Jackson Hole Mountain Resort to open on Thanksgiving

/in , , , , , /by

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.

shield_with_jh

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.

Web Winter Map 12 Cities

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.

Interested in staying informed about real estate opportunities near Jackson Hole Mountain Resort? Sign up for Automatic Email Updates informing you of any new listing or closed sales (with sale price) of a particular property type and location.

Happy Skiing!

Skiing.Katie

Fresh powder turns in the Jackson Hole backcountry

 

 

How are high end sales trending in 2013 in Jackson Hole? What about property selling for under $500,000? In which direction is the market moving?

/in , , , , , , /by

As we analyze past sales data for 2013, in particular examining sales in the lower end of the market (under $500,000) and higher end sales (over $1,000,000), a few trends can be seen. Over the past 6 months, the percentage of property selling for under $500,000 has been trending downward with the exception of September which experienced a high amount of ‘lower-end” sales. In April 2013, over 1/2 of all sales were under the half million mark; while in October only 27% of all sales were under $500,000.

Under$500

Conversely, the percentage of sales over $1 million has been slowly increasing since May 2013, with the highest percentage of high end home sales occurring in October where almost 1/2 (43%) of all property sold for over $1 million. The lowest point for high end sales came in September, when only 11 properties sold for over $1 million, which represented only 22% of all sales.

Over$1m

CURRENT INVENTORY: There are currently 30 homes for sale under $500,000 (not including fractional ownership opportunities); 5 of them are single family homes, while 25 of them condos or townhomes. In the higher end of the market, there are 154 homes for sale over $1 million, 59 properties over $3 million and 27 homes for sale over $5,000,000. There are 45 lots for sale in Teton County priced under $500,000 with 19 lots priced are under $300,000. There are 160 lots available for sale over $500,000; of which 106 lots are priced over $1 million.

 

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

         

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

/in , , , , , , /by

Monthly Market Update for November 2013

Jackson Hole, WY

What Sold in October 2013? 

  • 49% :: Percentage of single family home sales (a 10% increase from last month’s 39%)
  • 37% :: Percentage of condo/townhome sales (vs. 33% last month)
  • 14% :: Percentage of Land Sales (down from last month)
  • 1.75% :: Percentage of distressed property sales (4 bank sales and 1 short sale)
  • 43% :: Percentage of residential properties selling for over $1 million (double last month’s 22%!)
  • 57% :: Percentage of residential properties selling for under $1 million (down 20% from Sept)
  • 27% :: Percentage of residential properties selling for under $500,000 (down from 39% in Sept)

What it means: The big story in October was the large amount of high end home and property sales in the Teton County area. Almost 1/2 of all sales this past month were for properties over $1,000,000. Ten properties sold for over $3 million and 3 pieces of property sold for over $10 million! (Who was visiting Jackson Hole last month?!) The numbers also tell us that the majority (49%) of sales this past month were single family homes, however there were several high end condominiums that sold as well including a Crystal Springs 2,000 square foot condo at Teton Village and a 2 bed / 2 bath condo at Pearl @ Jackson in downtown. Both condos sold for over $1.3 million (pictured below). After a September without a single distressed property sale, the month of October saw 4 bank sales and 1 short sale. However, currently there are only 2 distressed properties available for sale in Teton County and only 4 properties on the Teton County Sheriff’s Foreclosure List.

CrystalSprings

PearlatJackson

Pearl @ Jackson condos in downtown Jackson

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

 

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

Email

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

 

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

         

 

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

/in , , , , , /by

Monthly Market Update for November 2013

Jackson Hole, WY

Summary – October 2013:

  • 57 :: Total residential sale transactions (very close to the high of 61 transactions in Aug)
  • $68,000,000 :: Total residential sales volume reported to MLS **
  • $1,300,000::  Average sales price of reported sales ** (up 33%  from last month’s $833k)
  • 96% ::  Ratio of sales price to list price (up from last month’s 94%)
  • 321 ::  Average days on market prior to selling (similar to the last several months, higher than usual)

What it means: October sales numbers were close to this year’s high in number of transactions (Aug & May 61) and also came close to this year’s high in reported sales volume (Aug $79.5m). **In October there were 7 undisclosed sale prices on several very high end pieces of property including 293 acres with amazing Teton views along Spring Gulch Rd listed for a combined $29.6 million (pictured below), the Riva Ridge estate auction, which was last listed for $33 million, and an 8,000 sq foot log home off of Fish Creek Rd listed for $15 million (also pictured below). None of those sales prices (along with $8.4 million of other listings) were reported to the Multiple Listing Service (MLS). Since the majority of the data from this report is based on MLS data, the actual total sales volume could actually be closet to $150 million! If these sales prices were reported it would have also pushed the average sales price up higher than the $1.3 million, which on its own is already a higher than normal average. Needless to say there were several very high end sales in the month of October.

