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).
Click HERE to read the entire Monthly Market Update for April.
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Jackson Real Estate Market Analysis: Condos in The Aspens
Condos in The Aspens have been a popular real estate purchase for many years for many different types of buyers. Second homeowners enjoy the ease of access to Jackson Hole Mountain Resort and Grand Teton National Park. Locals have been attracted to the convenient location of The Aspens with its proximity to restaurants, the bus line, a coffee shop and a grocery store. Investors continue to be drawn by the lucrative short term rental market. Whatever the reason, people have been buying Aspens condos! Since Jan 2013, there have been 24 condo sales in The Aspens. Twenty of those sales occurred in 2013 (which equates to about 2 sales a month). In 2013, the average sales price for an Aspens condo was $408,650 or $356/sq ft. One bedroom units sold on average for $295,000. Two bedrooms went for an average of $427,000 and 3 bedroom units commanded an average price of $592,000. The highest condo sale in The Aspens in 2013 was a top floor 3 bedroom Wheatgrass condo, which sold for $625,000 in Oct 2013. In 2014, we’ve already seen 4 sales in The Aspens (again about 2 per month) including a Windflower 3 bedroom which sold for $630,000 in Jan 2014 (pictured below) and most recently a 2 bedroom end unit condo in the Hawthorne building which sold for $289,000 last week.
Where has all the inventory gone?
If you read my Market Reports, you are aware that inventory is currently thin in the Jackson Hole Real Estate Market. The Aspens sub-market is no exception. Right now, there are 4 condos for sale in The Aspens including a one bedroom + loft in the Sagebrush building, a 3 bedroom Woodlands condo with over 1,800 sq feet, a remodeled 3 bedroom unit with a detached garage, and a 3 bedroom Cove unit with mountain views. Click HERE to view all 4 available listings. Based on past absorption rates (2 sales per month), we have about a 2 month supply of inventory – not much!
There are currently 2 condo sales pending in The Aspens. The last new listing to hit the market was a nicely remodeled one bedroom unit in the Tamarack building (pictured below). It was on the market for less than 10 days before receiving multiple offers and going under contract close to list price.
Spring time in the Jackson Hole Real Estate Market usually means an influx of new listings as sellers seek to take advantage of the warmer weather and green landscapes. Already we are starting to see some new listing activity. In the past 2 weeks, 14 new listings have hit the market in Teton County. It will be interesting to see what (and how many) new listings pop up in The Aspens this Spring.
If you currently own a condo in The Aspens, I’d be happy to chat with you about the current real estate market. It may be a great time to sell! Please contact me for more info or to receive a free market analysis on your property.
Jackson Hole Mountain Resort to open on Thanksgiving
In less than a week Jackson Hole Mountain Resort with fire up its chairlifts and officially open for the 2013-2014 ski season. This year marks the earliest opening ever on Thanksgiving Day. The upper mountains have received a reported 86″ of snow so far this year, with 33″ of it sticking around to form the base. Snow making efforts over the past month have provided coverage on the lower mountain for opening day. It’s not yet clear exacting what lifts will be spinning on Thursday, but in years past skiers have been able to ski off of Apres Vous Chair and Casper Chair on opening day.
This year, Jackson Hole has the distinct honor of being named the #1 Overall Ski Resort in North America by SKI magazine’s Reader’s Poll. Jackson Hole also received top ranks for Overall Satisfaction, Character, Variety and Challenge from over 10,000 readers participating in the poll. As a thank you to the skiing/riding community, this Friday November 29th Jackson Hole Mountain Resort will offer FREE skiing to the local community and visitors alike. There are now 12 cities with direct flights to Jackson Hole including Chicago, Los Angeles, Houston, San Francisco, Denver, New York (JFK), Newark, Atlanta, Minneapolis, Seattle and Salt Lake City.
REAL ESTATE IN TETON VILLAGE: Do you visit so often that it make sense to own a ski condo here? Are you a local and interested in investing in some prime ski-in, ski-out real estate? There are many options in Teton Village including 1-4 bedrooms condos and townhomes starting at $299,000, condo-hotels starting at $330,000 and single family homes starting at $2,250,000 as well as fractional ownership opportunities starting at just $10,000. Click the in links the preceding sentence to view the current inventory.
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Happy Skiing!
Fresh powder turns in the Jackson Hole backcountry