Condo sales rebound in 2015 slow December

The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

What Sold in Jan 2015? 

  • 55% :: Percentage of single family home sales (down from last month’s 62%)
  • 36% :: Percentage of condo/townhome sales (up from the lowest % of 2014)
  • 9% :: Percentage of Land Sales (down from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 23% :: Percentage of residential properties selling for over $1 million (back down after a peak last month)
  • 77% :: Percentage of residential properties selling for under $1 million (back to a high)
  • 27% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types returned to more typical distributions last month, with about 55% of all sales representing single family homes. Condo and townhome sales rebounded in January after reporting the lowest percentage of sales in over 2 years in December 2014. There were 2 land sales in January, representing 9% of all sales. There were no bank or short sales last month and there continue to be no distressed sales on the market, suggesting that the ‘shadow’ inventory has been fully absorbed. The percentage of properties selling for over $1 million dropped back down after a peak in December. In January , 27% of the property sales were for $500,000 or under, lower than the 2014 average of 34%. Of the 6 sales under $500,000, all were for 1-2 bedroom condos. The least expensive single family home sale in January was a 1,665 sq foot house in Cottonwood Park, which sold for just under $650,000.

breakdownjan

over

under

 

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

The Jackson Hole Report: Year End Update

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!

Single family home sales dominate in December in Jackson Hole Real Estate Market

The Colbert Real Estate Report

Monthly Market Update for January 2015 & Year End 2014

Jackson Hole, WY

What Sold in Dec 2014? 

  • 62% :: Percentage of single family home sales (up significantly from last month’s 40%)
  • 18% :: Percentage of condo/townhome sales (the lowest % of 2014)
  • 20% :: Percentage of Land Sales (right around average for the year)
  • 1 :: Number of distressed property sales (One bank sale in Dec)
  • 35% :: Percentage of residential properties selling for over $1 million (back up after several low months)
  • 65% :: Percentage of residential properties selling for under $1 million (down from last month’s high of 77%)
  • 32% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales dominated the month of December, representing 62% of all sales, tied for the highest monthly percentage this year. Conversely, condo and townhome sales were slim – there were only 6 sales in this segment, representing only 18% of all sales, by far the lowest percentage of the year (see chart below). Land sales in December were about average for the year, representing 20% of all sales (average for 2014 was 19%).  There was one bank sales in December, a 20 acre tract of land up Horse Creek that sold after 2,189 days on the market!  Currently there are zero distressed properties on the market. The percentage of properties selling for over $1 million picked up after several months of decline. In December, 32% of the property sales were for $500,000 or under, in line with the 2014 average of 34%.

Breakdown2014

Over1Jan

Under500Jan

 

Click HERE to read the full Monthly Market Update for January 2015 and Year End 2014.

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

 

Low inventory levels push prices up in Teton County real estate market

The Jackson Hole Report Quarterly Update

Extremely low inventory levels are driving the number of sales down, but pushing prices up in Teton County, especially in the lower end of the market (under $1 million).  

marketfocus

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. Below are some interesting statistics from his 3rd Quarter Report. His entire report can be found HERE. All statistics (unless otherwise noted) are through the 3rd quarter 2014 and are compared to the first 3 quarters of 2013.

THE OVERALL MARKET

  • The total number of sales decreased by 11%, while sales under $1 million dropped 14%
  • The average sales price increased by 7% (Note: Exactly 1/2 of all transactions through Sept 2014 were conducted in CASH)
  • Available inventory (active listings) decreased by 15%, while available inventory under $1 million dropped 24%
  • The median listing price rose 39%, as a result of low inventory levels

SINGLE FAMILY HOMES

  • Total Single Family Home sales are down 24% (when compared to this time last year)
  • The average sale price is up 6%
  • Available inventory has dropped 16% and is down 29% in the under $1 million segment
  • 75 sales have occurred in the $500,000-$1,000,000 range (Hot Spot)
  • As of Oct 1, there were 37 homes on the market, with only 1 priced under $500,000 (located in Moran)

CONDO/TOWNHOME

  • Total condo/townhome sales are similar to this time last year
  • The average sales price is up 8%
  • Available inventory has fallen 32%
  • 88 sales have occurred in the sub $500,000 market, representing 54% of all condo/townhome sales (Hot Spot)
  • 24 sales occurred in the sub $300,000 market, however only 3 condos are currently listed in this price range

