“What” sold in the Jackson Hole Real Estate Market in July 2014?

/in , , , , , , , , , , , , /by

Monthly Market Update for July 2014

Jackson Hole, WY

What Sold in July 2014? 

  • 52.5% :: Percentage of single family home sales (much higher than typical)
  • 25% :: Percentage of condo/townhome sales (down significantly from last month’ s 46%)
  • 22.5% :: Percentage of Land Sales (up from last month’s 14%)
  • 2.5% :: Percentage of distressed property sales (1 short sale in July)
  • 25% :: Percentage of residential properties selling for over $1 million (down again from last month’s 29%)
  • 75% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 71%)
  • 36% :: Percentage of residential properties selling for under $500,000 (down from last month’s 43%)

What it means: The month of July saw the highest amount of single family home sales in almost a year. Single family homes sales accounted for 52.5% of all sales last month and included several high end properties in Teton Pines, Stilson Ranch (pictured below) and Teton Village (which had been on the market for 564 days!).  There were also two high end lot sales in Crescent H and Shooting Star, listed at $5.5 million and $2.3 million, respectively. Neither sale price was disclosed. Conversely, condo and townhome sales were down significantly last month representing only 1/4 of all sales. This trend  mirrors the available inventory, where there are 213 single family homes for sale and only 91 condos available for sale. Land Sales were up again, representing 22.5% of all sales in July. Last month there was one short sale, only the third distressed sale in all of 2014. It was a small condo on Snow King Drive that went under contract back in March 2014.

stilson

breakdown.aug2014

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

         

Sale Statistics for the Jackson Hole Real Estate Market – July 2014

/in , , , , , , , , , /by

Summary – July 2014:

  • 40 :: Total residential sale transactions (up significantly from last month’s 28)
  • $38,600,000 :: Total residential sales volume reported to MLS (up significantly from last month’s $20 million)
  • $1,075,000::  Average sales price of reported sales (up from last’s month’s $800,000)
  • 96% ::  Ratio of sales price to list price (down slightly from last month’s high of 97%)
  • 293* ::  Average days on market prior to selling (up from last month’s 180 days)

What it means: The month of July saw an increase in both transactions (from 28 to 40) and reported sales volume, which was almost double that of last month. In July there were several high end sales not reported to the MLS which could add an estimated additional $15.85 million in sales volume. The average sales price reached an 8 month high last month as a result of several higher end sales (see “What” Sold section below).  The sale price to list price ratio remains high at 96% suggesting properties continue to sell very close to their listing price (on average). In fact, in the month of July 10 properties (25% of all sales) sold at or above their list price.   Average days on market were back up, as several of the high end property sales had been on the market for quite some time. (*Note: High outliers (in excess of 1,000 days on market) are taken out of these calculations.)

Transactions.aug2014

volume.aug2014

AVSP.Aug2014

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Sale Statistics for the Jackson Hole Real Estate Market – June 2014

/in , , , , , , , /by

Summary – June 2014:

  • 28 :: Total residential sale transactions (a drop from last month’s 35)
  • $20,000,000 :: Total residential sales volume reported to MLS (down from last month’s $25 million)
  • $800,000::  Average sales price of reported sales (down from last’s month’s $918,000)
  • 97% ::  Ratio of sales price to list price (up significantly from last month’s 95%)
  • 180 ::  Average days on market prior to selling (down significantly from last month’s (adjusted) 232 days)

What it means: The month of June saw a drop in both transactions (from 35 to 28) and reported sales volume, which dropped $5 million. In June there were 3 transactions that were not reported to the MLS which total an estimated additional $12.5 million in sales volume. The average sales price dropped significantly down to $800,000, the lowest monthly average in almost a year (See Chart below). This can be explained by several lower end sales (and not as many high end sales) in June (see “What” Sold section below).  The sale price to list price ratio reached 97% last month, the highest level seen since I started keeping stats at the beginning of 2013. This is evidence of a hot real estate market where properties are selling very close to their listing price (on average).  Taking out a King Eider lot sale  (which had been on the market for 1,704 days!) the average days on market has decreased from the last several months, also evidence of  an active real estate market where properties are selling fairly quickly (on average).

Breakdown.July

SalesVolumeJuly

AvgSales.July

Please visit the Real Estate Market Report tab for the entire July Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

                 follow-me-on-google-plus

The summer selling season is here! Many new real estate listings hit the market in Jackson Hole.

