Property Sales under $500,000 drop, representing only 16% of all sales in Teton County

March 13, 2016/in Building Site, Condos, Entry level market, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Feb 2016?

47% :: Percentage of single family home sales (slight uptick from last month)
37% :: Percentage of condo/townhome sales (back down after high last month)
16% :: Percentage of Land Sales (up after slow January)

42% :: Percentage of residential properties selling for over $1 million (similar to last month)
58% :: Percentage of residential properties selling for under $1 million (similar to last month)
16% :: Percentage of residential properties selling for under $500,000 (big drop from last month)

2 :: Commercial Land Sales (after 13 the last two months)

What it means: Single family home sales were back up to average levels in February, while condo and townhome sales dropped back down after a high last month. Land Sales saw a slight increase after a slow January, as several buyers appear to be looking towards the spring construction season. Property sales under $500,000 represented only 16% of all sales after a strong January (33% of all sales). We may continue to see a low number of sales under $500,000 due to increased pricing and little to no inventory. There are only 14 condos currently for sale under $500,000 in Teton County (excluding several tenant in common interests available for sale at the Fireside Resort). Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in February. There were 4 luxury property sales over $3 million last month, including a home in Teton Pines, Shooting Star, Granite Ridge and a 9,000 sq foot home in the exclusive Indian Springs neighborhood (pictured below), which sold for over $10 million.

9,000 sq ft home sold in Indian Springs (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for March 2016.

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New inventory entering the market very low, even for January

February 10, 2016/in Asking Prices, Entry level market, Housing, Inventory Levels, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Monthly Market Update, New Listings/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What’s new in Jan 2016? (New Listing Analysis)

25 :: Total number of new listings in January
- Average List Price: $1,160,000
22 new residential properties (single family, condo, townhome)
- Average List Price: $1,200,000
- New listings already under contract or sold: 2
3 new building sites
- Average List Price: $860,000
- New listings already under contract or sold: 1

What it means: January saw a continued a trend of very little new inventory entering the market (not even 1 new listing per day!). Compare that to the peak of summer, when 80-120 new listings were hitting the market every month. While the winter months are usually slow for new listings, this winter we are seeing even fewer new listings compared to last year (see chart below). It is interesting to note that 3 of the “new” listing aren’t actually new at all, but back on the market with different real estate companies (new year, new realtor?). Of those Sellers who listed their properties in January, the majority were close to the skiing activities in Teton Village, The Aspens/Pines and Snow King Resort. Five new listings hit the market in Teton Village including two condo-hotel units in Teton Mountain Lodge and a 3,400 sq foot Granite Ridge cabin (pictured below). At Snow King Resort, the inventory of Love Ridge condos went from 0 to 3, as several new units hit the market in January. The average listing price of new inventory dropped in January, thanks to several new entry level condos in Town, including a 2 bed/1 bath condo near Powderhorn Park for $349,000. Activity seems to be cooling a bit in January as only 3 of these new listings (or 8%) have gone under contract by Feb 10th, marking one of the lowest levels of activity in recent months. That being said, a rarely listed 3 bed / 3 bath / 1 car garage in The Aspens (listed at $990,000) and a commercial lot in Hoback (listed at $299,000) did go under contract quickly illustrating that well priced and/or high demand properties are selling quickly. While low inventory levels may have contributed to rapidly rising values in 2015, we may be entering a phase of the market where transactions decline AND values are stagnant, or may even decline a bit. While I don’t for see a drop off like we saw several years ago, I do anticipate a slight market correction in 2016. (If you are curious about the value of your property in the current market, please contact me for a free and honest analysis.)

Notable new listings in January include:

Love Ridge condo at Snow King (1 of 3 new listings) – $1,350,000 – a list price not seen since the 2007 peak
Nicely remodeled and immaculately cared for 3 bedroom home in Town on Aspen Drive – $975,000
Two bed/1 bath condo near Lucky’s Market – priced below last comp at $349,000

Click HERE to view all new January residential listings.

Click HERE to view all new January land listings.

Newly Listed: Granite Ridge Cabin in Teton Village $3.25m (listed by JH Sotheby’s)

Click HERE to read the full Monthly Market Update for February 2016.

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?

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support!

Condo/Townhome sales rebound in January in Town of Jackson

February 10, 2016/in Condos, Entry level market, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for February 2016

Jackson Hole, WY

What Sold in Jan 2016?

