New Listings in November are lowest seen in past year in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for December 2015

Jackson Hole, WY

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

  • 18 :: Total number of new listings in November
    • Average List Price: $1,400,000
  • 15 new residential properties (single family, condo, townhome)
    • Average List Price: $922,000
    • New listings already under contract or sold: 4
  • 3 new building sites
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 1

What it means: November saw the fewest new listings hit the market in the past 12 months. On par with last November, this month typically sees very little new inventory. The average listing price of new inventory was higher than usual in November, thanks to 3 new lot listings over $1 million, with one over $3 million. Note that the average listing price of residential listing (not including land) was under $1 million.  As of December 10th, nearly 30% of these new listings are under contract or sold, illustrating that well priced listings are being snatched up very quickly. Given the low level of new inventory, sales last month exceed new listings for the first time since last November. Despite the opening of the Jackson Hole Mountain Ski Resort and the influx of visitors expected for the holidays, it’s apparent that very few sellers are entering the market. That being said, now may be a great time to sell a property as there is little to no new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in November include:

  • Rare Creekside townhome on the creek – 3 bed / 2.5 bath / 2 car garage: $597,500
  • Three new Aspens condos (2-4 bedrooms) starting at $616,500 (one pictured below)
  • Half acre lot in Teton Village, currently the least expensive in the area: $1,350,000

Click HERE to view all new November residential listings.

Click HERE to view all new November land listings.

NewListings

NewVOld

Aspens

New Listing: 4 bdrm / 2 bath Aspen condo $749,000

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

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Rate of new inventory continues to decline, now matches rate of inventory selling in Jackson Hole real estate market

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

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

  • 46 :: Total number of new listings in Oct
    • Average List Price: $1,118,000
  • 36 new residential properties (single family, condo, townhome)
    • Average List Price: $1,300,000
    • New listings already under contract or sold: 4
  • 10 new building sites
    • Average List Price: $935,000
    • New listings already under contract or sold: 1

What it means: New listings hitting the market each month continue to drop since the height of the listing season in June, however compared to October 2014, we did see more new listings this year (36 v 46). The average listing price of new inventory dropped in October and was the lowest average in the past 8 months (see chart below). As of November 10th, only 11% of these new listings are under contract or sold. Compare that to last month where nearly 30% of the September new listings were under contract by mid October. The rate of new inventory coming onto the market in October was identical to inventory leaving the market (i.e. sales). This is the first time since November 2014 that new listings have NOT exceeded sales in any given month (see chart below). Fewer and fewer sellers choose to list their property in the winter months, believing that their property will show much better during the spring/summer when everything is green. That being said, now may be a great time to sell a property as there is not much new inventory (i.e. competition) coming onto the market. (Please contact me for a free in-depth analysis on the current market value of your property.) 

Notable new listings in October include:

  • A 2 bed / 2 bath single family home with 1 car garage and fenced backyard in Town: $607,500
  • Two building sites in Kelly with direct Teton views: $479,000 each
  • A 6,500 sq ft modern designed house atop Spring Creek Ranch: $15,000,000 (pictured below)

Click HERE to view all new October residential listings.

Click HERE to view all new October land listings.

NewListings

NewVSoldListings

SoldvNew

SpringCreek

Modern Home in Spring Creek – Listing in October for $15,000,000

 

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

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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.

Nearly 30% of new September inventory in Jackson Hole is already under contract

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

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

  • 60 :: Total number of new listings in Sept (following a downward trend)
    • Average List Price: $1,945,000
  • 50 new residential properties (single family, condo, townhome)
    • Average List Price: $1,690,000
    • New listings already under contract or sold: 14
  • 10 new building sites
    • Average List Price: $2,200,000
    • New listings already under contract or sold: 2

What it means: New listings have been steadily declining since the height of the listing season in June.  In the month of September, properties were being listed at a rate similar to before the busy summer selling season, (however when compared to this time last year, we did see roughly 10 more new listings). As of October 15th, nearly 30% of the new listings were under contract including several that received multiple offers within days of hitting the market.  As the rate of new inventory coming onto the market slowed in September, it came close to matching the monthly sales for September, meaning that every property that sold last month is being replaced by a new listing. For most of the summer the average listing price of these new listings was higher than the average sales price of properties that sold that month. In other words the “replacement” property was coming on line at a much higher price than those properties that were leaving the market, which arguably contributes to an increasing market. That trend changed in August and September as the listing prices of new inventory was roughly in line with sales, suggesting that the market may be slowing a bit (see chart below).

