60% of properties selling in June were on market less than 90 days

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – June 2015:

  • 57 :: Total residential sale transactions (back down after a spike in May)
  • $54,000,000 :: Total residential sales volume reported to MLS (down slightly from last month)
  • $1,300,000::  Average sales price of reported sales (back up after 2 months of decline)
  • 96% ::  Ratio of sales price to list price (same as last month)
  • 168 ::  Average days on market prior to selling (down for the 4th month in a row)

What it means:  After a spike in May, transaction levels in June returned to more recent levels, suggesting that May was more of an anomaly than the start of a summer trend, as many may have suspected. It will be interesting to see if July is in line with June or if we see a spike back up to May levels. Sales Volume was down, but not down significantly given the drop in transactions. As illustrated by the average sales price in June, there were many high end sales that contributed to the sales volume. There were two sales with unreported sales prices, which would bring the total sales volume to $58.2 million, which is consistent with levels seen in the last 5 months.  The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property is on the market before closing declined for the 4th month in a row, representing the second lowest number of days in the past year. If priced well, properties are being snatched up very quickly. In fact in the month of June, nearly 60% of the properties that sold had been on the market for less than 90 days! As many sellers continue to list their properties at overly optimistic (read: above market) prices, Buyers are quick to jump on well priced new listings.

Transactions

Volume

AvgSalesPrice

Days on Market

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

 

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Real Estate Transactions sky rocket in May in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – May 2015:

  • 57 :: Total residential sale transactions (a huge jump from the last few months)
  • $54,000,000 :: Total residential sales volume reported to MLS (up significantly from last month)
  • $976,000::  Average sales price of reported sales (another dip)
  • 96% ::  Ratio of sales price to list price (down slightly from last month)
  • 204 ::  Average days on market prior to selling (down again from last month)

What it means:  Transaction levels sky rocketed in May, hitting a high mark not seen since the Fall of 2013, signaling what could be a very busy summer in the Jackson Hole real estate market. Sales Volume also saw a significant increase in May, with $54 million in reported sales, marking the highest volume since October 2014 (see chart below). Adding in 2 sales with unreported sales prices, puts the actual volume in the $66 million range. We should expect to see these numbers continue to increase as we enter the busy summer selling season. As a point of reference, last September we saw sales volumes in excess of $90 million. We should also expect to see new listings continue to hit the market (See “What’s New?” section). The average sales price in May dropped again thanks to several sales in the sub-$500,000 market including 9 condo sales under $400,000. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property sits on the market before closing also continued to decrease, another illustration of the current “seller’s market” existing in the Jackson Hole Real Estate market.

Transactions

ReportedVolume

DaysonMarket

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March sales continue trend of increasing sales prices in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

Summary – Mar 2015:

  • 33 :: Total residential sale transactions (down slightly from Feb’s 35)
  • $52,000,000 :: Total residential sales volume reported to MLS (up slightly from last month)
  • $1,570,000::  Average sales price of reported sales (identical to last month)
  • 95% ::  Ratio of sales price to list price (up slightly from last month)
  • 239 ::  Average days on market prior to selling (up slightly from last month’s 243)
  • 48 :: Number of new listings in March
  • $1,240,000 :: Average list price of new listings
  • 15 :: Number of those new listings currently under contract or already sold

What it means:  The month of March echoed the trends/statistics we saw in February. Sales Volume remained close to $50 million (the highest levels we’ve seen in 2015) and sale transactions hovered near 30. We continue to see a lower amount of sale transactions as a result of extremely low inventory levels. Despite limited sale transactions however, the average sales price remained near $1.5 million, due to several high end sales in March (see What Sold below). The average sales price has been increasing, month over month, since November 2014 (see chart below). Sale price to list price and average days on market in March remained close to February numbers.

