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.

    

Riva Ridge Preserve to be Sold at Real Estate Auction in Jackson Hole

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On September 12, 2013, interested buyers will have the opportunity to bid on a 118 acre estate located 800 feet above the Jackson Hole Valley. Concierge Auctions, who has successfully completed several other auction real estate sales in the Jackson Hole area (See Grand Teton Estate), will be hold this auction in two weeks without a reserve (minimum bid).

RivaRidge-views

RivaRidge-glassentry

The estate was constructed in 2009 and consists of a 13,721 square f00t, 6 bedroom main residence, a 3,850 square foot, 4 bedroom guest house and a 1,400 square foot caretakers apartment. The property’s location atop one of the area’s ridge tops provides stunning views of the Tetons and Jackson Hole Mountain Resort. The 118 acres include a beautiful landscape with ponds, creeks, waterfalls and a private lake. The Adirondack style log home was designed with high end finishes and features throughout including a two story glass entrance (pictured above), a double sided moss rock fireplace, commercial grade kitchen with wood fired pizza oven, game room, media room, gym, locker rooms, wine tunnel (pictured below) and custom burled wood mantles throughout the home. My favorite area is the indoor marble pool area with hot tub and kitchen – perfect for entertaining! – along with a movable glass wall that can be opened to the outdoors (pictured below). Amazing!

RivaRidge-winetunnel

RivaRidge-swimming

This property originally hit the real estate market in September 2012 and was listed by JHREA for $37,000,000. It has since been reduced to $32,950,000 and will sell at auction on Sept 12th.

Click HERE to view the full brochure.

Please contact me for more details and stay tuned for the auctioned sale price!

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.

“What” Sold in July 2013 in Jackson Hole?

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Monthly Market Update for August 2013

Jackson Hole, WY

What Sold in July 2013? 

  • 46% :: Percentage of single family home sales (similar to last month)
  • 31% :: Percentage of condo/townhome sales (vs. 26% last month)
  • 18% :: Percentage of Land Sales (down from last month’s high of 26%)
  •   4% :: Percentage of distressed property sales (down from the last few months)
  • 27% :: Percentage of residential properties selling for over $1 million (vs. 32% in June)
  • 73% :: Percentage of residential properties selling for under $1 million (vs. 68% in June)
  • 42% :: Percentage of residential properties selling for under $500,000 (vs. 41% in June)

What it means: Single family homes continue to make up just under 1/2 of all residential sales in Teton County. This month saw a higher than usual number of condo/townhome sales. As mentioned in the summary, the average sales price this month is unusually low at $734,579. This is a result of several lower priced townhome/condo sales (5 sales in Town under $400,000) and, in particular, several land sales under $350,000 in Town and Rafter J. The number of land sales took a slight dip after  month over month increases (See Jackson Area Land Sales-June 2013), however building site sales still make up a significant portion of all sales – 18% this month. Distressed Property Sales (bank sales or short sales) seem to be disappearing from the real estate market in Jackson Hole; this month there were only 2 short sales and NO bank sales (See chart below).

Please visit the Monthly Market Update tab for the entire August 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! Please also consider following me on social media for up to date new listings, market stats and Jackson Hole real estate news.

   

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

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Monthly Market Update for August 2013

Jackson Hole, WY    

Summary – July 2013:

  • 45 :: Total residential sale transactions (similar to last month (41), but a dip from May’s high of 61)
  • $47,000,000 :: Total residential sales volume (similar to last month ($44m), but a dip from May’s high of $68m)
  • $734,579 ::  Average sales price (down again from last month’s $948,000)
  • 96% ::  Ratio of sales price to list price (up from last month’s 94%)
  • 224 ::  Average days on market prior to selling (down significantly from the last few months)

What it means: The trends and statistics for the month of July were very similar to June, suggesting a leveling out from May’s high point. By adding 3 unreported sales to the MLS data (approx value of $18 million), our total sales volume reaches a level similar to June.  The average sales price dropped again this month to $734,579 (a lower than average value), helped in part by several land and condo/townhome sales under $500,000 (see “What Sold”). Sales price to list price ratio rose slightly to 96%; meaning on average, buyers are purchasing homes for 4% less than the latest listing price. Average days on market dropped over 30% from last month. This is a result of many well priced properties (in all price ranges) that sold very quickly (See “Market Focus”).

Please visit the Monthly Market Update tab for the entire August 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! Please also consider following me on social media for up to date new listings, market stats and Jackson Hole real estate news.

   

 

Real Estate Market Analysis: Cottonwood Park in Jackson Hole, WY

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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?

In the past 6 months (Jan 2013 – June 2013), there have been 5 single family home sales in Cottonwood Park. These homes have sold on average for $321/square foot. Many argue that we are in an increasing market; here’s why. If we focus on the previous 6 months (July 2012-Dec 2012), the 8 home sales in Cottonwood Park sold for an average price of $294/square foot.  Looking back even 6 months prior (Jan 2012 – June 2012), there were 6 single family home sales in Cottonwood Park, selling for only $236/square foot on average. See Chart below.

 

Current Opportunities: There are currently 3 single family homes for sale in Cottonwood Park priced between $530,000-$579,000. On average these listings are priced at $390/square foot, 22% higher than the SOLD price per square foot of the last 6 months and 65% higher than the SOLD price per square foot 18 months ago.