/in , , , , , , , /by

As we enter the spring/summer months, many new listings have come onto the market in Teton County. Since May 1, 2014, there have been 90 new residential listings and 40 new building lot listings. There have also been 7 new commercial listings.

RESIDENTIAL LISTINGS: Ninety new residential listings have hit the market since May 1st with an average listing price of $1,750,000. New listings range from a 2 bedroom condo in Town priced at $214,900 to 2 different $11 million estates – one in John Dodge on the Snake River and one in Crescent H south of Wilson (pictured below).

CrescentH

Of the 90 listings, the majority (38%) are priced between $1,000,000 – $3,000,000. The next largest price segment is the $500,000 – $1,000,000 range where there have been 26 new listings since May 1st. The price segments to see the smallest amount of new listings are Under $300,000 (3 listings) and Over $5,000,000 (4 listings). 

NewListings

So far 6 of these new listings have already gone under contract, which represents only 6.6% of all new listings, suggesting that many buyers have yet to make their move (perhaps because some of these new listing prices are a little too high).

The price point breakdown of the new residential listings is below. Click below to view the new listings in each category:

BUILDING LOT LISTINGS: Since May 1st, there have been 40 new lots to hit the market, with an average listing price of $1,725,000. Available building sites range from the last remaining lot for sale in the new King Eider development in Rafter J (listed for $312,500) to a 48 acre parcel for sale in Crescent H for $5,750,000. None of the newly listing lots have gone under contract, however there are currently 12 lot sales pending in the MLS (properties listed prior to May 1, 2014).  

The price point breakdown of the new lot listings is below. Click below to view the new listings in each category:

COMMERCIAL LISTINGS: Since May 1, 2014 there have been 7 new commercial listings in Teton County. Three lease opportunities – an 1,100 sq foot office space in The Aspens, and office & retail space for lease on the corner of Pearl & King in downtown Jackson. There is also an opportunity to purchase a live/work unit south of town for $895,000 (pictured below). Finally the Teton Gables/Cutty’s Bar & Grill property ($4,850,000) and the old Maverick site ($1,150,000) are also newly available for sale. Click HERE to see all new commercial listings.

LiveWork

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. It may be a great time to sell.  Please contact me for more info or to receive a free market analysis on your property. Properties listed by June 20, 2014 will be included in our RE/MAX Obsidian Real Estate Summer Brochure!

Brochure

“What” sold in the Jackson Hole Real Estate Market in May 2014?

/in , , , , , , , , , /by

Monthly Market Update for June 2014

Jackson Hole, WY

What Sold in May 2014? 

  • 31% :: Percentage of single family home sales (down from last month’s 34%, lower than usual)
  • 40% :: Percentage of condo/townhome sales (down from last month 46%)
  • 29% :: Percentage of Land Sales (higher than average this month)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in May)
  • 29% :: Percentage of residential properties selling for over $1 million (down slightly from last month’s 31%)
  • 71% :: Percentage of residential properties selling for under $1 million (up slightly from last month’s 69%)
  • 43% :: Percentage of residential properties selling for under $500,000 (up significantly from last month’s 37%)

What it means: Last month there were higher than average land sales (29% of all sales) and more sales under $500,000 than is typical in Teton County. In May there were 15 sales under $500,000 (which represented 43% of all sales). There were five lots sales in the new King Eider development in Rafter J which were all listed under $300,000. Additionally 5 other lots sold throughout the Valley last month including Teton Pines, John Dodge, Saddle Butte, and 3 Creek Ranch (pictured below). This spike in land sales could be explained by the time of year, as lots become more visually appealing during the spring & summer months. The month of May also saw several low-end condo sales in the Town of Jackson which contributed to the higher than average sales in that segment (see chart below). There are also several significant commercial sales in May including the old Valley Feed & Pet building on Hwy 89 (listed for $1,700,000), a 28,000 square foot Class A office space in downtown Jackson (listed for $2,125,000) and the new Whole Grocer building, which sold to an investor close to the listing price of $16,500,000.

3creeklot

Breakdown.June

Please visit the Real Estate Market Report tab for the entire June Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

                 follow-me-on-google-plus

 

“What” sold in the Jackson Hole Real Estate Market in April 2014?

/in , , , , , , , , , , /by

Monthly Market Update for May 2014

Jackson Hole, WY

What Sold in April 2014? 