43% :: Percentage of single family home sales (slight dip from last month)
48% :: Percentage of condo/townhome sales (jump after low last month)
9% :: Percentage of Land Sales (down after high last month)

43% :: Percentage of residential properties selling for over $1 million (identical to last month)
57% :: Percentage of residential properties selling for under $1 million (identical to last month)
33% :: Percentage of residential properties selling for under $500,000 (huge jump after low last month)

3 :: Commercial Land Sales (after 10 last month)

What it means: Single family home sales dipped slightly last month but still remained close to average levels. Condo and townhome sales jumped up in January, representing nearly 1/2 of all sales after an all-time low in December (17% of all sales). Land Sales, which were at an all time high in December (35% of all sales), leveled off to typical levels in January. Property sales under $500,000 rebounded in January after recording only 3 sales in December. This is a bit of good news for the entry level market, as 2015 saw a downward trend in sales under $500,000 (See 2015 Year End Review). It remains to be seen if this trend will continue as we move through 2016 (there are 17 condos under $500,000 available now). All of the sales under the half million mark in January were condos in The Aspens or the Town of Jackson, including a one bedroom Hollybock building in The Aspens, which sold close to asking price after only 51 days on the market. Sales above $1 million remained consistent, accounting for nearly 1/2 of all sales in January. Separately, there were 3 large commercial land sales in the month of January (after 10 commercial sales in December!), as investors and developers continue to have interest in the Jackson Hole market. Notably, 8 commercial lots on the corner of N Cache and Mercill (across from the Forest Service building) sold for an undisclosed amount to a Marriott & Hilton franchise (listed for a collective $7.8 million and pictured below).

Click HERE to read the full Monthly Market Update for February 2016.

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?

Visit www.bestofjh.com to vote. Be sure to vote for all your other Jackson favorites. It’s fun!

I very much appreciate your support!

Real estate values increase in 2015, as Sales Volume up 30% in Jackson Hole

January 15, 2016/in Average Sales Price, Entry level market, High End Real Estate, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Real Estate Sales, Sales Volume, Uncategorized, Year in Review/by Molly Stewart

Market Focus

2015 Year in Review: Market Trends and Sale Statistics for the Jackson Hole Real Estate Market

Over the course of 2015, I have tracked 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 2015, how they compare to 2014, and a look forward to 2016:

Quick Stats – 2015:

466 total real estate transactions in 2015
- 2014 = 447 sales
Sales volume of $743,000,000 (includes reported and unreported* sales)
- 2014 = $568,000,000
Average sales price = $1,590,000
- 2014 = $1,270,000

*Note: When a sales price is not disclosed in the MLS, an estimate is used based on the current listing price and the average monthly sale to list ratio.

Sales Transactions and Sales Volume: While the number of transactions didn’t increase much, Sales Volume in 2015 jumped up 30% from 2014!! Monthly sales volume in Teton County in 2015 matched or outpaced monthly volume in 2014 in all but one month (July 2015). Not only were the “big” months of Aug & Sept bigger in 2015, much of the rest of year, especially the Spring of 2015 saw roughly double the sales volume of 2014. These levels are impressive given that there were only 19 more sales in 2015 (v. 2014).

As mentioned in the Quick Stats above, the Average Sales Price in Teton County for 2015, including unreported sales in MLS, was just under $1.6 million. With the exception of July 2015, the monthly average sales price never dipped below $1 million last year. During the peak selling months in the summer/fall 2015, the monthly average sales price hovered around $2 million. The obvious trend? Prices went up in 2015. Compared to 2014, which had an average sales price of $1.27 million, prices in 2015, on average, went up 27%!

In analyzing the Breakdown of Sales by Price Point in 2015, and comparing it to 2014, a few trends become clear. Similar to 2014, the majority (36%) of residential sales in Teton County in 2015 were in the $500,000 – $1,000,000 range. These sales included fixer upper single family homes in the Town of Jackson, 3 bedroom townhomes in Town and south of Town, homes in Rafter J and condos in Teton Village. The $1-3 million segment was also strong, accounting for nearly 1/3 of all sales in Teton County in 2015. Compare that to 2014, when this segment made up only 23% of all sales. Only 4% of all sales in 2015 were under $300,000 and only 1 in 5 sales occurred under $500,000. This is the biggest change from 2014, when nearly 40% of all sales occurred under the half million mark, illustrating a trend of higher prices and a shrinking “entry-level” market. Finally, the percentage of high-end sales ($3 million and up) more than doubled from 2014 to 2015, as many wealthy second homeowners invested in the Jackson Hole market.