VACANT LAND

  • Total sales are down 11% compared to this time last year
  • The median sales price is up 11%
  • 36 land sales were under $500,000, representing 42% of all sales
  • However, pending land sales under $500,000 represent only 13% of all pending sales, compared to 50% in 2013
  • Available inventory for land is down 8%

Buyers Flock to East Jackson

The Jackson Hole Report’s 3rd Quarter Report also focuses on the recent surge of real estate activity seen in East Jackson. Since 2012, East Jackson has seen the largest concentration of new homes in Teton County with 44 completed and 10 currently under construction. However, of the 44 new homes, only 9 have been available on the open market. The majority (24) were custom built for home owners, while 11 were purchased directly from the developer. Of the 9 homes publicly listed (including the newly constructed home in the Gill Addition below), the average sales price was $1,247,000, or an average price per square foot of $400. These homes sold quickly, spending an average of only 47 days on the market before closing.

NewHome

 

Single Family Home Sales Continue Upward Trend in Jackson Hole Real Estate Market

The Colbert Real Estate Report

Monthly Market Update for October 2014

Jackson Hole, WY

What Sold in Sept 2014? 

  • 62% :: Percentage of single family home sales (the highest % seen in years)
  • 30% :: Percentage of condo/townhome sales (down from last month’ s 38%)
  • 8% :: Percentage of Land Sales (similar to last month, but lower than average)
  • 4% :: Percentage of distressed property sales (1 bank sale and 1 short sale in Sept)
  • 52% :: Percentage of residential properties selling for over $1 million (considerably higher than average)
  • 48% :: Percentage of residential properties selling for under $1 million (down significantly from last month’s 68%)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month’s 28%)

What it means: The month of September was the 4th month in a row that saw month-over-month increases in single family home sales and represented the highest percentage (62%) of single family home sales since I began keeping statistics (see chart below). Condo and townhome sales fell to 30% of all sales after a spike in activity last month, where this segment represented 38% of all sales. Land sales remained low this past month and only represented 8% of all residential sales in Teton County. September saw 2 distressed sales – a bank owned condo in Teton Village and a short sale condo in The Aspens. Currently there are two distressed properties under contract and NO other bank or short sales on the market. Sales under $500,000 continued to decline in September, accounting for only 26% of all sales, the lowest representation in over a year. On the other hand, sales over $1 million continued to increase, representing a staggering 52% of all sales in September. See Charts below. Several VERY high end single family home and ranch sales occurred in September which contributed to the higher than average numbers. Five high end homes in Bar B Bar, Pine Meadows and Shooting Star sold between $3-5 million in September. Additionally, 3 large ranches sold last month including the 164 acre Fall Creek Ranch (located south of Red Top Meadows) and 140 acres of the VandeWater Ranch along Fish Creek, which sold for close to $20 million.

BreakdownOct2014

under$500

over$1m

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

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

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

2014 Summer in Review:

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

marketfocus

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

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

Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

stilson

breakdown.aug2014

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

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.

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

Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

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

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

Monthly Market Update for April 2014

Jackson Hole, WY

What Sold in March 2014? 

  • 28% :: Percentage of single family home sales (significantly lower than usual – down from 48% in Feb)
  • 52% :: Percentage of condo/townhome sales (significantly higher than usual – up from 30% in Feb)
  • 20% :: Percentage of Land Sales (close to normal)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in March)
  • 26% :: Percentage of residential properties selling for over $1 million (down from last month’s 37%)
  • 74% :: Percentage of residential properties selling for under $1 million (up from 63% in Feb)
  • 40% :: Percentage of residential properties selling for under $500,000 (up significantly from 29% in Feb)

What it means: Unlike February, the month of March saw a higher than average amount of condo/townhome sales, especially in the low and mid-level price points ($250,000 – $800,000). There were 3 condo sales in The Aspens, 2 sales in Teton Shadows (north of town) and 7 condo sales in the Town of Jackson. There were also several higher end condo sales in Teton Village including units at Teton Mountain Lodge, Hotel Terra and a unit in Crystal Springs, which sold for just under $1.5 million (pictured below).  Of the 10 single family home sales in March, NONE of them sold for under $750,000 and only 4 of them were under $1 million. The lowest priced single family home sale in March was a home in Rafter J, which sold for $775,000 and represented by far the most expensive sale in Rafter J in the past 6 months.  Last month there were no bank sales or short sales, continuing a downward trend and further illustrating that much of that distressed inventory has been absorbed. In fact, since the beginning of 2014, there has been only 1 bank sale and 1 short sale (see chart below).

Distressed.March

CrystalSpringsCrystal Spring condo sold in Teton Village in March

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

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