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

The Colbert Real Estate Report

Monthly Market Update for January 2016

Jackson Hole, WY

What Sold in Dec 2015? 

  • 48% :: Percentage of single family home sales (similar to last month)
  • 17% :: Percentage of condo/townhome sales (lowest in over 2 years)
  • 35% :: Percentage of Land Sales (one of highest % in past year)
  • 43% :: Percentage of residential properties selling for over $1 million (up from last month)
  • 57% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 13% :: Percentage of residential properties selling for under $500,000 (lowest in past 2 years)
  • 10 :: Commercial Land Sales

What it means: Single family home sales remained near average levels in December, representing nearly 1/2 of all sales in December (12 month average is 47%). On the other hand, there were only 4 condo/townhome sales in December, accounting for less than 20% of sales in Teton County last month. This represents the lowest percentage seen since compiling statistics for this Report in the summer of 2013. Low condo sales could be explained by the low condo inventory levels – currently only 25% of all listings in Teton County are condo or townhomes. Land sales spiked in December, representing 35% of all sales, one of the highest percentages recorded in the past year. Notable land sales in December include two lot sales in 3 Creek Ranch, a 36 acre parcel in Bar-B-Bar Ranch north of Jackson and three land sales south of town in Squaw Creek, Shootin’ Iron Ranch and the Snake River Sporting Club.  Property sales under $500,000 took a significant drop in December – there were only 3 sales in December under the half million mark, representing the lowest percentage of sales the past 2 years. This decline is significant as it illustrates the shrinking of the entry level market. Options for first time home buyers and local families are becoming fewer, creating higher demand and resulting in even higher prices for this segment. On the other hand, sales above $1 million increased after a low month in November and represented nearly 1/2 of all sales in Teton County. Separately, there were 10 commercial sales in the month of December in Teton County, as many investors aimed to complete a purchase or sale before the year end. (Although this Report does not track commercial sales, there are usually 1-2 per month.) Notable commercial sales included: two industrial condominiums on Elk Ave (south of town), two Pine Box live/work units in Town (pictured below), two high end office condos in downtown and the sale of the Elk Refuge Inn, which sold for $3.5 million.

Over$1m

Under500

PropBreakdown

PineBox

Two Pine Box units sold in December offering a live/work option in West Jackson

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

 

 Thank you to all my clients and colleagues for making 2015 a great year in real estate. I was able to help 19 different buyers and sellers (15 shown) purchase or sell property in Teton County this past year.

2015NewYear

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

 

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

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.

Over1m

Under500

PropType

3Creek

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.

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

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.
ShootingStar

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
RafterJKingEider

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
Pondo

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.

marketreport

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.

Unreported sales push August sales volume above $100 million

The Colbert Real Estate Report

Monthly Market Update for Sept 2015

Jackson Hole, WY

Summary – Aug 2015:

  • 51:: Total residential sale transactions (up after 2 low months)
  • $40,500,000 :: Total residential sales volume reported to MLS (back up after a slow July)
  • $103,700,000 :: Total residential sales volume including unreported sale prices
  • $1,070,000::  Average sales price of reported sales (back up after a down month)
  • $2,034,000::  Average sales price including unreported sale prices
  • 96% ::  Ratio of sales price to list price (same as last few months)
  • 201 ::  Average days on market prior to selling (up after 5 months of decline)

What it means:  After a slow June and July, August picked up the pace logging over 50 transactions last month, falling in line with May 2015, and marking the 3rd highest monthly transaction level in the past year. Reported sales volume increased slightly compared to July, however reported sales do not tell the whole story for August. Last month there were 13 property sales that did not disclose the sales price to the MLS. Many times, buyers and/or sellers do not want the real estate community to be privy to the agreed upon sales price of a particular property. This usually occurs with higher-end luxury properties (in this case 8 of the 13 unreported sales in August were for over $2 million).  When factoring in these unreported sales, August’s sales volume spikes to over $100 million (!) – the highest monthly sales volume not only in the past year but since October 2013.  The average sales price increased slightly in August but continues to hover near the $1 million mark. However, when adding in the 13 unreported sales, the average sales price increases to more than $2 million, or 2x the typical average.  A property’s average days on market jumped up after a 5 month declining trend. This can be explained by several of the higher-end sales in August, as these properties tend to sit on the market longer because the buyer pool is much smaller (as compared to say, a $400,000 townhome in Town). That being said, we continue to see well priced and high demand properties go under contract very quickly. Twenty-two of the 51 sales in August (or nearly one half) sold within 3 months of being listed (with many selling very close to the listing prices).

