Jackson Hole Real Estate Archives - Page 12 of 19

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

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.

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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Another strong month for transactions and sales volume in Jackson Hole real estate market

October 12, 2015/in Average Sales Price, Days on Market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio, Sales Volume/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for October 2015

Jackson Hole, WY

Summary – Sept 2015:

53:: Total residential sale transactions (similar to Aug’s high)
$100,500,000 :: Total residential sales volume including unreported sale prices
$1,900,000:: Average sales price of reported and unreported sales
96% :: Ratio of sales price to list price (consistent for past 5 months)
155 :: Average days on market prior to selling (back down after last month’s spike)

What it means: September real estate sales followed in August’s footsteps, recording a second straight month of robust transaction levels. Additionally, sales volume in September had another strong performance topping $100 million for the second month in a row (including reported and non-reported sales prices – see note below). As a point of reference, we haven’t seen total sales volume top $100 million since October 2013 and haven’t seen numbers even close to these since last fall (Sept & Oct 2014 had total sales volumes of just over $90 million each). It is typical for the fall months, mainly Sept and Oct, to put up strong numbers as they account for deals that came together during the busy summer selling season (i.e. if you put a property under contract in Aug, you will most likely close in Sept or Oct). I also think the high September sales transaction and volume are also an indication of increasing motivation of sellers as we approach the end of summer. As an illustration, we saw several price reductions last month as many Sellers hope to sell their properties before winter. In conjunction with the higher than usual sales volume, the average sales price (again including both reported and unreported sales) remained much higher than usual at just under $2 million. The average days a property sits on the market before selling dropped down again after a small increase in August. Properties that are well priced and/or in high demand continue to sell very quickly and close to asking price. In particular, 22 of the sales in September closed within 3 months of being listed. Additionally, nearly 20% of all sales occurring in September closed at or above the listing price.

Note that in previous reports, I separately tracked sales that were reported to the MLS and transactions where the sales price was withheld from the MLS. Lately, there have been several significant sales each month that are not reported to the MLS. Given that these undisclosed sales are a valuable component in tracking the overall market trends, going forward, I will be reporting the COMBINED total sales volume and average sales prices, including those sales reported to the MLS and making an estimate for sale prices not reported to the MLS.

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

September 17, 2015/in Asking Prices, Inventory Levels, Jackson Hole Real Estate, Listing Prices, Market Report, Market Reports, Monthly Market Update, New Listings/by Molly Stewart

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.

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Lot Sales dominate transactions in August in Jackson Hole

September 17, 2015/in Building Site, Jackson Hole Real Estate, Land/Building Sites, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in Aug 2015?

35% :: Percentage of single family home sales (down again)
35% :: Percentage of condo/townhome sales (similar to last month)
30% :: Percentage of Land Sales (continuing an upward trend this summer)

49% :: Percentage of residential properties selling for over $1 million (highest % in last 6 months)
51% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
14% :: Percentage of residential properties selling for under $500,000 (a new low in the past year)

What it means: The percentage of single family home sales declined again in August, representing only 35% of all transactions. On the other hand, land sales continued an upward trend accounting for a whopping 30% of all sales in August (compare that to the 12 month average of 20%). One possible explanation for the dip in land sales in the beginning of the summer months, and the subsequent increase as we enter fall, could be the added home inventory we typically see in the summer months. Conversely, lower home inventory levels can push buyers to lot sales after they can’t find an acceptable home to purchase. Nearly one half of all sales in August were for over $1 million, the highest percentage in the past 6 months. This was no doubt helped by several high end sales including a 72 acre estate in Bar B Bar (listed for $22 million) and a 3 parcel property in Ely Springs (listed for $19.4 million). Conversely, the percentage of sales occurring under $500,000 dropped last month to the lowest level seen in the entire past year. Only 7 property sales last month were under the half million mark and included several 1 & 2 bedroom condos in the Town of Jackson. The least expensive condo sales in August was a 644 square foot Ponderosa Village condo which sold for $265,000 after only 24 days on the market (pictured below).

2 bdrm condo in Town sold for $265,000 in 24 days

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

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Unreported sales push August sales volume above $100 million

September 16, 2015/in Average Sales Price, Days on Market, High End Real Estate, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Sale to List Price Ratio/by Molly Stewart

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).

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

August 9, 2015/in Asking Prices, Average Sales Price, High End Real Estate, Housing, Inventory Levels, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Sellers, Supply/Demand/by Molly Stewart

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.

Recently listed Elk Run for $545,000

Still 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 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 under $500,000 recover, but is it only temporary?

