover in March

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

Summary – Mar 2016:

  • 25 :: Total residential sale transactions (up again from last month)
  • $41,750,000 :: Total residential sales volume (up again from last month)
  • $1,670,000::  Average sales price of reported and unreported sales (down slightly from last month)
  • 90% ::  Ratio of sales price to list price (lowest in past several years!)
  • 209 ::  Average days on market prior to selling (up slightly from last month)

What it means:  March real estate sales and dollar volume recovered after a very slow February, however both are still lagging numbers seen the same time last year. Transactions this March were roughly 30% below March 2015, while dollar volume was only 3/4 of what it was last year at this time. The average sales price in March remained high, thanks to several high end sales (see What Sold section). The sale price to list price ratio continued to fall in March, meaning properties were selling, on average, at more of discount, and reached a low not seen in the last 3+ years (since I’ve been compiling stats for this report). While this low percentage was in no doubt helped by a 105 acre ranch parcel which sold for half of its listing price in MLS, even without that transaction, the monthly average was still 92%. While this low percentage could indicate that Sellers are becoming more motivated in general, in reality many Sellers may have priced recent listings aggressively in anticipation that the market would continue to increase at the rate seen in 2015 (see 2015 Year End Report). Since the market value acceleration slowed a bit in 2016, many Sellers may now be willing to sell at a greater discount to their original list prices. The average days on market increased slightly as most properties, on average, sold within 200 days after listing. In March, only 4 properties sold in 3 months or less including two condo hotels in Teton Mountain Lodge and only 1 property sold at the listing price (compare that to various months in 2015, when as many as 1/3 of properties could sell within a few months of being listed and several properties would consistently sell at or above the list price).

Transactions

Volume

DOM

SaletoList%

 

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.

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

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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.

NewListings

NewbyMonth

NewVsSold

GameCreek

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.

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New inventory entering the market very low, even for January

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The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

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

  • 25 :: Total number of new listings in January
    • Average List Price: $1,160,000
  • 22 new residential properties (single family, condo, townhome)
    • Average List Price: $1,200,000
    • New listings already under contract or sold: 2
  • 3 new building sites
    • Average List Price: $860,000
    • New listings already under contract or sold: 1

What it means: January saw a continued a trend of very little new inventory entering the market (not even 1 new listing per day!). Compare that to the peak of summer, when 80-120 new listings were hitting the market every month. While the winter months are usually slow for new listings, this winter we are seeing even fewer new listings compared to last year (see chart below). It is interesting to note that 3 of the “new” listing aren’t actually new at all, but back on the market with different real estate companies (new year, new realtor?).  Of those Sellers who listed their properties in January, the majority were close to the skiing activities in Teton Village, The Aspens/Pines and Snow King Resort. Five new listings hit the market in Teton Village including two condo-hotel units in Teton Mountain Lodge and a 3,400 sq foot Granite Ridge cabin (pictured below). At Snow King Resort, the inventory of Love Ridge condos went from 0 to 3, as several new units hit the market in January. The average listing price of new inventory dropped in January, thanks to several new entry level condos in Town, including a 2 bed/1 bath condo near Powderhorn Park for $349,000. Activity seems to be cooling a bit in January as only 3 of these new listings (or 8%) have gone under contract by Feb 10th, marking one of the lowest levels of activity in recent months. That being said, a rarely listed 3 bed / 3 bath / 1 car garage in The Aspens (listed at $990,000) and a commercial lot in Hoback (listed at $299,000) did go under contract quickly illustrating that well priced and/or high demand properties are selling quickly.  While low inventory levels may have contributed to rapidly rising values in 2015, we may be entering a phase of the market where transactions decline AND values are stagnant, or may even decline a bit. While I don’t for see a drop off like we saw several years ago, I do anticipate a slight market correction in 2016.   (If you are curious about the value of your property in the current market, please contact me for a free and honest analysis.) 