Transactions

volume.unreported

DOM

 

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

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Average New Listing Prices are 2.5x greater than Average Sales Price in July

The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

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

  • 94 :: Total number of new listings in June (a drop after several increasing months)
  • 76 new residential properties (single family, condo, townhome)
    • Average List Price: $1,890,000
    • New listings already under contract or sold: 13
  • 18 new building sites
    • Average List Price: $2,590,000
    • New listings already under contract or sold: 0

What it means: New listings took a dip in July after several months of steady increases, however we are still ahead of new listings from this time last year (July 2014 = 82 new listings). New inventory continues to outpace sales at a rate of nearly 3x, meaning for every sale, there are almost 3 new listings that hit the market. (Compare that to last fall when for several months there were more sales than new listings – see chart below.) The average listing price of all new listings in July (land and residential combined) remained high at nearly $2.25 million, which is almost 2.5x the average sales price in July (see Summary Section). For the past several months, between 22% – 32% of a month’s new listings are already under contract or sold by the time this report is published (usually around the 10th of the next month). Currently only 17% of the new July listings are under contract, a sharp drop from last month’s 29%. This further illustrates the recent lull in the market, which is also marked by lower transactions and sales volume (see Summary Section).

Notable new listings in July include: two new Elk Run townhomes listed just under $550,000 (one pictured below), a rarely listed Hillside condo overlooking Karns Meadow (already under contract), and 3 properties priced north of $5 million in Shooting Star, John Dodge and Teton Pines.

Click HERE to view all new July residential listings.

Click HERE to view all new July land listings.

New

new v sales

ElkRun

Recently listed Elk Run for $545,000

Still thinking of listing this summer? ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

Many single family home sales occurring in the $500,000 – $1 million range

The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in May 2015? 

  • 50% :: Percentage of single family home sales (up again after several low months)
  • 39% :: Percentage of condo/townhome sales (down slightly from last month)
  • 11% :: Percentage of Land Sales (down again after two higher than average months)
  • 32% :: Percentage of residential properties selling for over $1 million (down significantly from last month)
  • 68% :: Percentage of residential properties selling for under $1 million (up significantly from last month)
  • 26% :: Percentage of residential properties selling for under $500,000 (down slightly from last month)

What it means: Single family home sales continued their upward trend last month, representing 1/2 of all sales in Teton County. Land sales dropped again to below average levels after two strong months in February and March 2015. (Note: There was one multi-family sale in May, a two 2-bdrm duplex in West Jackson, which was counted as a single family home sale for this analysis.) Properties selling for over $1 million continued a downward trend as less than 1/3 of properties sold in this price segment. On the other end, properties selling for under $500,000 also declined, albeit slightly. These two statistics can be explained by looking in the $500,000 – $1 million segment, which saw 23 sales in May (40% of all sales). We are seeing many of the entry level single family home sales in this price range. Gone are the days of buying a stand alone property (even a fixer upper) priced under $500,000. For example, in May, a 1,344 sq ft house in Cottonwood sold for $617,500, a 1,900 sq ft house in Red Top sold for $575,000 and a 2,155 sq ft house in Rafter J sold for $695,000. The month of May also saw several higher end condo sales including a nicely remodeled condo in E Jackson selling for $700,000, a Love Ridge condo selling for just under $1 million and a Teton Village condo selling for just over $1 million after 569 days on the market (pictured below).

Over$1m

Under$500

TetonVillage

4 bdrm condo at the base of Jackson Hole Mountain Resort

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

New listings increase as we enter busy summer selling season, but still lagging levels from last year

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

  • 85 :: Total number of new listings in May (a jump from last month’s 66)
  • 67 new residential properties (single family, condo, townhome)
    • Average List Price: $1,650,000
    • New listings already under contract or sold: 15
  • 18 new building sites
    • Average List Price: $2,375,000
    • New listings already under contract or sold: 1

What it means: The number of new listings continues to increase each month as we have now entered the busy summer selling season in the Jackson Hole real estate market. We are seeing slightly fewer new listings than we did during this time last year (see chart below). Despite the new listings, inventory levels continue to remain very low. New listings in May barely replaced the inventory that was sold in May (see chart below). Many of the recent new listings appear to be ‘testing’ the market with aggressive listing prices that are significantly higher than past sales. In some cases, buyers are willing to pay that premium because inventory levels are so low. Many buyers may feel a sense of urgency to get into a market that has been increasing at a fast pace for the last 6 months. When these higher sales prices are achieved they set the new bar for future listings in that neighborhood or condo complex, which then contributes to the increasing market.  Of the 15 new residential listings in May that are already under contract or have closed, 13 of them were priced under $1 million with only 3 of them priced under $500,000. This again points to a consistently hot market in the $500,000 – $1 million range (see “What Sold?” above). The month of May saw many new high end lots hit the market (with an average list price of $3,275,000) including four 40 acre parcels of land available in Buffalo Valley for $18,900,000 and two different 35 acre ranch parcels in the Bar BC listed for $8.5 million and $8.95 million (pictured below).

