New Listings slow in Jackson Hole as summer nears end

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

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

  • 81 :: Total number of new listings in Aug (another drop after a high in June)
    • Average List Price: $1,785,000
  • 63 new residential properties (single family, condo, townhome)
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 9
  • 18 new building sites
    • Average List Price: $1,670,000
    • New listings already under contract or sold: 2

What it means: New listings took another dip in August as the summer selling season is nearing its end. This is typical for this time of year, as August 2014 saw a similar number of new listings (75). New inventory continues to outpace monthly sales. In August, for every sale there were 1.6 new listings, however that gap is quickly closing (see chart below). It is typical for this gap to be the largest during the spring and early summer season when there is an influx of new listings.  The average listing price of all new listings in August (land and residential combined) dipped below $2 million for the first time since April 2015. Keep in mind this average is still $700,000 higher than the average SALES price in August ($1,070,000). Earlier this spring and summer (March through June), between 22% – 32% of a month’s new listings went under contract or sold by the time the next month’s report was published (usually around the 10th of the next month). Last month at this time, only 17% of the new July listings were under contract, and this month, only 14% of August’s new listings are under contract or sold. This downward trend illustrates the recent slow down in the market and may suggest that many new listings continue to be over priced for the current market.

Notable new listings in August include:

  • Several condo-hotel rooms at the White Buffalo Club in Town: 1 bdrms start at $320,000 and 3 bdrms (with large kitchen) start at $948,000 (pictured below)
  • 4 bdrm townhome in Town with grand-fathered short term rental zoning for $795,000
  • To-be-built spec new home in downtown Wilson: $1,350,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

NewListings

New vs Sold

White Buffalo Club. CREDIT: David J Swift

 

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Average New Listing Prices are 2.5x greater than Average Sales Price in July

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

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

  • 94 :: Total number of new listings in June (a drop after several increasing months)
  • 76 new residential properties (single family, condo, townhome)
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 13
  • 18 new building sites
    • Average List Price: $2,590,000
    • New listings already under contract or sold: 0

What it means: New listings took a dip in July after several months of steady increases, however we are still ahead of new listings from this time last year (July 2014 = 82 new listings). New inventory continues to outpace sales at a rate of nearly 3x, meaning for every sale, there are almost 3 new listings that hit the market. (Compare that to last fall when for several months there were more sales than new listings – see chart below.) The average listing price of all new listings in July (land and residential combined) remained high at nearly $2.25 million, which is almost 2.5x the average sales price in July (see Summary Section). For the past several months, between 22% – 32% of a month’s new listings are already under contract or sold by the time this report is published (usually around the 10th of the next month). Currently only 17% of the new July listings are under contract, a sharp drop from last month’s 29%. This further illustrates the recent lull in the market, which is also marked by lower transactions and sales volume (see Summary Section).

Notable new listings in July include: two new Elk Run townhomes listed just under $550,000 (one pictured below), a rarely listed Hillside condo overlooking Karns Meadow (already under contract), and 3 properties priced north of $5 million in Shooting Star, John Dodge and Teton Pines.

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

New

new v sales

ElkRun

Recently listed Elk Run for $545,000

Still thinking of listing this summer? ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

Sales Volume and Transactions down in July in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

Summary – July 2015:

  • 33:: Total residential sale transactions (down again after May’s high)
  • $28,300,000 :: Total residential sales volume reported to MLS (down again from last month)
  • $944,000::  Average sales price of reported sales (down after several months of increases)
  • 96% ::  Ratio of sales price to list price (same as last few months)
  • 158 ::  Average days on market prior to selling (down for the 5th month in a row)

What it means:  After a spike in May, transaction levels and sales volume dropped significantly in June and July appears to be following the same trend, dropping to pre-summer sales levels. Reported sales volume in July marked the lowest volume in the past 6 months.  There were only 3 unreported sale prices in July and all were for properties priced under $550,000. This is interesting as most unreported sales are for very high end property sales. (These buyers may have received a great deal (or maybe feared they paid too much) and therefore didn’t want the real estate community to know the final sales price.) The average sales price declined in July after a spike in June ($1.3 million) and dipped below the $1 million mark for only the second time in 2015.   The average days a property is on the market before closing continues to decline (5th month in a row), and now represents the second lowest number of days in the past year. Well priced properties continue to go under contract very quickly, many times within a day of being listed in the MLS. In particular, in the month of July nearly 50% of all sales occurred within 90 days of being listed. While many sellers are listing their properties very aggressively given past comps, we saw several price reductions in July, suggesting that some Sellers may be feeling pressured from the well priced properties that are going under contract quickly.

