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

Monthly Market Update for January 2014

Jackson Hole, WY

What Sold in January 2014? 

  • 38% :: Percentage of single family home sales (down from last month’s 46%)
  • 29% :: Percentage of condo/townhome sales (down again from 36% last month)
  • 33% :: Percentage of Land Sales (more than double the typical month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in January)
  • 29% :: Percentage of residential properties selling for over $1 million (similar last month’s 27%)
  • 71% :: Percentage of residential properties selling for under $1 million (similar to 73% in Dec)
  • 38% :: Percentage of residential properties selling for under $500,000 (down from 42% in Dec)

What it means: When analyzing “what” sold in Teton County in Jan 2014, the most unique statistic was the high percentage of land sales. There were 8 lot sales in January which represented 1/3 of all transactions. The amount of land sales isn’t that uncommon (in the past 12 months there have been 6 months with at least 8 land sales), however what is unique about this month is that while overall sales dropped (see Summary Blog) land sales remained steady (between 6 and 10 sales per month). Overall, land tends to sell more in the spring/summer months, but there have been 17 lots sales in Teton County since the snow started flying. Notable land sales in January included a Granite Ridge homesite (listed at $2.95 million) and a lot at Shooting Star (listed for $3.3 million) in Teton Village, 2 lots in the new King Eider development in Rafter J and a lot out in Kelly (listed for $349,000).

LandSales.Feb2014

The month of January did not include a short sale or a bank sale after 2-5 such sales every month since October. Currently there are only 2 distressed properties for sale under $1 million – a fixer upper 3 bedroom condo in E Jackson for $352,000 and a 2 bedroom condo in W Jackson for $249,900. Note there are two higher end short sales also on the market – Game Creek Ranch ($1.495m) and an interesting ‘castle’ like property down Fish Creek Rd, listed for $1,500,000, which is pictured below. Click HERE to view all 4 distressed properties.

CastleProperty

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Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market in 2013

Over the course of 2013 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 major take-aways from the Jackson Hole Real Estate Market in 2013:

Distressed Property Sales:  Teton County experienced the highest levels of distressed property sales (bank sales and short sales) in the spring and early summer of 2013. In April, there were 8 distressed sales, which represented 15% of all property sales that month. May and June also saw a significant amount of bank and short sales, however by the end of the summer, these types of properties seemed to disappear from the market all together as September did not see a single distressed sale. Since then, each month has had their own share of sales, suggesting that while the majority of this shadow inventory has been absorbed, there still remains a trickle of  bank owned property coming onto the market.  Click HERE to see Distressed Properties currently for sale in Teton County.

Distressed.2013

Investment Property Sales: Overall, the sale of investment property in Teton County increased throughout 2013. Investment property is defined as property that can legally be short term rented and is concentrated in areas such as The Aspens, Teton Village and near Snow King Resort in the Town of Jackson. Interestingly this type of property experienced more sales near the beginning of both the summer (May) and winter (Nov) tourist seasons suggesting that investors were planning to benefit from Jackson’s two busiest seasons. Recent improvements made to both Teton Village and Jackson Hole Mountain Resort and Snow King Resort may also help explain the increased interest and real estate activity for these property types. Click HERE to see short term rental/investment property currently for sale in Teton County.

InvestmentSales2013

Average Days on Market: The average days a property sits on the market before selling can tell us many things about the speed of absorption, the level and quality of inventory and the motivation of both buyers and sellers. When inventory levels are low (i.e. not many properties on the market) we tend to see sales of property that has been on the market for quite some time as buyer’s options decrease. On the other hand, when inventory is low well priced properties can be snatched up quickly (and not be on the market for very long at all). From the chart below, we can understand that during months when sold properties spent a longer time on market before selling, these properties were selling at more of a discount (or a lower Sales Price to List Price ratio). Conversely, when the monthly sales had a lower average of days on market before selling, buyers were receiving LESS of a discount (or purchasing at a HIGHER Sale/List Price ratio).

DOMvList.2013

Inventory by Price Point: Earlier this year I analyzed how the available inventory levels (and pending sales) compared to actual closed sales, based on various price points. When we look back on 2013 as a whole, a few trends emerge. There were 440 closed sales in Teton County in 2013 (excluding land sales and fractional sales). Currently there are only 230 properties available for sale, or about a 6 month inventory. Property sales in 2013 were spread somewhat evenly across various price points (Under $500,000 / Between $500,000 – $1 million / Over $1 million – See Chart below.) This is also in contrast to available inventory, where the majority of properties (59%) are priced over $1 million despite this price point accounting for only 30% of 2013′s sales. Conversely, properties selling for under $500,000 made up 36% of all property sales in 2013, however only 12% of the current available inventory is priced under $500,000 (29 properties to be exact).