 

Sellers obviously feel very confident about the market’s direction and are pricing their properties strongly. What will be interesting to watch is whether buyers are willing to follow the market up at this accelerated pace and pay these higher prices. Remember a property is only worth what someone is willing to pay for it, not it’s listing price.

If you are interested in following a particular market or neighborhood, please contact me. I’m happy to set you up for automatic email updates which will keep you on top of the changing real estate market in your neighborhood (or desired neighborhood).

If you are thinking about selling, this may be a great opportunity to capitalize on the low inventory levels and high demand. Please contact me for a market analysis and pricing opinion on your property.

New Listing: Elevated Views and National Forest Access in Hoback

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Just Listed: Arguably one of the best lots in Hoback! Beautiful elevated views down the Snake River Canyon from this 2.5 acre building site perched above Hoback Junction.

ViewsofSnakeRiverCanyon

Looking South: Elevated views down the Snake River Canyon

In addition, this site offers endless views and DIRECT access to the Bridger Teton National Forest for horseback riding, hunting, hiking and snowmobiling. This is a unique opportunity to be only 15 minutes from the Town of Jackson, yet still have privacy and unparalleled access to the National Forest (direct access shown below). No CC&Rs on the property, meaning there are no additional rules or restrictions beyond the Teton County requirements.

EndlessNatlForest

Looking Southeast: Endless National Forest

Address: 11350 Hoback Junction South Road, Hoback Junction, WY – Click on map below to enlarge aerial

AerialMap

Asking Price: $480,000 – Click HERE to view the full listing.

PUBLIC OPEN HOUSE: Wednesday July 17, 2013 from 10am-1pm – Please visit this special lot and take in the great views! Snacks will be served. Call Katie for directions at 307-699-4137

259148-001 Obsidian Colbert 2x4 7-17d

July Market Focus: Is the window of opportunity closing for buyers in Jackson Hole?

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Then vs. Now: Is the window of opportunity closing for buyers? Has it already closed?

 Recently, we have all been closely watching a recovering real estate market in Jackson Hole.  Sales Volume and Transactions are both up (see last month’s Market Report), average days on market is going down meaning properties are selling more quickly, and distressed property sales make up less and less of total sales. To better illustrate the real estate market’s shift, it’s helpful to look at individual market segments.

Below is a quick ‘Then vs Now’ analysis of condos and town homes in the Town of Jackson.

Fact:  During the first 6 months of 2012, 31 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $310,000 or $226/sq ft.

 

Fact:  During the first 6 months of 2013, 50 condos/townhomes sold in the Town of Jackson.

Fact:  The average sales price for one of these condos/townhomes was $440,000 or $328/sq ft.

 

Fact:  Currently there are 40 condos/townhomes available for sale in the Town of Jackson.

Fact:  The average listing price for one of these condos/townhomes is $538,000 or $428/sq ft. 

(Note: 21 of these listings are priced under $440,000; only 9 are listed for under the $310,000)

In addition to number crunching and analysis, I would also like to share several anecdotal stories that further paint a picture of a fast moving recovery that has many Sellers excited and has many Buyers worried they may have missed their opportunity.

Story #1 – Home in Rafter J: There was a home in Rafter J that was on the market for the first 6 months of 2012 listed at $460,000. It did not sell and the Sellers took it off the market in July last year. On May 31st of 2013 (less than a year later), they put the property back on the market and listed it at $515,000. In the first 72 hours they received two strong offers and the property was quickly put under contract.

Story #2 – Elk Run: There have been 5 sales of Elk Run townhomes in the past 18 months. They have ranged from an interior bank owned unit that sold for $304,000 in April 2012 to an end unit on Flat Creek (arguably the best location in the complex) that sold for $390,000 in March 2013 after 222 days on the market. I listed a nicely remodeled Elk Run end unit (however not on the Creek) in June 2013 for $419,500. Within the first 24 hours, we had received 3 FULL price offers and we closed this past week at a price greater than the listing price. 

Exterior Front

If you are a buyer, don’t be too discouraged. There are still many opportunities hitting the market, but they are moving quickly and interested buyers have to act fast!  If you are interested in receiving automatic email updates within your desired area/price range in order to learn about new opportunities as soon as they hit the market, please email me at katiecolbert123@gmail.com

Monthly Market Update – “What” Sold in Jackson Hole in June 2013?

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Monthly Market Update for July 2013

Jackson Hole, WY   

What Sold in June 2013? 

  • 46% :: Percentage of single family home sales (consistent with the past several months)
  • 26% :: Percentage of condo/townhome sales (down from May – 37%)
  • 26% :: Percentage of Land Sales (up again from last month)
  • 10% :: Percentage of distressed property sales (same as last month)
  • 32% :: Percentage of residential properties selling for over $1 million (vs. 26% in May)
  • 68% :: Percentage of residential properties selling for under $1 million (vs. 74% in May)
  • 41% :: Percentage of residential properties selling for under $500,000 (vs. 44% in May)

 

What it means:  Despite a drop in sales volume and transactions this month, many other indicators suggest this month was in line with previous months in terms of ‘what’ sold in Jackson Hole. Single Family home sales continue to make up just under ½ of all sales, sales under $500,000 hovered around 40% and distressed property sales (short sales and bank sales) continue to make up 10% of all sales in June. One exception is Land Sales, which made up 26% of all sales this month (see chart above). Over the past several months, the sale of building sites has continued to increase (both in # of transactions and % of total sales), a strong indicator that the real estate market is back in full swing (See chart below).

 

Please visit the Monthly Market Update tab for the entire July 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!