The breakdown for land sales in 2015 shows a slightly different distribution, with 50% of all lot sales happening above $1 million – compare that to 2014, when only 29% of sales occurred in this segment. In particular, there were 14 land sales over $3 million in 2015, including parcels in Ely Springs, Shooting Star and Bar B C Ranch. Conversely, only 5% of lot sales in 2015 were under $300,000, compared to nearly 20% of all sales in 2014, illustrating a shrinking entry-level market for vacant land as well. The 4 sales that occurred under $300,000 were located south of Town in the Hoback and Sqauw Creek neighborhoods.

Summary and What’s Next? There is no question, 2015 was a big year! Sales Volume increased 30% with only a 4% increase in transactions. As expected we saw prices rise with the average sales price increasing roughly $360,000 from 2014 to 2015. Nearly 1/2 of all properties sales occurred over $1 million, with significant growth especially in the higher end of the market. Consequently, the entry level segment of the market shrunk as fewer residential properties and vacant land sold under $500,000 in 2015. It’s hard to imagine this explosive growth can continue. In November and December 2015, we began to witness a slow down in sales and volume (see Jan 2016 Market Report). While some of that can be attributed to the slower time of year, many real estate professionals sense a plateauing of real estate activity in 2016. Even though Jackson Hole is somewhat insulated from global and/or national trends, the recent activity in China, the Middle East and the stock market should have some effect on sales and values in our market.

Stay tuned to The Colbert Real Estate Report for market statistics and trends in Jackson Hole Real Estate as we enter 2016.

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

January 12, 2016/in Commercial Property, Condos, Entry level market, High End Real Estate, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Under $500/by Molly Stewart

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.

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.

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

New listings up slightly in December, but still very low

January 12, 2016/in Asking Prices, Entry level market, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Monthly Market Update, New Listings, Sellers, Supply/Demand, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What’s new in Dec 2015? (New Listing Analysis)

26 :: Total number of new listings in December
- Average List Price: $2,400,000
23 new residential properties (single family, condo, townhome)
- Average List Price: $1,833,000
- New listings already under contract or sold: 4
3 new building sites
- Average List Price: $1,970,000
- New listings already under contract or sold: 1

What it means: New listings picked up slightly in December, but still remained low. With only 26 new listings, December 2015 marked the second slowest month for new listings in the past year (November 2015 was the lowest with only 18 new listings). While winter is usually a slower time for new inventory, the small up tick in December could be explained by sellers’ motivation to list their properties in time for the holiday rush of visitors and skiers (potential real estate buyers). In particular, 10 of the new listings in December were in Teton Village including a rarely listed 5 bedroom Snow Ridge condo for $1,600,000, which went under contract in early January. The average sales price of new listings increased for the second month in a row, jumping up to nearly $2 million, in part thanks to 2 high end land listings, both with Flat Creek frontage, but in different parts of the Valley. A 35 acre parcel in the Flat Creek Fishing Club Subdivision south of Jackson was listed for $5.65 million and a 1.17 acre lot in Shooting Star at the base of Jackson Hole Mountain Resort was listed for $2.85 million in December (pictured below). As of Jan 10th, just under 20% of these new listings are pending or sold (down from nearly 30% in November), suggesting that many of the new listings prices may be a bit above market. Due to the low sales in December (see Summary section above), new inventory slightly outpaced inventory leaving the market (i.e. sales). While low inventory levels usually contribute to rising values, it’s becoming apparent that buyers are not willing to “buy just to buy” and are holding out for well-priced properties. It will be interesting to see the pricing trends of new inventory hitting the market in 2016, and to see if Sellers are still holding on to 2015 values (which were some of the highest seen since the peak in 2007) or if we will see sale and listing prices leveling off in the New Year. That being said, now may be a great time to sell a property as there is little new inventory coming onto the market at competitive prices. (Please contact me for a free in-depth analysis on the current market value of your property.)

Notable new listings in December include:

Two bedroom/one bath townhome with garage in Cottonwood Park – $499,000
Completely re-built 2 bedroom home on the Village Road – $950,000 (pictured below)
Four bedroom, true ski-in/ski-out home in Teton Village – $9.5 million

Click HERE to view all new December residential listings.

Click HERE to view all new December land listings.

Lot for Sale in Shooting Star development – $2.85 million

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.