Notable new listings in September include:

  • A duplex in West Jackson: Two 3 bed / 1 bath units with fenced yard and room to build garage $775,000
  • A bank-owned 3,200 square foot home overlooking Town on Budge Drive: $1,195,000 (pictured below)
  • A 37 acre home site in Bar B Bar on the Snake River: $11,900,000

Click HERE to view all new September residential listings.

Click HERE to view all new September land listings.

NewListings

New.v.Sold

AVSP.NewVsSold

BudgeDr

Multi-level bank owned home on Budge Dr overlooking Town $1,195,000

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

 

Over 40% of property sales last month sold in less than 90 days – Would you like to be notified as soon as a new listing hits the market in a particular location or price range?

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Sales over $1 million account for majority of real estate transactions in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

What Sold in Sept 2015? 

  • 58% :: Percentage of single family home sales (up after two low months
  • 25% :: Percentage of condo/townhome sales (down from last two months)
  • 17% :: Percentage of Land Sales (down after a high trend this summer)
  • 57% :: Percentage of residential properties selling for over $1 million (highest % in last 2 years)
  • 43% :: Percentage of residential properties selling for under $1 million (down from last month)
  • 23% :: Percentage of residential properties selling for under $500,000 (up after a low in Aug)

What it means: Single family home sales spiked in September, representing nearly 60% of all sales in Teton County. High sales in this category usually go hand in hand with high sales volume and higher than usual average sales prices, as many of the sales in this price range tend to be single family homes. For example, in September 22 of the 30 sales occurring over $1 million were for stand alone homes (5 were lot sales and 3 were high end condo sales). As a result of higher single family home sales, condo and townhome sales and vacant land sales declined in September. Building lot sales in particular took a downturn after an increasing trend seen throughout the summer months. Sales over $1 million accounted for nearly 60% of all transactions, the highest percentage recorded in the last 2 years! Additionally, in the month of September, nine properties sold in excess of $3 million in neighborhoods like Tucker Ranch, Crescent H, Indian Springs, and 3 Creek Ranch. Two very high end homes sold in Teal Trace (in Wilson and pictured below) and Shooting Star (at the base of Jackson Hole Mountain Resort), both with listing prices north of $11 million. On the other end of the spectrum, sales under $500,000 rebounded to 23% after representing only 14% of all sales (a new low) in August. The overwhelming majority of sales in this price range are for 1-2 bedroom condos in the Town of Jackson. The least expensive single family home in September was for an older, 1,700 sq foot split level home in West Jackson, which sold for $675,000.

Over$1m

breakdown

TealTrace

Sold in Teal Trace in Wilson – listed for $11,500,000

 

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

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New Listings slow in Jackson Hole as summer nears end

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

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

  • 81 :: Total number of new listings in Aug (another drop after a high in June)
    • Average List Price: $1,785,000
  • 63 new residential properties (single family, condo, townhome)
    • Average List Price: $1,900,000
    • New listings already under contract or sold: 9
  • 18 new building sites
    • Average List Price: $1,670,000
    • New listings already under contract or sold: 2

What it means: New listings took another dip in August as the summer selling season is nearing its end. This is typical for this time of year, as August 2014 saw a similar number of new listings (75). New inventory continues to outpace monthly sales. In August, for every sale there were 1.6 new listings, however that gap is quickly closing (see chart below). It is typical for this gap to be the largest during the spring and early summer season when there is an influx of new listings.  The average listing price of all new listings in August (land and residential combined) dipped below $2 million for the first time since April 2015. Keep in mind this average is still $700,000 higher than the average SALES price in August ($1,070,000). Earlier this spring and summer (March through June), between 22% – 32% of a month’s new listings went under contract or sold by the time the next month’s report was published (usually around the 10th of the next month). Last month at this time, only 17% of the new July listings were under contract, and this month, only 14% of August’s new listings are under contract or sold. This downward trend illustrates the recent slow down in the market and may suggest that many new listings continue to be over priced for the current market.