  • 34% :: Percentage of single family home sales (up from last month (28%) but still lower than usual)
  • 46% :: Percentage of condo/townhome sales (down from last month (52%) but still higher than usual)
  • 20% :: Percentage of Land Sales (typical)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in April)
  • 31% :: Percentage of residential properties selling for over $1 million (up from last month’s 26%)
  • 69% :: Percentage of residential properties selling for under $1 million (down from 74% in March)
  • 37% :: Percentage of residential properties selling for under $500,000 (down slightly from last month and closer to average)

What it means: The month of April saw the breakdown between property type (single family homes/condos & townhomes/land sales) move closer towards normal levels, however condo and townhome sales continue to account for a higher percentage of property sales than normal (and single family homes continue to make up less than normal). On average (over the past 12 months), single family home sales usually make up around 40-45% of all sales, while townhomes and condos tend to make up 35%-37% of all sales (see chart below). Land sales last month were on par with their 12 month average of 19% of all sales.  For the second month in a row, there were NO bank sales and NO short sales. Currently there is only one distressed property available for sale: The Game Creek Ranch, located south of town and listed for $1.395m (pictured below). With regards to the price point of closed sales last month, the breakdown between Over $1 million / Under $1 million / Under $500,000 returned closer to normal last month.

BreakdownPropertyType.May2014

gamecreekranch

Game Creek Ranch – only available short sale in Teton County

Please visit the Real Estate Market Report tab for the entire May Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

                 follow-me-on-google-plus

With current inventory levels at an extreme low in the Jackson Hole real estate market, will April showers bring May inventory?

/in , , /by

Potential buyers (or anyone that has been following the Jackson real estate market) have seen how few home purchase options are available right now. It’s typical that inventory levels dip in late winter/early spring as the existing inventory has been absorbed and many potential Sellers are waiting for warmer weather (and greener lawns) to list their properties for sale. However, this spring, inventory levels are particularly low. For example, there are only 13 single family homes for sale in the Town of Jackson, none of which are priced under $500,000. In fact only 5 of them are priced under $1 million. There is currently nothing for sale in Cottonwood Park, only 1 townhome for sale in Rafter J, and only 2 market homes for sale in all of Melody Ranch. Another example: only 6 condos for sale in Teton Village (excluding condo hotels), and only two priced under $500,000. Finally, as I reported last month in my Jackson Real Estate Market Analysis, less than a half dozen condos are currently on the market in The Aspens.

While I was working on this month’s report, I went back to my April 2013 market report where I analyzed the temporary bubble created by a lack of inventory.  It was interesting to note that, compared to this spring, the inventory didn’t seem too low! Last year at this time, there were 11 single family homes for sale under $500,000 in Teton County; today there are 2 – a cabin in Moran ($169,000) and a deed restricted attainable home in Melody Ranch ($475,000).

Available Properties for Sale in Teton County that are:

April 2013

April 2014
All Properties Under $500,000

44

24
Single family homes Under $500,000

11

2
All Properties Under $300,000

8

8

If you are currently thinking about selling, 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.

marketreport

“What” sold in the Jackson Hole Real Estate Market in March 2014?

/in , , , , , , , , /by

Monthly Market Update for April 2014

Jackson Hole, WY

What Sold in March 2014? 

  • 28% :: Percentage of single family home sales (significantly lower than usual – down from 48% in Feb)
  • 52% :: Percentage of condo/townhome sales (significantly higher than usual – up from 30% in Feb)
  • 20% :: Percentage of Land Sales (close to normal)
  • 0% :: Percentage of distressed property sales (NO bank sales and NO short sales in March)
  • 26% :: Percentage of residential properties selling for over $1 million (down from last month’s 37%)
  • 74% :: Percentage of residential properties selling for under $1 million (up from 63% in Feb)
  • 40% :: Percentage of residential properties selling for under $500,000 (up significantly from 29% in Feb)

What it means: Unlike February, the month of March saw a higher than average amount of condo/townhome sales, especially in the low and mid-level price points ($250,000 – $800,000). There were 3 condo sales in The Aspens, 2 sales in Teton Shadows (north of town) and 7 condo sales in the Town of Jackson. There were also several higher end condo sales in Teton Village including units at Teton Mountain Lodge, Hotel Terra and a unit in Crystal Springs, which sold for just under $1.5 million (pictured below).  Of the 10 single family home sales in March, NONE of them sold for under $750,000 and only 4 of them were under $1 million. The lowest priced single family home sale in March was a home in Rafter J, which sold for $775,000 and represented by far the most expensive sale in Rafter J in the past 6 months.  Last month there were no bank sales or short sales, continuing a downward trend and further illustrating that much of that distressed inventory has been absorbed. In fact, since the beginning of 2014, there has been only 1 bank sale and 1 short sale (see chart below).