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

Single family home sales drop in November, as condo/townhomes sales surge

December 11, 2015/in Buyers, Condos, Entry level market, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Dec 2015

Jackson Hole, WY

What Sold in Nov 2015?

46% :: Percentage of single family home sales (sharp drop)
46% :: Percentage of condo/townhome sales (huge increase this month)
8% :: Percentage of Land Sales (another decrease)

37% :: Percentage of residential properties selling for over $1 million (large drop from last 3 months)
63% :: Percentage of residential properties selling for under $1 million (up significantly from last few months)
20% :: Percentage of residential properties selling for under $500,000 (up from last month)

What it means: After two strong months, single family home sales dropped significantly in November, representing less than 1/2 of all sales in Teton County. On the other hand, condo/townhome sales increased significantly last month, accounting for nearly 1/2 of all sales in November and marking the highest monthly percentage seen in the past year. The higher than usual condo/townhome sales helps explain the lower sales volume and lower average sales price (see Summary above), as most condo sales are in the lower price points. In particular, there were 9 condo sales under $600,000 last month including two condos in the Aspens, selling for $55,000 and $70,000 under list price. There were also several high-end condo sales over $1 million including a townhome in Teton Pines, a Moose Creek townhome in Teton Village and a penthouse unit at Teton Mountain Lodge, which sold for just under $2.3 million (pictured below). Building lot sales took yet another dip as many potential lot buyers are most likely waiting until after winter to make a purchase so that they can break ground after the spring thaw. Properties selling for over $1 million also took a sharp drop in November, representing less than 40% of all sales – the second lowest percentage seen in the last 6 months. Again, this is connected to the higher than usual condo/townhome sales. Last month there were only 3 sales over $3 million including homes in 3 Creek Ranch, Teton Village and Tucker Ranch. Conversely, there were 8 sales under $500,000, representing 20% of all sales, an increase after several months of up and down. Last month, we saw a rarity: two single family home sales under $500,000 – a 1 bedroom 626 sq ft home on Aspen Drive (technically zoned a townhome) and a log home up in Moran, which sold for $490,000.

Penthouse in Teton Mountain Lodge in Teton Village – Sold in Nov 2015

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

Sales under $500,000 hit new low in Jackson Hole real estate market

November 10, 2015/in Condos, Entry level market, High End Real Estate, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Townhome/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Oct 2015?

61% :: Percentage of single family home sales (another increase)
26% :: Percentage of condo/townhome sales (similar to last month)
13% :: Percentage of Land Sales (another decrease)

61% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
39% :: Percentage of residential properties selling for under $1 million (down again from last month)
13% :: Percentage of residential properties selling for under $500,000 (lowest % in last 2 years)

What it means: Single family home sales increased again after a spike in September, representing just over 60% of all sales in October in Teton County. Last month, 21 of the 28 sales over $1 million were for single family homes, while only 7 single family homes sold under the $1 million mark. Condo/townhome sales remained consistent, representing a quarter of all sales last month. The most expensive condo sale was a 1,600 sq foot unit at the Pearl at Jackson building in Town, which sold for just under $1.5 million. Building lot sales took another dip after an increasing trend seen throughout the summer months. Many potential lot buyers are most likely waiting until closer to spring to allow them to break ground soon after the purchase. Properties selling for over $1 million continue to rise, reaching another high last month accounting for over 60% of all transactions – the highest percentage recorded in the last 2 years! There were several notable high-end sales in October including a 6,600 sq ft estate in 3 Creek Ranch, which was listed for $14.9 million and sold for an undisclosed amount (pictured below). Conversely, sales under $500,000 continue to follow a downward trend. In October, there were 6 property sales under the half million mark, representing only 13% of all sales – the lowest percentage seen in the past 2 years! The least expensive condo sale in October was a 2 bedroom unit in the Hillside Business Complex south of Town, which sold for $230,000 cash, as no bank would provide a loan for the condo given its location in an industrial park. In October, we saw a rare occurrence – the sale of a single family home in Teton County for UNDER $500,000. The 1,600 sq ft home was located at Hoback Junction (backing up to the highway) and needed quite a bit of work.

3 Creek Ranch Estate – listed for $14.9 million – sold for an undisclosed price

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

Please consider following The Colbert Real Estate Report on social media for hot picks, market trends and industry news.