NEW THIS MONTH: Every month going forward, I will be monitoring new residential listings, the average list prices of those listings and tracking how many of them go under contract (or sell) within the month. These benchmarks should help keep an eye on inventory levels and can help us understand the relationship between new inventory (new supply) and sales prices. See the Market Focus section below for an in-depth analysis of past patterns of new listings/inventory levels in Teton County.

transactions

sales vol

sales price

Click HERE to read the entire Monthly Market Update for April. 

 

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Low inventory levels increase vacant land sales in Teton County, while under $500,000 sales continue to decline

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

What Sold in Feb 2015? 

  • 29% :: Percentage of single family home sales (nearly half of last month’s 55%)
  • 37% :: Percentage of condo/townhome sales (similar to last month’s 36%)
  • 34% :: Percentage of Land Sales (up significantly from last month’s 20%)
  • 0 :: Number of distressed property sales (No bank or short sales)
  • 54% :: Percentage of residential properties selling for over $1 million (vs. 23% last month)
  • 46% :: Percentage of residential properties selling for under $1 million (down from a high of 77% last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (down again from last month)

What it means: The breakdown of property types was very atypical last month. Single family homes sales only represented 29% of all sales (they usually represent around 50%). Land sales dominated in February, with 12 sales representing a whopping 34% of land sales (lot sales usually account for around 20% of all sales). This is the 2nd time in the last 5 months that land sales have exceeded 1/3 of monthly sales (see chart below). Low levels in single family home and condo/townhome inventory have no doubt pushed people to land – if they can’t find it, then they will buy land and build it! Buyers were purchasing many lots that had sat on the market for quite some time. In particular, of the 12 lots last sold in February, the average days on market was 526 days! There were no bank or short sales again 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 jumped up in February (to the highest % in the past year), thanks to several high end sales including two Four Seasons condos (selling for $3.25m and $3.95m), a beautiful home in Dairy Ranches (pictured below), which sold for north of $7 million, a 4.24 acre lot in Indian Springs (selling for $3.5 million), and a home in Granite Ridge selling for just under $4 million.  Properties selling for under $500,000 continue to decline (see chart below), as overall prices continue to go up.  The least expensive single family home sale in February was for an older home on Aspen Drive (4 bed / 1 bath) which sold for the list price (with multiple offers) of $650,000.

Breakdown

Under500

DairyRanches

 

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

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Several high end sales in February push up transactions, sales volume in Jackson Hole Real Estate

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The Colbert Real Estate Report

Monthly Market Update for March 2015

Jackson Hole, WY

Summary – Feb 2015:

  • 35 :: Total residential sale transactions (up significantly from Jan’s 22)
  • $47,000,000 :: Total residential sales volume reported to MLS (double last month’s $23.6m)
  • $1,500,000::  Average sales price of reported sales (up significantly from last month’s $1,124,000)
  • 94% ::  Ratio of sales price to list price (slight dip from the last few months)
  • 243 ::  Average days on market prior to selling (back up from last month’s 148)

What it means:  After a slow start to 2015 (See Last Month’s Market Report), sales in February picked up the pace. Last month we saw 37 transactions, which was the highest level of transactions in the past 4 months. Sales Volume in Teton County in February reached $47 million in reported sales, also the highest in the last 4 months (see charts below). In February, there was an estimated additional $19 million in unreported sales, including two large land parcels located up north in Bar BC East – a 49 acre parcel listed at $9.5 million and a 35 acre parcel listed at $9 million. Due to several high end sales in February (see “What Sold?” below), the average sales price was pushed up to $1.5 million, the highest average sales price since September 2014 (see chart below). The sales price to list price ratio dipped down to 94%, while days on market increased to 243 days. We are continuing to see well priced properties, in high demand sub-markets, sell very quickly. In February in particular, we saw several lots sell after long exposure time on the market (see “What Sold” below).