Notable new listings in August include:

  • Several condo-hotel rooms at the White Buffalo Club in Town: 1 bdrms start at $320,000 and 3 bdrms (with large kitchen) start at $948,000 (pictured below)
  • 4 bdrm townhome in Town with grand-fathered short term rental zoning for $795,000
  • To-be-built spec new home in downtown Wilson: $1,350,000

Click HERE to view all new August residential listings.

Click HERE to view all new August land listings.

NewListings

New vs Sold

White Buffalo Club. CREDIT: David J Swift

 

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

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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.

 

Sales Volume and Transactions down in July in Jackson Hole

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The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

Summary – July 2015:

  • 33:: Total residential sale transactions (down again after May’s high)
  • $28,300,000 :: Total residential sales volume reported to MLS (down again from last month)
  • $944,000::  Average sales price of reported sales (down after several months of increases)
  • 96% ::  Ratio of sales price to list price (same as last few months)
  • 158 ::  Average days on market prior to selling (down for the 5th month in a row)

What it means:  After a spike in May, transaction levels and sales volume dropped significantly in June and July appears to be following the same trend, dropping to pre-summer sales levels. Reported sales volume in July marked the lowest volume in the past 6 months.  There were only 3 unreported sale prices in July and all were for properties priced under $550,000. This is interesting as most unreported sales are for very high end property sales. (These buyers may have received a great deal (or maybe feared they paid too much) and therefore didn’t want the real estate community to know the final sales price.) The average sales price declined in July after a spike in June ($1.3 million) and dipped below the $1 million mark for only the second time in 2015.   The average days a property is on the market before closing continues to decline (5th month in a row), and now represents the second lowest number of days in the past year. Well priced properties continue to go under contract very quickly, many times within a day of being listed in the MLS. In particular, in the month of July nearly 50% of all sales occurred within 90 days of being listed. While many sellers are listing their properties very aggressively given past comps, we saw several price reductions in July, suggesting that some Sellers may be feeling pressured from the well priced properties that are going under contract quickly.

trans

vol

avg

dom

 

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

 

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A Full Recovery? Close, but not quite. Quarterly Update from The Jackson Hole Report

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Are we back to the real estate peak of 2007? Has the Jackson Hole market made a full recovery?

Not quite, but we are getting close according to The Jackson Hole Report, a quarterly market report prepared by my colleague David Viehman at RE/MAX Obsidian Real Estate. Click HERE to read the full 2015 Q2 Report.

Compared to this time last year, transactions have spiked (up 21%) and the average sales price has increased 32%. However, if we look at several paired sales (sales of identical properties (with little to no remodeling) that sold in 2006-2007 and again in 2014-2015), we get a better understanding of which types of properties and locations have recovered faster than others. The Jackson Hole Report looked at 108 of these paired sales and found the following:

  • Only 7 sales (6.4%) have actually increased in value from the peak and all time high of late 2007
  • Single family home values increased more than condos, townhomes or vacant land
  • Teton Village is the only area to report widespread increases in value

OVERALL MARKET

Compared to last year, the first 6 months of 2015 showed increases across the entire real estate market as a result of relatively low inventory levels and increasing demand.