Entry level options disappear as upper-end home sales increase – Quarterly Update from The Jackson Hole Report

November 4, 2015/in Asking Prices, Average Sales Price, Building Site, Condos, Entry level market, High End Real Estate, Inventory Levels, Jackson Hole Real Estate, Land/Building Sites, Listing Prices, Market Report, Market Reports, Market Statistics, Over $1 million, Real Estate Sales, Sales Volume, Single family homes, The Jackson Hole Report, Under $500/by Molly Stewart

Entry level home options (under $500,000) have all but disappeared in the Jackson Hole real estate market, while upper-end home sales (over $1 million) see impressive increases amid the recovery.

The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate, provides insights into the local real estate market through the end of the 3rd quarter. Click HERE to read the full 2015 Q3 Report.

After the first 9 months of 2015, the trend in the Jackson Hole real estate market seems to be this: the more expensive the price point of the home, the greater the increase in sale transactions and sales volume. Home sales over $1 million are up 27%; home sales over $3 million are up 36%; and homes selling for over $5 million are up a whopping 200% compared to this time last year.

Conversely, homes for sale under $500,000 are a thing of the past. For only the second time in Jackson Hole’s history, there are ZERO single family homes for sale under $500,000. The least expensive single family home for sale in Teton County is a 584 sq ft log cabin with a loft bedroom on 2.24 acres in Red Top Meadows, priced at $545,000. These prices push many first time homebuyers into the condo/townhome market, where less than half of the 24 condo/townhomes listed for sale under $500,000 have a garage. Even with low interest rates, Buyers still need to come up with a $75,000 – $100,000 down payment to avoid costly private mortgage insurance.

OVERALL MARKET

Compared to last year, the first 9 months of 2015 continued to show signs of a bullish market recovery with increases across the entire real estate market.

Number of Sale Transactions are up 11%
Overall dollar volume rose 40%
Average Sale Price increased by 27%
Nearly half (47%) of real estate transactions in Jackson Hole through Q3 2015 were cash sales (i.e. no financing)
51% of available listings are priced under $1 million, with only 11% of all inventory priced under $500,000
Overall available inventory rose slightly (2%), with an average listing price of $2.7 million, however available inventory under $1 million continues to decline
High end sales are experiencing tremendous growth with a 66% increase in sales. Notably, 26 sales have occurred over $5 million, up 200% from last year.

Shooting Star Cabin at the base of Jackson Hole Mountain Resort – listed for $5.5 million and sold for an undisclosed price

SINGLE FAMILY HOMES

Single family home sales continue to gain steam, with transactions up 7% and dollar volume up 41%
Average Sale Price increased 32%
The $500,000 – $1 million segment saw the most sales (77) through the 3rd quarter, while the $1 -2 million range fared well too, with 62 sales so far this year
Most (28%) single family home sales occurred in the Town of Jackson, while 15 homes have sold in Rafter J in 2015
Available single family home listings are up 9%, with homes over $1 million up 11%, however the average listing price actually dipped 3% compared to this time last year

Newly built home in Rafter J’s King Eider neighborhood was the most expensive sale in Rafter J in 2015, selling for more than $900,000

CONDO/TOWNHOME

Overall condo sales are up 7%, with condo sales over $1 million up 235%!
Condos and townhomes in Teton Village and Shooting Star accounted for 2/3 of the sales over $1 million
Average Sale Price is up 29%
Available inventory increased 25%, however inventory levels are still hovering at an eight year low
Active condo listings under $500,000 are down 61% compared to the high inventory levels seen in 2009
There are 24 available condos priced under $500,000, with only 3 condos are priced under $300,000

2 bdrm condo in Town is one of only 3 available under $300,000

VACANT LAND

Lot sales continue to increase, with a 20% increase in transactions and a 54% increase in dollar volume compared to Q3 2014
Average Sale Price is up 29%
The majority (53%) of single family lot sales were over $1 million
Vacant land listings under $500,000 are disappearing, with only 13 currently on the market.

As a first time home buyer in today’s market, it may seem that prices and values are becoming out of reach. Even as a seasoned home buyer, it is obvious that you can’t get as much as you once could in any given price range. That being said, there are still opportunities out there, with many not listed in the MLS. If you are an active buyer, or looking to get into the Jackson Hole real estate market, please connect with me for an honest and comprehensive analysis of the current buying opportunities in our market.

As a Seller, the best strategy is to price your property competitively (based on the most comparable sales) and market it effectively. If you are interested in a learning what your property could sell for in this market, please connect with me for a free, in-depth, data-driven market analysis.