trans

vol

avg

dom

 

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

 

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New listings increase as we enter busy summer selling season, but still lagging levels from last year

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

  • 85 :: Total number of new listings in May (a jump from last month’s 66)
  • 67 new residential properties (single family, condo, townhome)
    • Average List Price: $1,650,000
    • New listings already under contract or sold: 15
  • 18 new building sites
    • Average List Price: $2,375,000
    • New listings already under contract or sold: 1

What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market.  Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

NewListings

NewvsSold

BarBC

Teton views from a 35 acre ranch parcel in the Bar BC

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

 

What’s new in the Jackson Hole Real Estate Market? Spring New Listing Analysis

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April New Listings Update: Currently in Teton County, we are seeing inventory levels at a 25 year low. The following benchmarks, such as number of new listings, average sales price of those listings, and how quickly those listings go under contract, should help keep an eye on these inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices.

  • 66 :: Total number of new listings in April
  • 47 new residential properties (single family, condo, townhome)
    • Average List Price: $1,540,000
    • New listings already under contract or sold: 15
  • 19 new building sites
    • Average List Price: $1,544,000
    • New listings already under contract or sold: 0

What it means: The number of new listings have been increasing almost every month since November 2014 (see chart below), however not at a rate to significantly impact the record low inventory levels. Hopefully we continue to see more listings hit the market as we enter the busy listing season (May-June). Currently we are barely replacing the inventory that is selling (see chart below). Judging from the consistent sale transaction levels (see Summary section above), we have yet to see a real impact from these new listings. That being said, many new listings are being snatched up as soon as they hit the market. Of the 47 new residential listings that hit the market in April, almost 1/3 of them are already under contract. Therefore, we should expect to see sales transactions tick up next month. Lot listings aren’t moving as quickly, possibly due to the fact that 17 of the 19 new land listings in April are priced over $1,000,000 (5 of the new land listings are priced in excess of $2 million). The average list price of new listings last month ($1.54m) is nearly $500,000 higher than the average sales price of properties sold last month ($1.135m).

Click HERE to view all new April residential listings.

Click HERE to view all new April land listings.

 

NewListings

NewlistingsvsSales

 

Thinking of Listing this Summer? 

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market.
As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County.Obsidian Holiday Season 2014 Brochure PG1
Please contact me for more info or to receive a free market analysis on your property. Properties listed by May 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Inventory Levels in Jackson Hole: Then and Now

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Teton County sees historically low inventory levels as we enter the busy spring/summer listing season

marketfocus

As my colleague David Viehman noted in his year end Jackson Hole Report (and I summarized in a previous analysis),current inventory levels are at or near their lowest levels in 25 years. At the end of 2014…..

  • Overall available inventory in Teton County was down 15% from 2013, and is now at the second lowest level in 25 years
  • Single family home inventory was the lowest in 25 years
  • Condo/Townhome inventory was down 23% compared to year end 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Available land inventory was down 12% compared to year end 2013

I went back over the past year and determined the number of new listings (residential property in Teton County) to hit the MLS each month. Typically spring and early summer see the most new listings, which was the case in 2014 when there were 228 new listings in the months of May and June last year. Since the start of the new year we’ve seen a total of only 141 new listings. After 6 months of limited new inventory, listing activity picked up in March with 59 new listings. It will be interesting to see if March’s increase continues into our spring/early summer listing season. How much new inventory will we see in May and June? Will it be at the same levels we saw in 2014?

NewListings

It’s also interesting to compare the number of new listings with the sale transactions that occur each month. Last spring/early summer there were almost 4 times as many new listings hitting the market as there were sales each month. Compare that to the Fall months of 2014 (Sept/Oct/Nov) where there was not even enough new inventory to replace the sales that occurred those months. In the past 3 months, we’ve seen slightly more new listings than sales, however historically low inventory levels in the past 6 months are likely contributing to the low transaction levels.

NewVsSold

 

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The Jackson Hole Report: Year End Update

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Extremely low inventory levels continue to contribute to fewer sales, while pushing prices up in Teton County

My colleague at RE/MAX Obsidian Real Estate, David Viehman, has been collecting stats on the Jackson Hole Real Estate Market for the last 25 years. Every quarter he publishes The Jackson Hole Report, an in-depth look at real estate sales, market trends and an analysis of different market segments. David’s report not only includes all the MLS sales, but he is also able to track sales happening outside of MLS. Below are some interesting statistics from his Year End Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the year end 2014 and are compared to 2013.