Inventory.2013

 

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New Listing: 3 bdrm home with 2 car garage in E Jackson

Just listed:   This 3 bedroom / 2 bath home is located on a quiet cul-de-sac in desirable East Jackson within walking distance to St. John’s Hospital and the National Elk Refuge.  The home includes over 2,000 square feet on two different levels (with separate access), a pellet stove and a detached 2 car garage.

This home went through foreclosure and is now being offered for sale by the bank. The property needs some fixing up, but represents a great opportunity to own a single family home in E Jackson. Currently, this property is one of only 3 single family homes in the Town of Jackson priced under $450,000 and is by far the largest home in that price range.

Garage

Property Address: 80 Stormy Circle, Jackson, WY

Asking Price: $440,000   

Click HERE to see the full listing and more photos

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How are high end sales trending in 2013 in Jackson Hole? What about property selling for under $500,000? In which direction is the market moving?

As we analyze past sales data for 2013, in particular examining sales in the lower end of the market (under $500,000) and higher end sales (over $1,000,000), a few trends can be seen. Over the past 6 months, the percentage of property selling for under $500,000 has been trending downward with the exception of September which experienced a high amount of ‘lower-end” sales. In April 2013, over 1/2 of all sales were under the half million mark; while in October only 27% of all sales were under $500,000.

Under$500

Conversely, the percentage of sales over $1 million has been slowly increasing since May 2013, with the highest percentage of high end home sales occurring in October where almost 1/2 (43%) of all property sold for over $1 million. The lowest point for high end sales came in September, when only 11 properties sold for over $1 million, which represented only 22% of all sales.

Over$1m

CURRENT INVENTORY: There are currently 30 homes for sale under $500,000 (not including fractional ownership opportunities); 5 of them are single family homes, while 25 of them condos or townhomes. In the higher end of the market, there are 154 homes for sale over $1 million, 59 properties over $3 million and 27 homes for sale over $5,000,000. There are 45 lots for sale in Teton County priced under $500,000 with 19 lots priced are under $300,000. There are 160 lots available for sale over $500,000; of which 106 lots are priced over $1 million.

 

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“What” sold in the Jackson Hole Real Estate market in October 2013?

Monthly Market Update for November 2013

Jackson Hole, WY

What Sold in October 2013? 

  • 49% :: Percentage of single family home sales (a 10% increase from last month’s 39%)
  • 37% :: Percentage of condo/townhome sales (vs. 33% last month)
  • 14% :: Percentage of Land Sales (down from last month)
  • 1.75% :: Percentage of distressed property sales (4 bank sales and 1 short sale)
  • 43% :: Percentage of residential properties selling for over $1 million (double last month’s 22%!)
  • 57% :: Percentage of residential properties selling for under $1 million (down 20% from Sept)
  • 27% :: Percentage of residential properties selling for under $500,000 (down from 39% in Sept)

What it means: The big story in October was the large amount of high end home and property sales in the Teton County area. Almost 1/2 of all sales this past month were for properties over $1,000,000. Ten properties sold for over $3 million and 3 pieces of property sold for over $10 million! (Who was visiting Jackson Hole last month?!) The numbers also tell us that the majority (49%) of sales this past month were single family homes, however there were several high end condominiums that sold as well including a Crystal Springs 2,000 square foot condo at Teton Village and a 2 bed / 2 bath condo at Pearl @ Jackson in downtown. Both condos sold for over $1.3 million (pictured below). After a September without a single distressed property sale, the month of October saw 4 bank sales and 1 short sale. However, currently there are only 2 distressed properties available for sale in Teton County and only 4 properties on the Teton County Sheriff’s Foreclosure List.

CrystalSprings

PearlatJackson

Pearl @ Jackson condos in downtown Jackson

Please visit the Monthly Market Update tab for the entire November Market Report.

 

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“What” sold in the Jackson Hole Real Estate market in August 2013?

