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

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Over the course of 2013 I have been tracking many different sale and market statistics which all help paint a picture of the real estate market in Jackson Hole over the past year. Below are some of the major take-aways from the Jackson Hole Real Estate Market in 2013:

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

Distressed.2013

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

InvestmentSales2013

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

DOMvList.2013

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

Inventory.2013

 

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Inventory Level Breakdown by Price: Past sales, Pending sales & Current inventory in Jackson’s Real Estate Market

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As we analyze past sales data for 2013, note the current pending sales and take inventory of the available properties for sale in the Jackson Hole Real Estate Market, a few trends become clear. A much higher percentage of entry level properties (under $500,000) have sold in 2013 (39% of all sales) than are available now (12% of all available inventory). Properties for sale over $1 million dominate the current inventory (58%), although they only accounted for 22% of all sales in 2013. Current pending sales suggest a trend of more high end property sales in Teton County, as 31% of all pending sales are for over $1 million.

% of All Properties

SOLD YTD

PENDING

AVAILABLE

Over $1 million

26%

31%

58%

Under $1 million

74%

69%

42%

Under $500,000

40%

36%

12%

Sold in 2013: For this analysis I looked at all residential property sales (excluding land & fractional sales) in Teton County since Jan 1, 2013. Of the nearly 250 sales this year, roughly 1/4 of them have been over $1 million, while 3/4 have been under $1 million. Sales under $500,000 have represented 40% of all sales thus far this year.

Pending Sales: As of this report, there are a total of 94 properties currently under contract in Teton County (excluding land and fractional sales). Just over 30% of them are listed for over $1 million, while 69% are listed for under $1 million, meaning a larger percentage of high end properties are under contract compared to actual sales. We should therefore expect sales volume and average sales price to increase in the months ahead when these higher end properties close. Note that 36% of the properties under contract are listed for under $500,000, a slightly lower representation than actual closed sales, where this segment accounted for 40% of all past sales.

Available Properties: There are currently 313 properties for sale in Teton County (again excluding land and fractional properties), more than this year’s sales so far, however the breakdown by price is in sharp contrast to both the properties that have sold so far this year AND the properties currently under contract. You’ll notice that almost 60% of all properties currently on the market are listed for over $1 million. This is quite different than actual sales, where this price bracket accounted for only 26% of all sales in 2013. Even more drastic is the Under $500,000 segment, which made up 40% of all sales so far this year, but currently only represents 12% of all available properties with 37 active listings.

Inventory

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

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Monthly Market Update for September 2013

Jackson Hole, WY

What Sold in August 2013? 

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

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

Under$500withborder

 

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

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

Please also consider following me on social media for up-to-date new listings, market stats and Jackson Hole real estate news.

    

Well priced properties sell quickly in Jackson Hole; Buyers aren’t biting on aggressively priced homes

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The Jackson Hole Real Estate Market remains strong as we head into the Fall. Inventory remains low in certain locations, property types and price ranges. Over the past few months many sellers (with well priced properties) have been successful at selling their properties quickly (See last month’s Market Focus) or putting them under contract within days of listing (see “Well Priced Property” examples below).  As a result, many Sellers have gained confidence and have priced their properties very aggressively in hopes of taking advantage of the hot market. However, it appears that as of yet Buyers have not been willing to support these higher prices, as many homes listed this summer remain on the market (see “Aggressively Priced Property” examples below).

Well Priced Properties in Low Inventory sub-markets:

1. Two bdrm Meadowbrook condo in Town – Listed on Sept 2nd for $259,000 ($355/sf) – UNDER CONTRACT in 3 days

2. Three bdrm Meadowlark condo in W Jackson – Listed on Aug 26th for $289,000 ($308/sf) – UNDER CONTRACT in 4 days

3. Three bdrm Creekside townhome in W Jackson – Listed on Aug 10th for $435,000 ($328/sf) – UNDER CONTRACT in 3 days

4. Single family home in The Aspens – Listed on Aug 26th for $935,000 ($365/sf) – UNDER CONTRACT in 3 days

Aggressively Priced Properties (based on recent sales):

1. One bdrm Hansen Meadows condo in E Jackson listed for $255,000 ($432/sf) vs. Last Sale – a 3 bdrm (bank owned) Hansen Meadow unit for $237,500 ($217/sf) in June 2013.

2. Single family 1,420 sq ft house on Crabtree Ln listed for $599,900 ($421/sf) vs. Last Sale – a 1,650 sq ft house on Crabtree Ln for $415,000 ($247/sf) in April 2013.

3. Two bdrm lower level condo on Smith Ln in W Jackson listed for $309,000 ($494/sf) vs. the Average Sales Price of 2 bdrm condos in Jackson over the past 5 months: $188,000 ($244/sf).

4. Four bdrm townhome w/ garage in E Jackson – Listed for $647,500 ($275/sf) vs. Last Sale – a similar unit next door (sold furnished) for $600,000 ($250/sf) in June 2013.