THE OVERALL MARKET

  • All types of properties (single family homes, condos, land) saw fewer sales in 2014 (compared to 2013) as the total number of sales in Teton County decreased by 12%
  • Overall sales volume was also down across the board, dropping 8% in 2014
  • Overall available inventory is down 15% from last year, and is now at the second lowest level in 25 years – which obviously contributes to the low sales transactions and sales volume
  • The shortage in supply has pushed prices up – the average sales price jumped 18% from 2013

SINGLE FAMILY HOMES

  • Total Single Family Home sales volume is down 16% compared to 2013
  • The average sale price rose by 5%
  • Current available inventory is the lowest in 25 years
  • In 2014, there were 123 sales under $1 million (representing 51% of all single family home sales) however only 19 homes are currently on the market in this price point (representing only 17% of all single family home listings)
  • Of the 113 homes currently listed, the average listing price is $4.25 million
  • Least expensive single family home listing: a 2 bedroom older home in Buffalo Valley for $465,000
  • Most expensive single family home listing: a 7,583 sq ft private 72 acre estate on the Snake River for $24.75 million (pictured below)

SnakeRiverHome

CONDO/TOWNHOME

  • Total condo/townhome sales were down 10% compared to 2013, while sales volume fell by 9%
  • Average sales price was UP by 9%
  • Currently only 4 condos are available in Teton County for under $300,000
  • 56% of all condos sales were under $500,000, however currently there are only 11 condos for sale in this segment
  • Available inventory is down 23% compared to this time in 2013, marking the 3rd lowest condo inventory in the past 25 years
  • Least expensive condo listing: a 558 sq ft, 1 bed/1 bath condo at Snake River Lodge & Spa in Teton Village for $270,000 (pictured below)
  • Most expensive condo listing: a 2,240 sq ft, 3 bed/3 bath condo for $3.1 million at the Four Seasons Resort

SnakeRiverLodge

VACANT LAND

  • Total lots sales in 2014 dropped 14%
  • The average sales price was up 4% compared to 2013
  • The number of lots under contract has dropped by 40%, while the average listing price for lots under contract has jumped 180%
  • Available lot inventory is down 12% compared to this time in 2013
  • Average listing price for vacant lots in Teton County is $2.173 million
  • Currently there are 5 lots for sale in Teton County priced under $300,000
  • With home inventory at an all time low, we should see demand increase for vacant land

Best of Jackson Hole – JH Weekly’s Reader’s Poll – 2015

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!

May I ask for your vote? 

BestofJH2015

Visit www.jhweekly.com and click on the icon on the right hand side. After you enter your name/email you can start voting. Be sure to vote for all your other Jackson favorites. It’s fun!
I very much appreciate your support!

Off-Season in Jackson Hole marked with Low Inventory and Bold List Prices

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marketfocus

If you are an active buyer in the Jackson Hole real estate market (or just simply someone who likes to stay on top of the market) you’ve surely noticed the lack of new inventory that has hit market in the last few months. Since October 1, only 45 new listings have come onto the market. Eleven of these properties have already sold or are currently under contract. This is hardly enough new inventory to make up for our very busy selling season this summer (July-Sept), which saw 143 transactions and $175 million in reported sales volume. As a result of a robust summer selling season (and low inventory levels) Sellers appear to be testing the market with more aggressive list prices. In particular, properties in the The Aspens, the Town of Jackson and Teton Shadows neighborhoods have seen some of the largest changes in available inventory and in some cases, listing prices. Has the market really increased that much and that quickly? Time will tell, as buyers decide if these prices truly reflect the new real estate market in Jackson Hole. One thing is for sure however, it appears to be a Seller’s market in many of the segments of the Jackson Hole Real Estate market.

CONDOS IN THE ASPENS

Cinqfoil

  • In the past 12 months, there have been 19 sales of 1 & 2  bdrm condos in The Aspens
  • One bedroom condos have sold, on average, for $314,000 or $400/sq ft
  • Four recent new listings of one bedroom condos range from $355,000-$389,000
  • Two bedroom condos have sold, on average for $450,000 or $424/sq ft
  • Two new listings of two bedroom condos are priced at $415,000 and $715,000

While not every condo unit is the same in The Aspens (some have an added loft, some have 2 bathrooms vs. 1 bathroom and some are end units or unique floor plans), the general trend shows an increase in pricing in one bedroom units in particular. The overall change in the two bedroom condo market is a bit more difficult to determine right now as one of the units is a very unique unit with a carport and ability to add a 3rd bedroom (pictured above) and the other unit appears to be listed by motivated sellers. 