Click HERE to view all new May residential listings.

Click HERE to view all new May land listings.

NewListings

NewvsSold

BarBC

Teton views from a 35 acre ranch parcel in the Bar BC

Thinking of listing this summer? There is still time.ForSale

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.

 

 

Land Sales in Jackson dip after several strong months, high end sales dominate

The Colbert Real Estate Report

Monthly Market Update for May 2015

Jackson Hole, WY

What Sold in April 2015? 

  • 41% :: Percentage of single family home sales (up after two low months)
  • 41% :: Percentage of condo/townhome sales (up slightly from last month)
  • 18% :: Percentage of Land Sales (down after two higher than average months)
  • 41% :: Percentage of residential properties selling for over $1 million (similar to last month)
  • 59% :: Percentage of residential properties selling for under $1 million (similar to last month)
  • 29% :: Percentage of residential properties selling for under $500,000 (similar to last month)

What it means: Land sales dropped back down to average levels after two months of above average activity. Single family home sales increased after two months below average.  The breakdown by print point was very similar to last month. In addition to seeing several entry level condo/townhome sales (7 sales under $500,000), April also saw several high end sales. Nine properties sold for over $2 million (with 6 of those sales over $3 million) including two lots in Shooting Star and two Granite Ridge cabins, both located at the base of Jackson Hole Mountain Resort, a 10,000 square foot estate in Indian Spring Ranch (listed for $7.5 million) and a 13 acre legacy parcel (with a 17,500 sq foot home) located in Owl Creek adjacent to the Grand Teton National Park, which sold for an undisclosed price (listed at $10.9 million and pictured below).

LandSales

BreakdownPropertyType

OwlCreek

13 acre, 17,000 sq foot estate in Owl Creek

Click HERE to view the entire Monthly Market Update for May. 

Thinking of listing this summer?

If you are currently thinking about selling, I’d be happy to chat with you about the current real estate market. As a Seller, you may benefit from the record low inventory levels and resulting pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property. Properties listed byMay 31, 2015 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

 

Land Sales account for a third of all sales in Feb, March in Jackson Hole

The Colbert Real Estate Report

Monthly Market Update for April 2015

Jackson Hole, WY

What Sold in Mar 2015? 

  • 30% :: Percentage of single family home sales (similar to last month’s 29%)
  • 37% :: Percentage of condo/townhome sales (identical to last month)
  • 33% :: Percentage of Land Sales (high again for a second straight month)
  • 40% :: Percentage of residential properties selling for over $1 million (down from 54% last month)
  • 60% :: Percentage of residential properties selling for under $1 million (up from 46% last month)
  • 30% :: Percentage of residential properties selling for under $500,000 (up from 23% last month)

What it means: The breakdown of property types in March was also nearly identical the breakdown we saw in February. Land sales remained higher than average for the second straight month. While land sales usually represent about 20% of all sales on average, in February and March 2015 there were 12 and 11 sales accounting for 34% and 33% of all sales (see chart below). This trend could be explained by the lack of available built-out inventory (i.e. single family homes and townhomes). As buyers are unable to find what they are looking for (or what they like is overpriced), many are considering purchasing land and building their own home.  The percentage of properties selling for over $1 million dropped down to 40% after a high of 54% in February. The number of properties selling for under $500,000 increased after 4 months of decline (see chart below). That being said, the average sales price remained high ($1.57 million) due to several high end sales including a 6,000 square foot house in Teton Pines (selling close to $8 million) a 48 acre tract of land in Crescent H (selling around $5 million) and a 6 bedroom estate in Shooting Star, at the base of Jackson Hole Mountain Resort, which sold for north of $10 million (pictured below).

land sales

sales under 500k

Shooting Star

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

 

Interested in keeping an eye on new listings this spring/summer? Would you like to be alerted as soon as a new listing hits the market in a particular location or price range? 

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Sign up for automatic email market updates from The Colbert Real Estate Report.

 

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

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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