As the busy summer selling season comes to a close, inventory levels remain low in certain market segments (the sub $400,000 townhome market, the single family home market in the $500,000 – $700,000 range, etc.). It will be interesting to see if Buyers are willing to pay top dollar for some of these aggressively priced properties.  Remember a property is only worth what someone is willing to pay for it, not necessarily the advertised listing price.

Thinking of Selling? If you or someone you know is thinking about selling, especially in an location or price range that is currently low on inventory, this may be a great opportunity. I’m happy to provide a free market analysis and pricing opinion on any property in Teton County. It never hurts to know your property’s value in this fast moving real estate market. RE/MAX Obsidian Real Estate is one of the top real estate companies in the area and I’d be happy to share how we work for sellers to help them get the best price in the fastest amount of time. Please contact me.

Summary of Real Estate Sales Statistics for August 2013 in Jackson Hole

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Monthly Market Update for September 2013

Jackson Hole, WY

Summary – August 2013:

  • 61 :: Total residential sale transactions (a large increase from last month (45), matching May’s high of 61)
  • $79,500,000 :: Total residential sales volume (also a large increase from last month ($47m), the highest monthly volume of 2013)
  • $1,258,000::  Average sales price (nearly double of last month’s $734,579)
  • 95% ::  Ratio of sales price to list price (down slightly from last month’s 96%)
  • 332 ::  Average days on market prior to selling (up significantly from the last month)

What it means: August real estate sale statistics suggest Jackson Hole ended summer with a bang! Both residential sales transactions and total sales volumes were the highest of 2013. Several high end sales, including the auction of the Grand Teton Estate (which sold for $19.25m), helped push the monthly average sales price up to $1.258 million, nearly double of last month. Sales price to list price ratio dipped slightly to 95%; meaning on average, buyers are purchasing homes for only 5% less than the latest listing price. The average days on the market jumped up to 332 days, meaning the homes that sold in August were on the market an average of 11 months before selling.

Interestingly this month, 21 of the 61 sales (or 1/3 of all sales) were on the market for OVER a year prior to finally selling in August. Eight properties sold this past month after being on the market for OVER two years. (See Chart below.) This suggests that in an overall Jackson Real Estate Market that currently has limited options, some of the older inventory is finally selling.

DOM Chart

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

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

Please also consider following me on social media for up to date new listings, market stats and Jackson Hole real estate news.

    

Low inventory levels paired with well priced properties result in quick closings for Sellers in Jackson Hole.

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Statistics suggest that the Jackson Hole real estate market improvement began approximately 6-9 months ago as many home buyers and investors came off of the sidelines and began purchasing homes and investments in Jackson again. This influx of interested and anxious Buyers resulted in an overall lowering of inventory levels. High demand remains as many buyers/investors continue to be interested in the Jackson Hole real estate market. As a result, well priced new listings (in all price ranges) are receiving a high level of interest and in many cases are going under contract and closing quickly.

Fact:  Of the 45 sales in the month of July, 20 of them (44% of all sales) sold in under 3 months.

Fact: Of the 45 sales in the month of July, 16 of them (35% of all sales) sold in under 2 months.

Fact: Of the 20 properties that sold in under 3 months, 9 of them went under contract in less than a week.

Fact: Of the 20 properties that sold in under 3 months, 7 of them sold at or above the listing price.

Note: Properties that sold this quickly included all price ranges from $300,000 – $2,200,000.

Thinking of Selling? If you or someone you know is thinking about selling, this may be a great opportunity. I’m happy to provide a free market analysis and pricing opinion on any property in Teton County. It never hurts to know your property’s value in this increasing real estate market. RE/MAX Obsidian Real Estate is one of the top real estate companies in Teton County and I’d be happy to share how we work for sellers to help get the best price in the fastest amount of time. Please contact me.

As Jackson Hole Real Estate Inventory Increases, Buyers are Acting Quickly

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Spring and Summer are historically a busy time in the real estate market here in Jackson Hole, Wyoming, as Sellers take advantage of the beautiful weather, lush green landscapes and influx of tourists that flock to the greater Grand Teton & Yellowstone National Park area.  This year is no exception.  However, after a winter of unusually low real estate inventory levels paired with favorable lending environments, there are many anxious Buyers ready to make a move on the new inventory as soon as it hits the market.  As such, demand for this new inventory has increased significantly.  There are currently 42 properties under contract in Teton County. Twenty-eight of them (or 1/3) were on the market for 4 months or less.  Thirteen of the current pending sales were on the market less than a month before going under contract. Demand has increased especially for well priced homes and the majority of homes in the lower end of the market (sub $500,000). Sixty percent (60%) of current pending sales are listed under $1,000,o00; nearly 1/3 are priced under $500,000. Buyers are hoping more inventory continues to enter the market, while Sellers are taking advantage of the high demand and many times, multiple offer situations.