Sales Volume and Average Sales Price Double in September in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

Summary – Sept 2014:

  • 50 :: Total residential sale transactions (similar to last month’s 53)
  • $90,600,000 :: Total residential sales volume reported to MLS (DOUBLE last month’s $45 million)
  • $2,014,000::  Average sales price of all* sales (DOUBLE last month’s $957,000)
  • 96% ::  Ratio of sales price to list price (down from last month’s 96%)
  • 193** ::  Average days on market prior to selling (similar to last month’s 180)

What it means: September continued the strong selling trends of the summer with 50 transactions and a staggering $90,600,000 in reported sales volume (more than double the typical volume). In fact, this month’s sales volume was at the highest level since I began keeping statistics. The closest comparable month was Aug 2013, which saw $70,000,000 in reported sales volume. Additionally, there were 5 unreported sale prices in September, accounting for an estimated $10 million in additional sales volume. Understandably, the average sales price also nearly doubled from last month ($957,000). *Note that the Average sales price calculation factors in unreported sales by making an estimate on these sales prices. The increases in sales volume and average sales price can be explained by several high end sales (over $4 million) and 2 very high end sales (over $10 million). See the “What Sold” section below. The sale price to list price ratio dropped after several months at or above 95%. This could be explained by many sellers’ extra motivation and eagerness to sell as we head into the Fall/Winter season. **After removing 3 outlier properties that were on the market for more than 1,000 days, the average days on market were similar to last month and again low on average (see chart below).

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Click HERE to read the full Monthly Market Update for September. 

 

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Market Focus: Jackson Hole Real Estate – Summer 2014 in Review

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2014 Summer in Review:

What sold? What did it sell for? Where did properties sell this summer?

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Based on transaction numbers and sales volume, it appears the Jackson Hole real estate market went up month over month this summer. After a slow start in June (28 transactions for $20 million in sales volume), July saw 40 transactions and nearly $39 million in reported sales. The summer ended on a high note with 53 transactions for $45 million in reported sales in August. (See Charts in Sales Summary above.) The below analysis focuses on what sold, where property sold and for how much it sold, as well as a few highlighted sales of the summer.

Market Summary – Summer 2014 (June/July/August):

  • 124 :: Total residential sale transactions
  • $106,000,000 :: Total residential sales volume reported to MLS
  • $33,000,000 :: Additional estimated sales volume from undisclosed sales prices
  • $940,000::  Average sales price of reported sales
  • 96% ::  Average ratio of sales price to list price
  • 267 ::  Average days on market prior to selling

This summer there were 124 residential transactions (excluding fractional sales), or roughly 1.35 properties sold each day. Compare that to Jan-May of 2014, which saw 1.03 properties sold each day (156 total sales). Average days on market this summer (267 days) was significantly lower than the earlier part of the year, which saw an average of 353 days on market before a property sold.

 What Sold this Summer?

  • Single Family Homes:
    • There were 55 single family home sales this summer, which represented 44% of all sales this summer.
    • The average sales price was $1.2 million or $445/sq ft on average.
    • The least expensive single family home sale was a summer cabin up in Turpin Meadows in Moran, which sold for $99,000 (pictured below). The least expensive single family home sale outside of Moran was a 2 bed / 1 bath little house in Cottonwood Park, which sold for $498,000.
    • The most expensive single family home sale was a 7,700 sq foot house in Teton Pines, which sold for $4 million.

Moran

  • Condo / Townhome Sales:
    • There were 45 condo or townhome sales this summer, representing 36% of all sales this summer.
    • The average sales price was $507,000, or $416/sq ft on average.
    • The least expensive condo sale was a bank owned Ponderosa Village condo in Town which sold for $187,500.
    • The most expensive condo sale was Moose Creek townhome in Teton Village that sold for just over $1.6 million (pictured below).

MooseCreek

  • Land Sales:
    • There were 20 lot sales this summer, representing 16% of all sales this summer.
    • The average sales price was $1,300,000.
    • The least expensive lot sale was a 3 acre parcel near Red Top Meadows, south of Wilson, which sold for $210,000.
    • The most expensive lot sale was a 35 acre tract in Crescent H Ranch, which sold for $4.7 million.
  • Distressed Sales: There were only 4 distressed property sales this summer (2 bank sales and 2 short sales), which represented 3.2% of all sales.

Where did properties sell this Summer?

  • Town of Jackson :: 44 sales :: 35% of all sales
  • South of Jackson (inc. Hoback) :: 24 sales :: 19% of all sales
  • Wilson/Westbank :: 18 sales :: 15% of all sales
  • Aspens / Teton Pines :: 14 sales :: 11% of all sales
  • North of Jackson :: 9 sales :: 7% of all sales
  • Teton Village :: 6 sales :: 5% of all sales

LocationSales

How much were properties selling for this Summer? 

The average sales price this summer was $940,000 which was slightly higher than the first part of 2014 ($906,000). Property sales were spread out pretty evenly between the following price points with the majority of sales occurring in the $500,000 – $1,000,000 price range.

  • Under $500,000 :: 38 sales :: 31% of all sales
  • $500,001 – $1,000,000 :: 47 sales :: 39% of all sales
  • Over $1 million :: 29 sales :: 30% of all sales

SummerBreakdown

Sale Statistics for the Jackson Hole Real Estate Market – July 2014

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Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

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