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

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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.

Over$1m

Under500

PropBreakdown

PineBox

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.

2015NewYear

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

 

“What” sold in the Jackson Hole Real Estate Market in Aug 2014?

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Monthly Market Update for August 2014

Jackson Hole, WY

What Sold in Aug 2014? 

  • 53% :: Percentage of single family home sales (higher than typical for second month in a row)
  • 38% :: Percentage of condo/townhome sales (up significantly from last month’ s 25%)
  • 7% :: Percentage of Land Sales (down significantly from the last few months)
  • 6 :: Number of commercial sales (land/buildings) in the month of August (see below)
  • 5.7% :: Percentage of distressed property sales (2 bank sales and 1 short sale in August)
  • 32% :: Percentage of residential properties selling for over $1 million (up from last month’s 25%)
  • 68% :: Percentage of residential properties selling for under $1 million (down from last month’s 75%)
  • 28% :: Percentage of residential properties selling for under $500,000 (down again from last month’s 36%)

What it means: The month of August continued the upward trend of single family home sales. In August, 53% of all sales were for stand alone houses, including 2 redevelopment opportunities in Town (these properties included older homes, but the real value was in the land). Condo and townhome sales pick up last month and represented 38% of all sales, a percentage much closer to the typical average. Land sales were down this month after a strong showing in July. In August, there was a small spike in foreclosure activity with 2 bank sales and 1 short sale. This is atypical as almost all distressed inventory has been absorbed by the market. This summer we saw more properties selling for OVER $1 million and less properties selling for UNDER $500,000. In the month of August in particular, only 28% of all sales were under the half million mark, the lowest % in almost a year (since 27% in Oct 2013). See Charts below. This month there were 6 commercial sales – certainly high for our market. Three commercial buildings sold – a small office building in Town, a cabinetry business and warehouse on Martin Lane and the Enclosure Climbing Gym, which was listed for $2.95 million and sold for an undisclosed price in mid-August (pictured below). Several commercial building sites also sold in August including two lots on Martin Lane and one in the South Park Service Center.

enclosure

over$1m

under$500

 

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“What” sold in the Jackson Hole Real Estate Market in May 2014?

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Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

  • 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
  • 40% :: Percentage of condo/townhome sales (down from last month 46%)
  • 29% :: Percentage of Land Sales (higher than average this month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in May)
  • 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
  • 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
  • 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

3creeklot

Breakdown.June

Please visit the Real Estate Market Report tab for the entire June Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

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Office is one of several new “Character Zones” as part of the Comprehensvie Plan for Jackson, WY

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Over the past few months, Town of Jackson leaders and the public have been reviewing a set of proposed zoning guidelines as part of the new Teton County Comprehensive Plan. These new “Character Zones” envisioned for downtown Jackson Hole include Office, Retail, Resort Connector, Residential and Gateway (see map below).

This blog will focus on the office zone discussing what the Town has planned for the area as well as public response and comment to the proposal. 

Character Zones

 PROPOSED OFFICE ZONE – E Broadway & Willow: This zone is an area running along E Broadway and south along Willow Street in E Jackson (brown area in the map above). This zone, which is not considered a “visitor destination” area would focus on supporting employment and “high-intensity” residential use (a.k.a multi-family residential complexes). Owners could build up to two stories with a density or Floor Area Ratio (FAR) of 1.00. This means that a 7,500 square foot lot (50′ x 150′) could hold up to 7,500 square feet of floor area. Owners would also benefit from a reduction in the parking requirement which the Town hopes will help spur the creation of new office spaces. To learn more about this proposed zone, please reference a recent article in the Jackson Hole News & Guide.

After recent public comment and Town Council discussion this past week, we may see certain sections of existing residential along S Willow Street excluded from the office zone. Since a major goal of the Comprehensive Plan to provide more housing in Town, this area seems like a “logical place to start” according to Town Councilman Jim Stanford.

An article in today’s Jackson Hole News & Guide outlines some additional public comment and discussion on the character zones.

10 acres on N Cache in down town Jackson available for sale

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Ten acres on N Cache St in downtown Jackson Hole, Wyoming, officially hit the market this past weekend Advertised for $11.55 million, this large parcel presents a unique development opportunity just 5 minutes south of Grand Teton National Park. Currently owned by the National Forest Service, the property is 10 acres and borders the National Elk Refuge. Since the property is publically owned land, any new buyer would need to work with the Town of Jackson on re-zoning the property for their use. (The property will become Rural zoning upon coneyance.) Another challenge is the limited access to the parcel. Click the following links to view the AERIAL MAP and the FULL LISTING.