Notable new listings in January include:

  • Love Ridge condo at Snow King (1 of 3 new listings) – $1,350,000 – a list price not seen since the 2007 peak
  • Nicely remodeled and immaculately cared for 3 bedroom home in Town on Aspen Drive – $975,000
  • Two bed/1 bath condo near Lucky’s Market – priced below last comp at $349,000

Click HERE to view all new January residential listings.

Click HERE to view all new January land listings.

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NewVSold

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GraniteRidge

Newly Listed: Granite Ridge Cabin in Teton Village $3.25m (listed by JH Sotheby’s)

 

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!

 BestofJH2016_7

May I ask for your vote? 

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support! 

New listings up slightly in December, but still very low

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The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What’s new in Dec 2015? (New Listing Analysis)

  • 26 :: Total number of new listings in December
    • Average List Price: $2,400,000
  • 23 new residential properties (single family, condo, townhome)
    • Average List Price: $1,833,000
    • New listings already under contract or sold: 4
  • 3 new building sites
    • Average List Price: $1,970,000
    • New listings already under contract or sold: 1

What it means: New listings picked up slightly in December, but still remained low. With only 26 new listings, December 2015 marked the second slowest month for new listings in the past year (November 2015 was the lowest with only 18 new listings). While winter is usually a slower time for new inventory, the small up tick in December could be explained by sellers’ motivation to list their properties in time for the holiday rush of visitors and skiers (potential real estate buyers).  In particular, 10 of the new listings in December were in Teton Village including a rarely listed 5 bedroom Snow Ridge condo for $1,600,000, which went under contract in early January. The average sales price of new listings increased for the second month in a row, jumping up to nearly $2 million, in part thanks to 2 high end land listings, both with Flat Creek frontage, but in different parts of the Valley. A 35 acre parcel in the Flat Creek Fishing Club Subdivision south of Jackson was listed for $5.65 million and a 1.17 acre lot in Shooting Star at the base of Jackson Hole Mountain Resort was listed for $2.85 million in December (pictured below).  As of Jan 10th, just under 20% of these new listings are pending or sold (down from nearly 30% in November), suggesting that many of the new listings prices may be a bit above market. Due to the low sales in December (see Summary section above), new inventory slightly outpaced inventory leaving the market (i.e. sales). While low inventory levels usually contribute to rising values, it’s becoming apparent that buyers are not willing to “buy just to buy” and are holding out for well-priced properties. It will be interesting to see the pricing trends of new inventory hitting the market in 2016, and to see if Sellers are still holding on to 2015 values (which were some of the highest seen since the peak in 2007) or if we will see sale and listing prices leveling off in the New Year.  That being said, now may be a great time to sell a property as there is little new inventory coming onto the market at competitive prices. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in December include:

  • Two bedroom/one bath townhome with garage in Cottonwood Park – $499,000
  • Completely re-built 2 bedroom home on the Village Road – $950,000 (pictured below)
  • Four bedroom, true ski-in/ski-out home in Teton Village – $9.5 million

Click HERE to view all new December residential listings.

Click HERE to view all new December land listings.

NewListings

New.v.Sold

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ShootingStarLot

Lot for Sale in Shooting Star development – $2.85 million

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

2015NewYear

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? 

New Listings in November are lowest seen in past year in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for December 2015

Jackson Hole, WY

What’s new in Nov 2015? (New Listing Analysis)

  • 18 :: Total number of new listings in November
    • Average List Price: $1,400,000
  • 15 new residential properties (single family, condo, townhome)
    • Average List Price: $922,000
    • New listings already under contract or sold: 4
  • 3 new building sites
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 1

What it means: November saw the fewest new listings hit the market in the past 12 months. On par with last November, this month typically sees very little new inventory. The average listing price of new inventory was higher than usual in November, thanks to 3 new lot listings over $1 million, with one over $3 million. Note that the average listing price of residential listing (not including land) was under $1 million.  As of December 10th, nearly 30% of these new listings are under contract or sold, illustrating that well priced listings are being snatched up very quickly. Given the low level of new inventory, sales last month exceed new listings for the first time since last November. Despite the opening of the Jackson Hole Mountain Ski Resort and the influx of visitors expected for the holidays, it’s apparent that very few sellers are entering the market. That being said, now may be a great time to sell a property as there is little to no new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in November include:

  • Rare Creekside townhome on the creek – 3 bed / 2.5 bath / 2 car garage: $597,500
  • Three new Aspens condos (2-4 bedrooms) starting at $616,500 (one pictured below)
  • Half acre lot in Teton Village, currently the least expensive in the area: $1,350,000

Click HERE to view all new November residential listings.