Transactions

Volume

AVSP

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

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Low Inventory contributes to low sales, volume for 2015

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The Colbert Real Estate Report

Monthly Market Update for February 2015

Jackson Hole, WY

Summary – Jan 2015:

  • 22 :: Total residential sale transactions (down significantly from Dec’s 34)
  • $23,600,000 :: Total residential sales volume reported to MLS (down from last month’s $29.3m)
  • $1,124,000::  Average sales price of reported sales (up from last month’s $946,000)
  • 95% ::  Ratio of sales price to list price (same for the 4th month in a row)
  • 148 ::  Average days on market prior to selling (down significantly from last month’s 215)

What it means:  The beginning of 2015 was off to a slow start in terms of both transactions and sales volume, but the average sales price was up. There was only 22 sales in January; the lowest amount in over 2 years! Sales Volume remained low (under $30 million) for the third month in a row. (See charts below). Despite low transactions and volume, the average sales price increased after two months below the $1,000,000 mark. These trends are a result of a very limited inventory in the Jackson Hole real estate market – the lowest we’ve seen in 25 years!  (see Market Focus below). There was only 1 unreported sales price in the MLS in January (estimated at $850,000), however it is likely that there were several sales handled completely outside of the MLS, which is a typical occurance as inventory shrinks. The average days on market decreased signficantly (after removing two outliers) suggesting that properties are moving much more quickly (again a result of low inventory levels). As we move into 2015, we should see the trend of increasing prices continue until more inventory comes onto the market.

transactions

sales volume

avsprice

 

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

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2014 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

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Over the course of 2014, I have been tracking many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the take-aways from the Jackson Hole real estate market in 2014:

Quick Stats – 2014:

  • 447 total real estate transactions in 2014
    • 189 single family home sales
    • 163 condos and townhomes sales
    • 95 land sales
  • Reported sales volume of $440 million
  • Additional unreported sales volume of $127 million
  • Estimated TOTAL sales volume of $567 million
  • Average sales price (including unreported sales) = $1,268,000

Average Days on Market measures the amount of time an average property spends on the market from the time of listing to the closing date. There are always outliers and in my sales tracking, I try to exclude any listing that has been on the market for more than 1,000 days. Since the start of 2014, days on market have been declining, and have hovered around 200 days for the last few months. Consistently in 2014 we saw well priced properties and/or properties in low-inventory, high-demand sub markets sell very quickly, many times going under contract immediately after they were listed. That being said, many sellers also wanted to test the market and priced their properties above market value to see if they would get any bites. Sometimes this led to increased days on market. I think we will see this trend (low days on market) continue until inventory levels increase. Many times properties are not even officially hitting the market before being placed under contract, as realtors are able to find a buyer through their own contacts or through a colleague at their office. (Note: If you are a Buyer searching for a specific property, please contact me so that I may be on the lookout for future listings for you.)

DOM2014

 

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2014, including unreported sales in MLS, is estimated to be around $1,268,000. In every month in the past year, the monthly average sales price hovered just under $1,000,000 (see chart), with the exception of September & October when the monthly average sales price was over $2 million and just under $1.4 million, respectively. These months obviously drove the annual average sales price up. In 2014, the average sales price for single family homes was just under $1.5 million, while the average sales price for condos and townhomes in Teton County was $587,000. The average sales price for land sales was just under $1.1 million.

avgsales2014

 

In analyzing the Breakdown of Sales by Price Point in 2014, a few trends become clear. The majority of residential sales in Teton County last year were in the $500,000 – $1,000,000 range. These sales included single family homes in the Town of Jackson and south of Town, condos in Teton Village and higher-end/larger condos in The Aspens. Only 9% of all sales in 2014 sold for under $300,000 and were usually for smaller condos in the Town of Jackson. More than 1 out of every 4 sales in 2014 was for property valued over $1 million.

