Property sales over $1 million increase in August 2016
The Colbert Real Estate Report
Monthly Market Update for Sept 2016
Jackson Hole, WY
What Sold in Aug 2016?
- 52% :: Percentage of single family home sales (slight increase)
- 34% :: Percentage of condo/townhome sales (slight decrease)
- 14% :: Percentage of Land Sales (slight increase)
- 45% :: Percentage of residential properties selling for over $1 million (up from last month)
- 55% :: Percentage of residential properties selling for under $1 million
- 20% :: Percentage of residential properties selling for under $500,000 (spike after two months of decline)
What it means: The breakdown of sales by property type has remained relatively consistent over the last two months, with single family home sales representing just over 1/2 of all sales in Teton County. The share of condo and townhome sales has decreased over the last few months, down from a high of 46% in May. Land sales increased slightly in August but have remained relatively consistent throughout 2016, usually making up between 10-20% of monthly sales. Entry level sales saw a spike in August after declining for the past two months. There were 10 condo sales under $500,000 in August, 8 of which were located in the Town of Jackson, including a 2 bed/1 bath townhome with a 1 car garage, which sold for just over $450,000. It was the least expensive property with a garage in Teton County. While the “middle market” ($500,000 – $1,000,000) remained strong in August, accounting for 34% of all sales, there were also several sales in the $1-2 million range, including a high end Pine Glades townhome on Snow King, which sold for $1,820,000. As a result, sales over $1 million increased after being down in July. High end sales (defined as sales over $3 million) also rebounded in August (after zero sales in July), as 3 properties sold between $3-$5 million, and included homes in JH Golf & Tennis, Teton Village and 3 Creek Ranch.
Clusters townhome with garage sold in August (listed by JH Sotheby’s)
Pineglades townhome at the base of Snow King sold in August (listed by JHREA)
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New listing activity explodes in May in Jackson Hole real estate market
The Colbert Real Estate Report
Monthly Market Update for June 2016
Jackson Hole, WY
What’s new in May 2016? (New Listing Analysis)
- 110 :: Total number of new listings in April
- Total New Listing Volume: $206,025,000
- Average List Price: $1,870,000
- 78 new residential properties (single family, condo, townhome)
- Average List Price: $1,860,000
- New listings already under contract or sold: 13
- 32 new building sites
- Average List Price: $1,890,000
- New listings already under contract or sold: 1
What it means: Hello Inventory! New listing activity exploded in May as over 100 new listings hit the market last month, totaling over $200 million in listing volume. Without a doubt, the busy summer selling season is here! In the early parts of 2016, inventory levels lagged 2014 & 2015 numbers (see chart below), however new listings in May surpassed 2015 levels and nearly matched 2014 levels. New listings in May outpaced sales at a rate of more than 3 to 1, meaning for every sale in May, 3 new listings came onto the market. The average asking price of May’s new listings was close to $2 million, as many high end properties hit the market. In particular, there were 13 new listings over $3 million in Teton County in May, including a 35 acre property in Ely Springs Ranch ($10.3 million), the re-listing of the Lazy Moose Ranch in Wilson ($8.75 million) and a 5,100 sq foot home in Bar-B-Bar Meadows north of town (listed for $3.25 million and pictured below). At the other end of the spectrum, 9 condos priced under $500,000 were added to the summer inventory, including a 2-story, 2 bed/2 bath townhome on Glenwood ($395,000) and a 2 bedroom Ponderosa Village condo, currently the least expensive property in Teton County, listed at $265,000. Compared to April, May also saw nearly 3 times as many new lot listings, with an average listing price near $2 million. The least expensive lot listing in May is a 4.3 acre lot located south of Wilson for $380,000, while the most expensive lot listing was a 35 acre parcel in Crescent H Ranch listed for $6.75 million.
Notable new listings in May include:
- Beautifully remodeled 3 bedroom East Jackson townhome with Teton views – $599,000
- Re-development potential on double lot in Town with older single family home and large shop – $1,195,000
- Newly constructed 2,400 sq foot home in downtown Wilson – $1,350,000
- 6 acres of private land on the Wilson bench on Teton Pass – $1,200,000
Click HERE to view all new May residential listings.
Click HERE to view all new May land listings.
Newly listed home in Bar-B-Bar $3.25 million – Listed by RE/MAX Obsidian
As we enter the busy summer listing/selling season, the amount (and price) of new inventory will dictate future market values. The law of supply and demand will especially affect the sub $1 million segment, where current supply levels are very low compared to 2015. Whether you are a first time or seasoned home buyer, 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, as buyers continue to be motivated by finding a good value. 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.
New Listings continue to hit the market as busy summer selling season approaches in Jackson Hole
The Colbert Real Estate Report
Monthly Market Update for May 2016
Jackson Hole, WY
What’s new in Apr 2016? (New Listing Analysis)
- 54 :: Total number of new listings in April
- Total New Listing Volume: $83,100,000
- Average List Price: $1,540,000
- 43 new residential properties (single family, condo, townhome)
- Average List Price: $1,266,000
- New listings already under contract or sold: 9
- 11 new building sites
- Average List Price: $2,600,000
- New listings already under contract or sold: 0
What it means: New listing activity continued to increase as we approach the busy summer selling season. Fifty-four new properties (including both residential properties & building sites) hit the Teton County real estate market in April. After several months of lagging or matching the inventory levels seen in 2014 & 2015, April saw more new residential listings than in the previous years (see chart below). New listings in April continued to outpace sluggish sales levels, this time at a rate of 2.5 to 1. In April, there were 10 new condo/townhome listings under $750,000, lower than last month’s 17 new listings in this price range, but nonetheless adding much needed inventory to the entry level market. By March 10th, 4 of these new listings were already under contract, illustrating the continued high demand for properties in this price point. At the other end of the spectrum, 6 single family homes hit the market priced in excess of $2 million including homes in Jackson Hole Golf & Tennis, Teton Pines, Game Creek and an 8,300 sq foot home in Town overlooking the Elk Refuge (listed for $4.9m). The middle of the market saw quite a bit of new listing activity as 11 new single family home listings priced between $500,000 – $1,000,000 hit the market, including homes in Rafter J, Cottonwood Park, East Jackson, and a ranch style home on 5 acres south of Jackson (pictured below). Nearly a dozen new lot listings were added to the inventory in April including 4 building sites in Saddle Butte, located just north of downtown, ranging from $788,000-$1,995,000.
Notable new listings in April include:
- 3 bdrm condo at Snow King with short term rental income – $545,000
- 3 bdrm remodeled townhome (with garage) at the base of Jackson Hole Mountain Resort – $1,275,000
- Rafter J lot in the new King Eider subdivision – $349,000
Click HERE to view all new April residential listings.
Click HERE to view all new April land listings.
New Listing in Spoiled Horse subdivision – $849,000 – listed by RE/MAX Obsidian
Click HERE to read the full Monthly Market Update for May 2016.
Thinking of listing this summer?
As we approach the busy selling season, Sellers will be in a great position to benefit from low inventory levels in the Jackson Hole market. If you are curious about the value of your property in the current market, please contact me for a free and accurate market analysis. Properties listed by May 25, 2016 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!