Click HERE to view all new November land listings.

NewListings

NewVOld

Aspens

New Listing: 4 bdrm / 2 bath Aspen condo $749,000

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

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Rate of new inventory continues to decline, now matches rate of inventory selling in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What’s new in October 2015? (New Listing Analysis)

  • 46 :: Total number of new listings in Oct
    • Average List Price: $1,118,000
  • 36 new residential properties (single family, condo, townhome)
    • Average List Price: $1,300,000
    • New listings already under contract or sold: 4
  • 10 new building sites
    • Average List Price: $935,000
    • New listings already under contract or sold: 1

What it means: New listings hitting the market each month continue to drop since the height of the listing season in June, however compared to October 2014, we did see more new listings this year (36 v 46). The average listing price of new inventory dropped in October and was the lowest average in the past 8 months (see chart below). As of November 10th, only 11% of these new listings are under contract or sold. Compare that to last month where nearly 30% of the September new listings were under contract by mid October. The rate of new inventory coming onto the market in October was identical to inventory leaving the market (i.e. sales). This is the first time since November 2014 that new listings have NOT exceeded sales in any given month (see chart below). Fewer and fewer sellers choose to list their property in the winter months, believing that their property will show much better during the spring/summer when everything is green. That being said, now may be a great time to sell a property as there is not much new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in October include:

  • A 2 bed / 2 bath single family home with 1 car garage and fenced backyard in Town: $607,500
  • Two building sites in Kelly with direct Teton views: $479,000 each
  • A 6,500 sq ft modern designed house atop Spring Creek Ranch: $15,000,000 (pictured below)

Click HERE to view all new October residential listings.

Click HERE to view all new October land listings.

NewListings

NewVSoldListings

SoldvNew

SpringCreek

Modern Home in Spring Creek – Listing in October for $15,000,000

 

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

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Entry level options disappear as upper-end home sales increase – Quarterly Update from The Jackson Hole Report

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Entry level home options (under $500,000) have all but disappeared in the Jackson Hole real estate market, while upper-end home sales (over $1 million) see impressive increases amid the recovery. 

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 3rd quarter. Click HERE to read the full 2015 Q3 Report.

After the first 9 months of 2015, the trend in the Jackson Hole real estate market seems to be this: the more expensive the price point of the home, the greater the increase in sale transactions and sales volume. Home sales over $1 million are up 27%; home sales over $3 million are up 36%; and homes selling for over $5 million are up a whopping 200% compared to this time last year.

Conversely, homes for sale under $500,000 are a thing of the past. For only the second time in Jackson Hole’s history, there are ZERO single family homes for sale under $500,000. The least expensive single family home for sale in Teton County is a 584 sq ft log cabin with a loft bedroom on 2.24 acres in Red Top Meadows, priced at $545,000. These prices push many first time homebuyers into the condo/townhome market, where less than half of the 24 condo/townhomes listed for sale under $500,000 have a garage. Even with low interest rates, Buyers still need to come up with a $75,000 – $100,000 down payment to avoid costly private mortgage insurance.

OVERALL MARKET

Compared to last year, the first 9 months of 2015 continued to show signs of a bullish market recovery with increases across the entire real estate market.