FishCreekMeadows

SpringGulch

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

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

Email

Email me at katiecolbert123@gmail.com or

Sign up HERE to receive next month’s report.  

 

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

         

 

Real Estate Market Analysis: Aspens Condos in Jackson Hole, WY

/in , , , , /by

In order to understand what is happening in the Jackson Hole real estate market, it’s helpful to analyze a particular market and see what the numbers tell us. Every month, I like to focus on a different neighborhood in the Teton County area. What are homes selling for in this neighborhood? How quickly are they selling? What were they selling for a year ago? How have values changed? What are the current opportunities in the neighborhood?

Neighborhood Details: The Aspens is a neighborhood located on the Westbank of the Snake River along Teton Village Road in Wilson, Wyoming. The development was planned and platted in the late 1970s and includes several 1, 2 and 3 bedroom condominiums. A small handful of these condos have garages, the majority do not. The entire Aspens development is zoned for short term rentals, meaning owners can rent out their property nightly. This zoning is valuable for second homeowners and investors as the proximity of Jackson Hole Mountain Resort (5 minutes away) and the south entrance to Grand Teton National Park (7 minutes away) make The Aspens an attractive location for vacationers, tourists and skiers alike. There are several property management companies that specialize in helping owners maximize their rental income potential. There are also many locals who call The Aspens home and enjoy the nearby skiing, hiking, biking, hunting, and camping year round.

Past Sales: Throughout the entire Jackson Hole real estate market, we have seen sales prices increasing over the past 6-9 months and The Aspens is no exception. In the past 6 months (April 2013 – Oct 2013), there have been 11 condo sales in The Aspens. These condos have sold on average for $380/square foot after an average of 179 days on the market. Similarly the previous 6 months (Oct 2012 – March 2013), saw 10 condos sell in The Aspens for an average price of $370/square foot after an average of 181 days on the market. Compare that to the previous year (Oct 2011 – Oct 2012), when the averages sales price was $343/square foot and properties were on the market an average of 253 days before selling, suggesting that over the past year condos in The Aspens have  been selling more quickly and for a higher price (on average).

AspensChart

Current Opportunities: There are currently 8 condos for sale in The Aspens, only 1/3 of a year’s worth of inventory.  These condos are priced between $259,000 – $849,000. On average these listings are priced at $381/square foot, very much in line with the past 6 months of sales ($380/sf). There are currently 4 condos under contract for purchase. Interestingly, the average listing price per square foot of these 4 condos is $422/sq ft. We will have to watch the market and see if these condo sell closer to the $380/sq ft average of the past 6 months or if higher sales prices will signal a further increase of values in The Aspens. Stay tuned…..Click HERE to view the current 8 condos for sale.

EmailAutomatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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

         

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

/in , , , , /by
Monthly Market Update for October 2013

Jackson Hole, WY

Summary – Sept 2013:

  • 49 :: Total residential sale transactions (back down after a high of 61 transactions in Aug)
  • $44,000,000 :: Total residential sales volume (back down after a 2013 high of $79m in Aug)
  • $833,000::  Average sales price (a 33% drop from last month’s $1.258m)
  • 94% ::  Ratio of sales price to list price (down again from last month’s 95%)
  • 321 ::  Average days on market prior to selling (similar to last month, which was also higher than usual)

What it means: The Jackson Hole real estate market slowed down a bit in September after a very busy August. Sales volume fell back to levels seen through most of 2013 at $44 million (see charts below). Likewise, the number of sales transactions in September fell to 49, a level typical to most of 2013 (see charts below).  Sales price to list price ratio dipped again down to 94%; meaning buyers are getting better deals and perhaps not facing as many multiple-offer situations (which inevitably drive up the sales price). The average number of days a home is on the market remained high at 321, as much of the older inventory continues to be absorbed due to low inventory levels. Twelve properties finally sold after well over a year on the market including a Love Ridge condo (1,508 days), the Miller Park Penthouse (770 days), a Pine Glades townhome (1,045 days) and a house up at Spring Creek Ranch (918 days).