Monthly Market Update for September 2013

Jackson Hole, WY

What Sold in August 2013

  • 54% :: Percentage of single family home sales (an 8% increase over last month)
  • 28% :: Percentage of condo/townhome sales (vs. 31% last month)
  • 16% :: Percentage of Land Sales (similar to last month’s 18%)
  • 6.5% :: Percentage of distressed property sales (remains under 10%)
  • 36% :: Percentage of residential properties selling for over $1 million (vs. 27% in Aug)
  • 64% :: Percentage of residential properties selling for under $1 million (vs. 73% in Aug)
  • 30% :: Percentage of residential properties selling for under $500,000 (vs. 42% in Aug)

What it means: In the month of August we saw a shift in the breakdown of types of properties sold. Single family homes sales gained 8% to make up over 1/2 of all sales in August, while condo/townhome sales dropped to 28% of all sales. Not only did August see more single family homes sales, but it saw more higher end single family home sales. Over 1/3 of all properties sold this month were in excess of $1,000,000. Six properties were in excess of $2 million. Conversely, the share of properties selling UNDER $500,000 is dropping, making up only 30% of all sales this month (see Chart below). The average sales price for single family homes in August was $1.7 million. Compare that to the average sales price of $475,000 for condos & townhomes last month. Obviously the Grand Teton Estate auction sale ($19.25m) helped to push up the average, but even without that sale the average sales price was $1.18 million, still much higher than last month’s single family home average price of $893,000.

Under$500withborder

 

Please visit the Monthly Market Update tab for the entire September Market Report.

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help! You can also click on Learn More to sign up to receive new listings in your desired area or to receive the market updates by email.

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“What” Sold in July 2013 in Jackson Hole?

Monthly Market Update for August 2013

Jackson Hole, WY

What Sold in July 2013? 

  • 46% :: Percentage of single family home sales (similar to last month)
  • 31% :: Percentage of condo/townhome sales (vs. 26% last month)
  • 18% :: Percentage of Land Sales (down from last month’s high of 26%)
  •   4% :: Percentage of distressed property sales (down from the last few months)
  • 27% :: Percentage of residential properties selling for over $1 million (vs. 32% in June)
  • 73% :: Percentage of residential properties selling for under $1 million (vs. 68% in June)
  • 42% :: Percentage of residential properties selling for under $500,000 (vs. 41% in June)

What it means: Single family homes continue to make up just under 1/2 of all residential sales in Teton County. This month saw a higher than usual number of condo/townhome sales. As mentioned in the summary, the average sales price this month is unusually low at $734,579. This is a result of several lower priced townhome/condo sales (5 sales in Town under $400,000) and, in particular, several land sales under $350,000 in Town and Rafter J. The number of land sales took a slight dip after  month over month increases (See Jackson Area Land Sales-June 2013), however building site sales still make up a significant portion of all sales – 18% this month. Distressed Property Sales (bank sales or short sales) seem to be disappearing from the real estate market in Jackson Hole; this month there were only 2 short sales and NO bank sales (See chart below).

Please visit the Monthly Market Update tab for the entire August Market Report.

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help! Please also consider following me on social media for up to date new listings, market stats and Jackson Hole real estate news.

   

Monthly Market Update – “What” Sold in Jackson Hole in June 2013?

Monthly Market Update for July 2013

Jackson Hole, WY   

What Sold in June 2013? 

  • 46% :: Percentage of single family home sales (consistent with the past several months)
  • 26% :: Percentage of condo/townhome sales (down from May – 37%)
  • 26% :: Percentage of Land Sales (up again from last month)
  • 10% :: Percentage of distressed property sales (same as last month)
  • 32% :: Percentage of residential properties selling for over $1 million (vs. 26% in May)
  • 68% :: Percentage of residential properties selling for under $1 million (vs. 74% in May)
  • 41% :: Percentage of residential properties selling for under $500,000 (vs. 44% in May)

 

What it means:  Despite a drop in sales volume and transactions this month, many other indicators suggest this month was in line with previous months in terms of ‘what’ sold in Jackson Hole. Single Family home sales continue to make up just under ½ of all sales, sales under $500,000 hovered around 40% and distressed property sales (short sales and bank sales) continue to make up 10% of all sales in June. One exception is Land Sales, which made up 26% of all sales this month (see chart above). Over the past several months, the sale of building sites has continued to increase (both in # of transactions and % of total sales), a strong indicator that the real estate market is back in full swing (See chart below).

 

Please visit the Monthly Market Update tab for the entire July Market Report.

Interested in learning more? Email me at katiecolbert123@gmail.com for more information on anything real estate related – a history of a specific property, a market update on your neighborhood, a mortgage payment calculation for a certain price range – I’m happy to help!