  • Number of Sale Transactions are up 21%
  • Overall dollar volume rose 58%!
  • Average Sale Price increased by 32%
  • Sales over $1 million are up a staggering 83% since this time last year, with 1/3 of all property sales occuring between $1-3 million
  • Teton Village accounted for 16% of all sales and 27% of all sales volume
  • Overall available inventory remains low, with only a 3% increase over Q2 2014, and still represents some of the lowest inventory levels we’ve seen since the peak of 2007
  • Currently there are only 14 single family homes available in Teton County priced under $750,000 – compare that to last year, which saw 158 home sales under $750,000
HaySled

Just listed in Rafter J for $629,000, this 2 bed/1 bath home is the least expensive single family home (outside of Moran and Hoback)

SINGLE FAMILY HOMES

  • Demand continues to increase in 2015 with 31% more sales compared to last year
  • Average Sale Price increased 21%
  • The $1 – $3 million segment has seen the greatest increase – up 66% compared to mid-year 2014
  • Many older homes (20+ years) have come onto the market recently and currently make up 39% of available single family home inventory
  • Available single family home listings are up only slightly (5%) when compared to last year at this time
  • These new listings have a median list price close to $2.2 million
GraniteRidge

Recently listed 7,500+ sq foot retreat in Granite Ridge at the base of Jackson Hole Mountain Resort – $12.75 million

CONDO/TOWNHOME

  • Sales are up 16% compared to mid year 2014
  • Average Sale Price is up 65% resulting from a jump in condo sales above $1 million
  • Hot Spot: Condos in Teton Village, which was up 106%
  • Available inventory declined 7% from Q2 2014
  • Only 29% of available condos are priced under $500,000
WhiteBuffaloClub

Newly listed condos in The White Buffalo Club in downtown Jackson -One bdrm unit for $320,000 and 3 bdrm unit for $975,000

VACANT LAND

  • Lot sales continue to increase, up 11% compared to mid year 2014
  • Average Sale Price is up 22%
  • Lot sales over $1 million are up 40%
  • 50% of lot sales this year went to locals, who are perhaps fed up with the low single family home inventory
  • Over 3/4 of all lot sales in 2015 were cash transactions

OUTLOOK: Low inventory levels and high demand suggest that the Jackson Hole market will continue to appreciate throughout the summer. We should expect to see high levels of activity in the under $1 million single family home segment, given the particularly low inventory in that price range. However, buyers appear to be motivated by value (and not their emotions) and are not making offers on overpriced listings. As evidence, we’ve seen many overpriced listings sit on the market for more than a year as Sellers try to ‘test’ the market.

marketreport

As a Seller, the best strategy is to price your property competitively (based on 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.

Inventory is up, but so are listing prices in Teton County real estate market

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

  • 109 :: Total number of new listings in June (another jump from last month)
  • 83 new residential properties (single family, condo, townhome)
    • Average List Price: $2,130,000
    • New listings already under contract or sold: 24
  • 26 new building sites
    • Average List Price: $2,430,000
    • New listings already under contract or sold: 0

What it means: As we move into the heat of summer, new listings continue to hit the market at an accelerated rate. We are now reaching new listing levels seen last year (June 2014: 115 new listings). These new listings are adding inventory to the market at a rate not seen since this time last year, as there were 3x as many new listings as sales in the month of June (see chart). While inventory is obviously increasing, so too are listing prices. The average listing price of all new listings in June (land and residential) was a staggering $2.28 million, nearly twice the average listing price in March ($1.277 million). As evidenced by the stall in sales in June (see Summary above), it appears many buyers are not biting on these aggressively priced homes. It will be interesting to see if the lull continues into July or if Sellers are pressured to become more realistic in their listing prices. (Anecdotely, early this week there were price reductions for 3 different listings in Rafter J, an area that has seen aggressive pricing this summer.) Of the 24 new residential listings in June that are already under contract or have closed, 10 of them were priced over $1 million with ONLY 1 priced under $500,000.  As evidenced by the high average listing price, almost every segment of the market saw an increase in listing prices. Notably there were 4 new estate listings priced over $11 million, including the Split Creek Ranch, a beautiful 6,000 sq foot log home on 10 secluded acres north of Jackson (pictured below).

Click HERE to view all new June residential listings.

Click HERE to view all new June land listings.

NewListings

Listings.v.Sales

SplitCreek

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

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 pent up demand in Teton County. Please contact me for more info or to receive a free market analysis on your property.