Volume

Transactions

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

Auto Email Market Updates

Email

Would you like to be notified of new listings in a certain price range?
Is there a specific location where you’d like to follow the real estate trends?
Do you want to keep track real estate sale prices in your neighborhood?

 

Automatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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

         

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

/in , , , , , , /by

Monthly Market Update for October 2013

Jackson Hole, WY

What Sold in September 2013? 

  • 39% :: Percentage of single family home sales (an sharp decline from last month’s 54%)
  • 33% :: Percentage of condo/townhome sales (vs. 28% last month)
  • 16% :: Percentage of Land Sales (identical to last month)
  •   0% :: Percentage of distressed property sales (NO short sales or bank sales!)
  • 22% :: Percentage of residential properties selling for over $1 million (vs. 36% in Aug)
  • 77% :: Percentage of residential properties selling for under $1 million (vs. 64% in Aug)
  • 39% :: Percentage of residential properties selling for under $500,000 (vs. 30% in Aug)

What it means: In the month of September we saw another shift in the breakdown of types of properties sold. While single family home sales usually make up at least 1/2 of all sales, last month this segment represented only 39% of all sales.  Condo/townhome sales, on the other hand, increased to 1/3 of all sales with 9 condos/townhomes selling for under $500,000. Land sales remained steady, representing 16% of all sales in September. It will be interesting to see if this trend continues as we enter the Fall and Winter months, which typically see fewer lot sales than the Spring and Summer months. There were NO distressed sales in the month of September, the first month in all 2013 without a short sale or bank sale (see chart below), suggesting almost all of this ‘shadow’ inventory has been absorbed by the market.

Distressed

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

 

Auto Email Market Updates

Email

Would you like to be notified of new listings in a certain price range?
Is there a specific location where you’d like to follow the real estate trends?
Do you want to keep track real estate sale prices in your neighborhood?

 

Automatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

 Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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

    

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

/in , , , , , , /by

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

Auto Email Market Updates

Email

Would you like to be notified of new listings in a certain price range?
Is there a specific location where you’d like to follow the real estate trends?
Do you want to keep track real estate sale prices in your neighborhood?

 

Automatic Email Market Updates keep you informed about the Jackson Hole Real Estate market by notifying you via email a few times a week of any new listing, pending sale or closed sale (with sold price) for your specific price range and market area. Your search is unique and will be completely customized for you!  

 Email me at katiecolbert123@gmail.com or

Fill out your own Auto Email Update Form to start receiving the automatic updates.  

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

    

 

Snake River Sporting Club Rises from the Ashes; hosting Open House & Club Preview

/in , , , /by

Many of the people that have lived in Teton County for more than 5 years remember the Snake River Sporting Club, a 360 acre recreational development planned along the Snake River located about 15 miles south of Jackson between Hoback Junction and Alpine, Wyoming. The plan won approval in 2003, however plans for the grand development (including golf, fishing and just under 70 building sites) were halted during the market downturn as the development went into bankruptcy is the Fall of 2008 and was later foreclosed on by Wells Fargo in 2010. The clubhouse, many real estate lots and the golf course sat empty for over 4 years until recently.

Snake River Sporting Club

In the Spring of 2013, The Snake River Sporting Club was purchased and taken over by Cygnus Capital, an investment group out of Atlanta, GA. Cygnus also bought the adjoining 437 acre River Bend Ranch to create a very unique 800 acre Golf, Equestrian and Fly fishing play ground unmatched in Jackson Hole. Since their purchase, the new owners have been working diligently to revitalize the development including restoring and completing the Clubhouse, repairing and renewing the award winning 18 hole Tom Weiskopf golf course (which will debut in the spring of 2014), and finishing construction on several cabin properties near the Clubhouse.

Snake River Sporting Club 7-2007

This Saturday, October 5th from 12:00pm – 5:00pm, The Snake River Sporting Club and RE/MAX Obsidian Real Estate will be hosting an Open House and Club Preview allowing past members, locals and visitors alike an opportunity to preview the renewed golf course, tour the recently completed Clubhouse and new Equestrian facility and learn about Club memberships and real estate opportunities. There will also be three completed homes to tour as well as four currently under construction real estate opportunities to view. All attendees will be entered to win a foursome of golf on the renewed golf course, opening next Spring. Food and refreshments will be provided by Cafe Genevieve and Bo-B-Q.

Please contact me for more details, site plans, cabin renderings, etc.

 

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

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

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.