August 8, 2015/in Building Site, Condos, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Real Estate Sales, Single family homes, Under $500, Wilson/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for Aug 2015

Jackson Hole, WY

What Sold in July 2015?

46% :: Percentage of single family home sales (down after several high months)
39% :: Percentage of condo/townhome sales (up after several declining months)
15% :: Percentage of Land Sales (up after several low months)

30% :: Percentage of residential properties selling for over $1 million (dropped after a spike last month)
70% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
27% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: After several months of dominating sales in Teton County, single family home sales took a hit in July as more condos, townhomes and land sales occurred. Less than 1/2 of all sales in July were for single family homes, which is actually close to the 12 month average of 47% of all sales. Condo/townhome and land sales also reached close to their 12 month averages as well (35% and 18% of all sales respectively). After spiking to a 4 month high in June , the percentage of properties selling for over $1 million dropped by a third in July and represents the lowest percentage in the past 6 months. Properties selling in the sub-$500,000 market saw a bit of recovery after a long downward trend that began last November. It will be interesting to see how this segment fairs in the next few months, to determine if July’s stats represent a change of a recent market trend (fewer and fewer properties selling for under $500,000) or just a temporary blip in July. Interestingly, the July sales under $500,000 were comprised of 4 condos and 4 lot sales, including two adjacent lots in downtown Wilson, which each sold for under $500,000.

2 Lots in “downtown” Wilson sold in July

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

July 27, 2015/in Average Sales Price, Condos, Inventory Levels, Jackson Hole Real Estate, Jackson Hole Report, Market Report, Market Reports, Real Estate Sales, Sellers, Single family homes/by Molly Stewart

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

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

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

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.

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.

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

July 16, 2015/in Entry level market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Over $1 million, Single family homes, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

What Sold in June 2015?

60% :: Percentage of single family home sales (up for the 4th month in a row)
32% :: Percentage of condo/townhome sales (down again from last month)
8% :: Percentage of Land Sales (down for the 4th month in a row)

45% :: Percentage of residential properties selling for over $1 million (up significantly from last month)
55% :: Percentage of residential properties selling for under $1 million (down significantly from last month)
16% :: Percentage of residential properties selling for under $500,000 (lowest in the past year)

What it means: Single family home sales continued to dominate sales in Teton County, representing 60% of all sales in June. Since February 2015, every month has seen more and more single family homes sales (as it relates to other property types). As a result, land and condo/townhome sales have continued to make up less and less of the total sales over the past 4 months. (Note: There was one multi-family sale in June – a 3 unit property in E Jackson.) The percentage of properties selling for over $1 million spiked to a 4 month high after a few low months, representing nearly half of all sales in June. Properties selling in the sub-$500,000 market continued a downward trend that began last November, hitting a new low, as less than 1 in 5 sales occurred under $500,000 in Teton County. This may be the new reality of the market, as entry level condos (i.e. 1-2 bedrooms under 800 sq feet) are inching closer to $400,000 and anything with 3 bedrooms and a garage (regardless of condition) is being priced well above $500,000.

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

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Real Estate Transactions sky rocket in May in Jackson Hole

June 13, 2015/in Average Sales Price, Days on Market, Jackson Hole Real Estate, Market Report, Market Reports, Market Statistics, Monthly Market Update, Real Estate Sales, Under $500/by Molly Stewart

The Colbert Real Estate Report

Monthly Market Update for June 2015

Jackson Hole, WY

Summary – May 2015:

57 :: Total residential sale transactions (a huge jump from the last few months)
$54,000,000 :: Total residential sales volume reported to MLS (up significantly from last month)
$976,000:: Average sales price of reported sales (another dip)
96% :: Ratio of sales price to list price (down slightly from last month)
204 :: Average days on market prior to selling (down again from last month)

What it means: Transaction levels sky rocketed in May, hitting a high mark not seen since the Fall of 2013, signaling what could be a very busy summer in the Jackson Hole real estate market. Sales Volume also saw a significant increase in May, with $54 million in reported sales, marking the highest volume since October 2014 (see chart below). Adding in 2 sales with unreported sales prices, puts the actual volume in the $66 million range. We should expect to see these numbers continue to increase as we enter the busy summer selling season. As a point of reference, last September we saw sales volumes in excess of $90 million. We should also expect to see new listings continue to hit the market (See “What’s New?” section). The average sales price in May dropped again thanks to several sales in the sub-$500,000 market including 9 condo sales under $400,000. The sales price to list price ratio remained high at 96% as demand continues to out pace supply. The average days a property sits on the market before closing also continued to decrease, another illustration of the current “seller’s market” existing in the Jackson Hole Real Estate market.

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