TOWNHOMES IN TOWN (with a garage, priced under $550,000)

CottonwoodFlats

  • In the past 12 months, there have been 29 sales of townhomes in the Town of Jackson with a garage priced under $550,000
  • These townhomes have sold, on average, for $438,000 or $351/sq ft
  • Currently there is one townhome under contract in the Town of Jackson (priced under $550,000)
  • There are NO townhomes available for sale in the Town of Jackson, with a garage, priced under $550,000

This segment of the market has, in my opinion, seen the most drastic change in available (and affordable) inventory levels. After a year that saw almost 2.5 Town townhome sales per month, to not have a single available option in this price range at the end of the year is extreme. 

TETON SHADOWS

TetonShadows

  • In the past year, there have been 11 condo sales in Teton Shadows (a condo development located north of Jackson near Jackson Hole Golf & Tennis)
  • These condos have sold, on average, for $493,000 or $313/sq.ft.)
  • There are currently 0 Teton Shadows condos under contract
  • There is currently only 1 Teton Shadows condo on the market listed for $495,000 or $384/sq.ft

Similar to condos in The Aspens, Teton Shadows units can be quite different ranging in size (1,288sf – 2,088sq ft), bedrooms (2-4) and overall condition (original to fully remodeled). However, on average is appears that pricing is up (with more inventory we can be more certain) and inventory is down. 

Would you sell your home in …..Teton Shadows? …..The Aspens? …..Teton Village? …..the Town of Jackson? 

SoldSign

As seen from the above Market Focus, inventory is extremely low, especially in these areas.

Current Property owners are in a great position to take advantage of a Seller’s market.

If you are considering selling your home, I’d love the opportunity to share what I can do for you. 

Market Focus: New Fall Inventory in Jackson Hole Real Estate Market

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New Fall Inventory

marketfocus

What types of properties are hitting the market this Fall? How are they priced? How have new listings affected inventory levels? 

In last month’s Market Focus: Summer in Review, we analyzed the busy summer selling season (considered June/July/Aug) where we saw 124 residential sales transactions representing over $100 million in sales volume. In this month’s Market Focus, I decided to take a look at new listing activity since the end of the busy summer season.

Between September 1, 2014 and October 15, 2014  there have been 33 new residential listings in Teton County totaling $52 million in listing volume (excluding fractionals and lots (see below)). That equates to one new listing every 1.36 days. The average listing price of these new listings is $1,538,000. Compare that to the typical average of just under $1,000,000 for SOLD properties.  As of Oct 15th, 14 of these new listings (or 42%) are already off the market; as 12 have been put under contract and 2 have already sold.

Click HERE to view the new residential listings

Between September 1, 2014 and October 15, 2014  there have been 14 new building lot listings in Teton County totaling $22 million in listing volume. That equates to one new listing every 3.2 days. The average listing price of these new lots is $1,584,000. As of Oct 15th, 3 of these new listings (or 21%) are already off the market; as 2 have been put under contract and 1 has already sold.

Click HERE to view the new building site listings

 

Many of the new listings, and the majority of the entry level listings (under $525,000), are located in the Town of Jackson. Three new listings are in Rafter J, two are in Melody Ranch and two are in Teton Village (a Tensleep 2 bdrm condo for $389,000 and a 9th floor 3 bdrm unit at the Four Seasons for $3,050,000 – pictured below).

fourseasons

New listings for building sites are located all over the County, including several high end lots in Spring Creek Ranch, Gros Ventre West & North, and Stilson Ranch. Only one of the new lot listings is priced under $300,000 – a 0.6 acre lot south of Town on Horse Creek Road. The next least expensive lot is a 6.21 acre building site in Game Creek for $649,000 (pictured below). The most expensive new lot listing is for a 2.75 acre parcel in 3 Creek Ranch for $3,550,000.

Game Creek

Of the properties that have already gone under contract, half of them are priced under $600,000 and the majority are located in the Town of Jackson including Cottonwood Flats, E Jackson and Snow King. The two new listings that closed in less than a month included a 2 bdrm house in Wilson, which was not advertised in the MLS, and a 2 bdrm Meadowbrook/Town Creek condo in Town, which sold in 25 days.

Overall, inventory is not being replaced quite as quickly as it has been selling. Over the summer, there were 124 transactions, averaging out to 1.34 sales per day, while the recent new listings (land and homes combined) have been coming onto the market at a rate of about 1 per day in the last month and a half.

Summary: In conclusion, these new listings tell us a few things about the market. 1) Prices (at least asking prices) are increasing. The average listing price for new residential listings in the last 1.5 months was 50% higher than the average SOLD price in the past year. 2) Well priced properties (and even not-so-well priced properties that are in a high demand location or price point) are being snatched up quickly, and 3) overall inventory levels remain lower than usual and demand remains high, especially in the sub $600,000 market.

 

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