  • Number of Sale Transactions are up 11%
  • Overall dollar volume rose 40%
  • Average Sale Price increased by 27%
  • Nearly half (47%) of real estate transactions in Jackson Hole through Q3 2015 were cash sales (i.e. no financing)
  • 51% of available listings are priced under $1 million, with only 11% of all inventory priced under $500,000
  • Overall available inventory rose slightly (2%), with an average listing price of $2.7 million, however available inventory under $1 million continues to decline
  • High end sales are experiencing tremendous growth with a 66% increase in sales. Notably, 26 sales have occurred over $5 million, up 200% from last year.
ShootingStar

Shooting Star Cabin at the base of Jackson Hole Mountain Resort – listed for $5.5 million and sold for an undisclosed price

SINGLE FAMILY HOMES

  • Single family home sales continue to gain steam, with transactions up 7% and dollar volume up 41%
  • Average Sale Price increased 32%
  • The $500,000 – $1 million segment saw the most sales (77) through the 3rd quarter, while the $1 -2 million range fared well too, with 62 sales so far this year
  • Most (28%) single family home sales occurred in the Town of Jackson, while 15 homes have sold in Rafter J in 2015
  • Available single family home listings are up 9%, with homes over $1 million up 11%, however the average listing price actually dipped 3% compared to this time last year
RafterJKingEider

Newly built home in Rafter J’s King Eider neighborhood was the most expensive sale in Rafter J in 2015, selling for more than $900,000

CONDO/TOWNHOME

  • Overall condo sales are up 7%, with condo sales over $1 million up 235%!
  • Condos and townhomes in Teton Village and Shooting Star accounted for 2/3 of the sales over $1 million
  • Average Sale Price is up 29%
  • Available inventory increased 25%, however inventory levels are still hovering at an eight year low
  • Active condo listings under $500,000 are down 61% compared to the high inventory levels seen in 2009
  • There are 24 available condos priced under $500,000, with only 3 condos are priced under $300,000
Pondo

2 bdrm condo in Town is one of only 3 available under $300,000

VACANT LAND

  • Lot sales continue to increase, with a 20% increase in transactions and a 54% increase in dollar volume compared to Q3 2014
  • Average Sale Price is up 29%
  • The majority (53%) of single family lot sales were over $1 million
  • Vacant land listings under $500,000 are disappearing, with only 13 currently on the market.

marketreport

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, 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. 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.

Nearly 30% of new September inventory in Jackson Hole is already under contract

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What’s new in September 2015? (New Listing Analysis)

  • 60 :: Total number of new listings in Sept (following a downward trend)
    • Average List Price: $1,945,000
  • 50 new residential properties (single family, condo, townhome)
    • Average List Price: $1,690,000
    • New listings already under contract or sold: 14
  • 10 new building sites
    • Average List Price: $2,200,000
    • New listings already under contract or sold: 2

What it means: New listings have been steadily declining since the height of the listing season in June.  In the month of September, properties were being listed at a rate similar to before the busy summer selling season, (however when compared to this time last year, we did see roughly 10 more new listings). As of October 15th, nearly 30% of the new listings were under contract including several that received multiple offers within days of hitting the market.  As the rate of new inventory coming onto the market slowed in September, it came close to matching the monthly sales for September, meaning that every property that sold last month is being replaced by a new listing. For most of the summer the average listing price of these new listings was higher than the average sales price of properties that sold that month. In other words the “replacement” property was coming on line at a much higher price than those properties that were leaving the market, which arguably contributes to an increasing market. That trend changed in August and September as the listing prices of new inventory was roughly in line with sales, suggesting that the market may be slowing a bit (see chart below).

Notable new listings in September include:

  • A duplex in West Jackson: Two 3 bed / 1 bath units with fenced yard and room to build garage $775,000
  • A bank-owned 3,200 square foot home overlooking Town on Budge Drive: $1,195,000 (pictured below)
  • A 37 acre home site in Bar B Bar on the Snake River: $11,900,000

Click HERE to view all new September residential listings.

Click HERE to view all new September land listings.

NewListings

New.v.Sold

AVSP.NewVsSold

BudgeDr

Multi-level bank owned home on Budge Dr overlooking Town $1,195,000

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

 

Over 40% of property sales last month sold in less than 90 days – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?

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