Distressed.March

CrystalSpringsCrystal Spring condo sold in Teton Village in March

Please visit the Real Estate Market Report tab for the entire April Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

                 follow-me-on-google-plus

Summary of Jackson Hole Real Estate Sales Statistics for March 2014

/in , , , , , , /by

Monthly Market Update for April 2014

Jackson Hole, WY

Summary – March 2014:

  • 35 :: Total residential sale transactions (up 25% from last month’s 27)
  • $27,000,000 :: Total residential sales volume reported to MLS (up $7 million from last month)
  • $847,000::  Average sales price of reported sales (down $100,000 from last month)
  • 96% ::  Ratio of sales price to list price (up significantly from last month’s 93%)
  • 190 ::  Average days on market prior to selling (down significantly from last month’s 457 days)

What it means: The month of March saw encouraging increases in both transactions and sales volume (see charts below). (Note: Every month, these statistics include all residential sales in Teton County with the exception of fractional sales.)  Two other statistics drastically changed this past month. Average days on market dropped significantly from the last several months to only 190 days vs. a high of 550 days just 2 months ago (see chart below). This is significant because it suggests that much of the old inventory has been absorbed over the past few months and that many of the properties selling recently are selling much more quickly. In March, the quickest sale occurred within 26 days of the property hitting the market. At the same time, the ratio of sales price to list price rose to 96%, meaning that buyers are paying closer to the asking price for properties. This increase could be explained by a lack of comparable inventory and/or more competition from other interested buyers, which can drive the prices up.

Trans.April2014

Volume.april2014

DOM.April

Please visit the Real Estate Market Report tab for the entire April Market Report.

Interested in receiving The Colbert Real Estate Report Market Updates via email?

Email me at katiecolbert123@gmail.com or

Sign up HERE to start receiving the Market Updates.  

Please also consider following me on social media for up-to-date market statistics, Hot Picks and real estate news and trends.

                 follow-me-on-google-plus

Unique Multi-Family Investment Opportunity in the Town of Jackson

/in , , , , , , /by

A short drive around the Town of Jackson will illustrate the absence of large multi-family developments. This can be explained by the overall lack of vacant parcels of land and/or the current Town zoning which does not allow large scale development in many areas. Further, over the years, many older apartment buildings have been converted into condominiums where each unit is owned individually.

Therefore, this 12-unit multi-family apartment building presents a truly unique opportunity for investors looking for a good return and a steady cash flow. The Raver’s Apartment complex offers six 2 bed/1.5 bath units and six 1 bed/1 bath units, all with great views of Snow King Mountain. (The two bedroom units have nice south facing decks.) The building sits in a convenient location on the corner of Snow King Ave and Millward, close to hiking trails, skiing at Snow King, and located only several hundred feet from a START bus stop. Built in 1973, the building has been very well maintained with several improvements in 2013 including a new roof, new windows, and new sliding glass doors.

RaverDeck

South facing decks with views of Snow King

The building is fully occupied and currently generates $126,000 in annual gross rents. Based on historical expenses of roughly $30,000 per year (which includes property taxes, water/sewer, trash removal, insurance, maintenance and repair, business licenses and a property management fee), the current list price of $2,150,000, equates to a 4.5% capitalization rate (return).

Where the opportunity lies however, is in the fact that the current rents are quite under market. Currently the 2 bedroom units rent for $1,000 a month, where the going rate for similar units is closer to $1,200 –  $1,400 a month. Similarly, the one bedroom units rent for $750 a month. It is very difficult to find any 1 bedroom units in Jackson for under $900 a month. Tenants are on month-to-month leases and when brought up to market, the property should generate just over $165,000 per year, which could push the cap rate up to above 6.00%. Note that these numbers conservatively assume purchasing the property at the current list price. Obviously the return would be even more attractive if a buyer was able to negotiate a discounted purchase price.

Click HERE to view the full listing with more information and more photos of the property.

Please contact me if you are interested in reviewing my cash flow analysis for this investment (in excel). I’m happy to walk you through the model and discuss the numbers as well as set up a time to view the property.