BreakdownPriceRes

The breakdown for land sales in 2014 shows a similar distribution, with the majority of land sales occuring in the $500,000 – $1,000,000 range. Nearly 1 out of every 5 land sales in 2014 was priced under $300,000 and represented several lots in the Town of Jackson and south of Town near Hoback. There were 7 land sales above $3 million in 2014 which included lots in 3 Creek Ranch, Crescent H and Shooting Star.

BreakdownPriceLand

 

Happy New Year! 

Thank you to all my clients and colleagues for making 2014 a great year in real estate. I was able to help 19 different buyers and sellers purchase or sell property in Teton County this past year. I look forward to helping many more people in 2015!

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Real Estate Transactions, Sales Volume down after busy selling season in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for December 2014

Jackson Hole, WY

Summary – Nov 2014:

  • 30 :: Total residential sale transactions (down significantly from last month’s 56)
  • $23,800,000 :: Total residential sales volume reported to MLS (only 1/3 of last month’s volume)
  • $915,000::  Average sales price of reported sales (down again closer to typical average)
  • 95% ::  Ratio of sales price to list price (same as last month)
  • 170 ::  Average days on market prior to selling (down from last month’s 206)

What it means: After a very active summer and fall, this off season saw the real estate market cool off a bit. There were only 30 residential sale transactions in the month of November, one of the slowest month’s in the past year (see chart below). Sales volume also dropped significantly, down from $73 million in October and $90 million in reported sales in September. There were 4 unreported sales in November, accounting for an estimated $18 million in additional sales volume, bringing the total sales volume in November to just under $41 million, which is this lowest total volume seen in the past 4 months. After high average sales prices of $2 million in September and $1.4 million in October, November saw the average sales price drop down to, well, average (see chart below). In November there were 10 condo sales under $500,000 (see “What Sold” below), which helped push the average sales price down this month. The sale price to list price ratio in November stayed at 95%, meaning that on average, buyers were getting a 5% discount to list price. However there were 3 properties that sold at quite a considerable discount including a house in Moran (sold at a 11% discount), a house south of Jackson (sold at a 15% discount) and a difficult building lot in Game Creek, which sold for 73% of the listing price. This suggests that, while we have seen listing prices increasing in the last several months (see Market Focus below), some Sellers are still very motivated to sell at market prices. Average days on market in November was the lowest seen in the past 2 years, probably a result of significantly lower inventory levels.

TransactionsDec2014

Volume.Dec2014

ASP.Dec2014

DOM.Dec

 

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

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Sales Transactions and Volume remain high in October in Jackson Hole Real Estate Market

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The Colbert Real Estate Report

Monthly Market Update for November 2014

Jackson Hole, WY

Summary – Oct 2014:

  • 56 :: Total residential sale transactions (up slightly from last month’s 50)
  • $73,700,000 :: Total residential sales volume reported to MLS (down from last month’s high of $90m)
  • $1,390,000::  Average sales price of reported sales (down from last month’s high of $2m)
  • 95% ::  Ratio of sales price to list price (up slightly from last month’s 94%)
  • 206* ::  Average days on market prior to selling (up slightly from last month’s 193)

What it means: After September’s unusually high sales volume ($90 million) and transaction level (50), October remained strong with 56 residential sale transactions accounting for over $73 million in reported sales volume. There were also 3 unreported sales in October, accounting for an estimated $17 million in additional sales volume, bringing the total sales volume to $90 million, which is in line with last month’s unusually high volume (see charts below). After an average sales price of more than double the typical average in September, last month’s average remained higher than usual at $1.39 million (typical average is right around $ 1 million). There were again several high end real estate sales that helped keep the average sales price and sales volume higher than usual (see the “What Sold” section below). In October, the sale price to list price ratio increased to 95% after an usually low percentage (94%) in September. *After removing 2 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, as inventory levels remain very low.

Trans.Nov2014

SalesVol.Nov2014

Unreported.Nov2014

 

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

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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).

Trans.Oct2014

SalesVol.Oct2014

ADOM.Oct2014

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

 

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